The latest news from the world of Alternative Finance and FinTech world
In the news this week
New research from business finance specialists, MarketInvoice, has revealed that UK businesses are saving £4.6bn by adopting financial technology, with nearly two-thirds of UK businesses now using at least one FinTech service. Elsewhere, a study by the Cambridge Centre for Alternative Finance has found that 20% of central banks expect to be using blockchain technology by 2019. Building on the notoriety of the ‘Brexit’ bus, the mobile-only bank Monese is offering its banking customers to send up to €350m fees free within the EU.
Adopting FinTech is saving UK businesses £4.6bn
Nearly two-thirds of UK businesses are adopting financial technology and making significant savings as a result, according to a survey conducted by business finance firm MarketInvoice.(City A.M.)
Central banks will be using blockchain by 2019 – research.
A recent study by the Cambridge Centre for Alternative Finance has found 20% of central banks surveyed expect to be using blockchain technology by 2019. (Central Banking (Subscription required)).
Funding Circle hits £50 million in revenue as CEO restates IPO ambitions
Online small business lender Funding Circle lifted the lid on business performance on Wednesday, showing revenue passed £50 million for the first time last year. (Business Insider)
UK peer-to-peer lending is about to face its toughest test since the sector was born
There are growing signs that the UK's peer-to-peer lending sector could be experiencing the toughest test of its lending abilities since the nascent sector's inception. GLI Finance, a listed investment company that backs FinTech businesses, on Monday wrote down the value of its investments in eight peer-to-peer lending platforms by £12.6 million to £28.9 million, citing "concerns over the collectability of some platform loans." (Business Insider)
FinTech startup repurposes the infamous Brexit bus
FinTech company Monese is captialising on the notoriety of the "Brexit" bus by subverting the £350m offer with one of its own, it is promoting its banking offering by letting people send €350m worth of money with zero fees. The bus features the strapline ‘Take Control of your Banking’. (The Drum)
HSBC has an innovative new app, Beta, taking on challenger FinTech startups and rivals
HSBC is seeking to get ahead of rivals and fend off growing challengers with the launch of a new banking app. The banking giant will play up its position as a trusted high street bank and make the most of millions of customers with the roll out of the financial management app Beta. (City A.M.)
The Marketing Eye says
Give Innovative Finance ISAs a chance
According to official statistics from HMRC, only 2,000 Innovative Finance ISAs (IFISAs), with a total value of £17m (averaging out at £8.5k per head), were opened by consumers during 2016-17.
Analysis: FinTech vs Top 500 UK Websites
Following on from my previous analysis piece on the Insurance and InsurTech market's websites against those of the Top 500 UK sites, I thought it was about time we did the same for FinTech/Finance/Altfi sites.
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