The latest news from the world of Alternative Finance and FinTech
In the news this week
Research by the Bank of England has suggested that a central bank-run digital currency to rival cryptocurrencies such as Bitcoin and Ethereum could make monetary policy changes a more effective tool. According to a blog post by Bank researchers “A CBDC that is a close – but not perfect – substitute for bank deposits may strengthen the transmission of monetary policy changes to the real economy.” Elsewhere, RateSetter has exceeded £2.5bn in money lent to individuals and businesses across the UK, while FinTech firm Tradeshift has become the latest “unicorn” as it raises $250 million in a funding round led by Goldman Sachs and PSP Investments.
Bank of England bitcoin rival would "strengthen" effects of monetary policy changes
A central bank-run digital currency to rival cryptocurrencies such bitcoin and ethereum could make monetary policy changes a more effective tool, according to Bank of England research. The Bank has recently released a flurry of research weighing the potential risks and... (City A.M.)
RateSetter has revealed that its investors have now lent over £2.5bn to individuals and businesses across the UK. The P2P lending platform made the announcement after recently revealing that it had generated £100m in interest for its investors. (B&C)
Tradeshift, a cloud-based business network for supply chain payments and marketplaces, is raising $250 million in a funding round led by Goldman Sachs and PSP Investments. The global FinTech firm, which operates from 15 global offices including a UK base in London, says the new round of financing pushes its valuation to $1.1 billion. (BusinessCloud)
After having tracked 2017 levels so far this year, brand search for business banking have noticeably increased in the last month.
LendInvest launches buy-to-let legal panel
Specialist property finance lender LendInvest has named firms JMW Solicitors LLP and Lightfoots Solicitors on its first official panel of solicitors for its buy-to-let product. JMW Solicitors is a full service law firm in the North West with experience in handling a range of real estate finance cases for both institutional and private lenders. (Mortgage Introducer)
Tandem Bank hits 100,000 user milestone, after troubled year comes to an end
It seems another digital bank is on the rise, as Tandem has announced hitting 100,000 customers just three months after launching its first product. Though the number represents just registered users and not active customers of the banking app, Tandem has said that it sees approximately 82 per cent of that number using their accounts monthly. (City A.M.)
£3.9bn was spent in the UK in April 2017 using a contactless card - up 147.6% on April 2016
Rocket Internet to invest heavily in AI and fintech
Rocket Internet, the company behind Zalando, HelloFresh, and Delivery Hero, has said it will look to use the €2.6bn (£2.3bn) it has in cash to invest in areas like financial technology and artificial intelligence (AI). (Mobile Marketing)
3 things you need to do if you are not already GDPR compliant
If you’re not GDPR compliant by now, you might be thinking it’s too late. However, the reality is that it is never too late to comply: 25th May was the beginning, not the end, for GDPR. Here are three things you need to do if you’ve not done them already…
At its core, marketing an ICO is no different to marketing any other product: the basic principles of creating awareness, understand and trust amongst a broad, but relevant target audience all apply. Of course, where you go to find your audience and the tactics that you need to deploy to engage...