The latest news from the world of Alternative Finance and FinTech
In the news this week
Lloyds announced a new technology hub this week as it prepares to bolster its digital offering. In a bid to make its products and services easier to access, the bank will create 500 roles in FinTech to help strengthen its tech-based pool. And perhaps it needs to. Monzo has gone past the 2m customer milestone, Transferwise has become Europe’s most valuable FinTech company and there has been significant investment in Modulr and Money Dashboard. Competition for customers’ money is showing no signs of abating.
Bank hub to create 500 roles in fintech
Lloyds is bidding to bolster its digital offering and talent pool with the launch of a £3 billion plan that includes a new technology hub in the Scottish capital creating 500 jobs. (The Herald)
UK finance sector 'will emerge stronger from Brexit'
The UK's financial services will emerge from the Brexit debacle "fitter, stronger and more dynamic than ever", International Trade Secretary Liam Fox has told an international finance forum in London. (Relocate Global)
In 2018, 10% of all equity funding went to UK FinTech firms
Monzo hits 2m customer milestone as fintech race heats up
Digital banking darling Monzo's current account is set to surpass 2m customers today, as it races to catch up with London rival Revolut. The two fintech startups have been locked in an intense race to command market share in the nascent mobile banking sector, as well as to expand overseas. (City A.M.)
Business payments disruptor Modulr has landed an eight-figure investment as it looks to capitalise on a potential $14 trillion (£11tn) global market. The fintech has secured £14 million in scale-up funding to accelerate development of its payments platform, expand into new markets and boost headcount across its offices, including its Edinburgh hub. (The Scotsman)
"[Fintech is] at the heart of our global technology and innovation strategy and our growth agenda."
International Trade Secretary, Liam Fox
UK should not be 'rule taker' in financial services after Brexit, says BoE Deputy Governor
The Deputy Governor of the Bank of England (BoE), Sam Woods, has said it was “undesirable” for the UK to follow EU rules on financial services after Brexit if it will have no role in deciding them. Woods argued, “A scenario in which our future relationship with the EU takes a form that means we stick with a system which looks exactly what we have today… is not ideal but we have largely shaped that system through our membership of the EU and we make it work well currently.” (EU Today)