The latest news from the world of Alternative Finance and FinTech
In the news this week
Funding Circle announced that approximately £80m has been lent to businesses through its Innovative Finance ISA, which was only launched to investors late last year. In other news, Santander has become the first international bank to launch a cross-border payments system based on blockchain, while Ripple, the company that owns the world’s third-largest cryptocurrency, has urged British regulators to develop more crypto regulation.
£80m lent through Funding Circle ISA
Funding Circle has announced that approximately £80m has already been lent to thousands of businesses through its Innovative Finance ISA (IFISA). The Funding Circle ISA was launched to existing investors late... (P2P Finance News)
Ripple, the company that owns the world’s third-largest cryptocurrency by market cap, XRP, has urged British regulators to develop more crypto regulation in the country, according to the Telegraph. (Business Insider)
Santander uses blockchain for international transfers
Spanish bank Banco Santander has launched “Santander One Pay FX,” a new international transfer service using blockchain-based technology. Santander One Pay FX enables retail customers to make international transfers that are completed either on the same or next day, while also providing a transparent view of how much money the receiver will get in their domestic currency. (Business Insider)
Search volumes for Equity Release continue to be above 2017 levels by 15% year to date.
51% of finance professionals to use blockchain-powered smart contracts within the year
More than half of finance professionals are set to implement the use of smart contracts incorporated in blockchain technology within the next 12 months, according to new research from Onguard. (Gigabit)
Start-up TransferWise breaks into Britain's faster payments scheme
Money transfer firm TransferWise has become the first non-bank company with direct access to Britain’s Faster Payments Scheme, which the start-up said on Wednesday would help it compete with banks on sending money overseas. (Reuters)
Global investment in FinTechs by venture capital grew to a record $27.4 billion in 2017
ArchOver launches R&D funding bridge
ArchOver has launched a bridging product to help fix the funding gap for businesses waiting for their research and development (R&D) tax claim to be repaid. The P2P business lending platform’s research and development advance (RDA) service will provide businesses with funding advances upwards of £100,000. (Bridging & Commercial)
In our previous Open Banking post, we laid out the case for raising awareness and trust of the new digital banks through marketing communications. The recent survey by MoneySupermarket goes in to more of the...