The latest news from the world of Alternative Finance and FinTech world
In the news this week
Making the headlines this week was the news that several of the world's leading banks have vowed to support FinTech startups in the UK. Barclays, HSBC, Lloyds and UBS are among more than 20 financial institutions to have put their name to the industry drive, led by FinTech hub Level39. In other news, Ex-Barclays CEO Antony Jenkins raised £34 million for his FinTech startup, 10X Future Technologies, while the FCA struck a deal with Hong Kong authorities to help support FinTech innovation.
Banks and startups rally behind UK FinTech industry.
Banks and startups are rallying behind the FinTech industry in a fresh push to keep Britain ahead as a world leader in the high-flying and innovative sector after Brexit.(City A.M.) .
Ex-Barclays CEO raised £34m for his FinTech startups.
Former Barclays CEO Antony Jenkins has raised £34 million for his FinTech startup 10X Future Technologies. The Series A funding round was led by Chinese firm Ping An Insurance and consulting firm Oliver Wyman. (Business Insider).
FCA strikes FinTech agreement with Hong Kong authorities
The FCA has struck a new agreement with the Hong Kong Insurance Authority (IA) to support FinTech innovation, to help bolster development of the industry in both territories. (City A.M.)
British Business investments sees profits soar 37%
The commercial arm of the British Business Bank has announced its annual results for the year ended 31 March. The results demonstrate significant growth in gross annual income and pre-tax profits (£60.5m and £55.1m respectively). (BQ Live)
FinTech firm GoCardless in £16.3m funding round
FinTech firm GoCardless has raised another $22.5 million (£16.3m) from its existing backers. It takes the total funding to date for the company, founded five years ago, to $35.5m. (Business Cloud)
MarketInvoice’s losses doubled in 2016
MarketInvoice saw its losses double during 2016, as the peer-to-peer invoice finance platform continues to use funds to scale up. Its latest accounts on Companies House for 2016 showed a loss before taxation of £6m, increasing from £3.1m in 2015. (P2P Finance News)
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