AltFi News - 23.11.18

The latest news from the world of Alternative Finance and FinTech
In the news this week
Is it the end of the road for bitcoin? The use of bitcoin has fallen dramatically this year as the cryptocurrency struggles to mature from a speculative asset to a serious alternative to state-issued money. This year the value of bitcoin has dropped more than 40%, and is down 17% this week alone. As a result, big name players and crypto insiders are eyeing better technological infrastructure to help bitcoin take off as a way to pay. Elsewhere, just 22% of consumers have heard of open banking, while CYBG, the listed group behind Clydesdale Bank, Yorkshire Bank and Virgin Money, has agreed a £400m deal to fund loans through FinTech group Salary Finance.
Bitcoin for payments a distant dream as usage dries up



The use of bitcoin for commercial payments has dropped dramatically this year, even as the original digital coin starts to fulfill one of the basic features of any payment currency: stability. The value of bitcoins handled by major payment processors shriveled nearly 80... (Reuters)
open banking
Open banking slow burn means just 22% of consumers have heard of the concept
LendIt Europe 2018 welcomed fintech enthusiasts who attended fireside chats and panel discussions on subjects such as financial inclusion, regulatory innovation and identity before coming on to the hotly debated topic of open banking. (Finextra)
CYBG agrees £400m customer lending channel funding
CYBG, the listed group behind Clydesdale Bank, Yorkshire Bank and Virgin Money, has agreed a £400m deal to fund loans through fintech group Salary Finance. Salary Finance, which includes the former head of Google UK among its founders, enables employees to take out loans that are then repaid automatically through their employer’s payroll system. (Insider Media)
What we’ve seen in Search
Equity Release searches remain well ahead of 2017 and are growing by over 20% YoY
equity release search trends
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Draper Esprit and Barclays back London fintech Form3 in $13m funding round
Payments technology fintech startup Form3 will today reveal the close of a $13m (£10.1m) series B fundraising round, led by Graze and Perkbox-backer Draper Esprit. (City A.M.)
Capital markets participants look for fintech assistance
According to a PwC report, 86% of banking and capital markets CEOs indicated that over regulation is their top concern, with the speed of technological change came a close second at 85%. (bobsguide)
Stat of the Week
The UK has lost nearly two-thirds of its bank and building society branches over the past 30 years, from 20,583 in 1988 to 7,586 today
Tandem Bank takes in £15m from Convoy in Hong Kong expansion
Fintech challenger bank Tandem has today closed a strategic partnership with Convoy Global Holdings, a Hong Kong-based financial services group which will make the London startup one of the first digital banks to launch in the city. (City A.M.)
University of Sussex introduces fintech undergraduate course
In a first for England, from next year the University of Sussex is introducing a BSc Finance and Technology (Fintech) degree. Applications are already open for the degree course, which will include option of a placement year in the industry. (Finextra)
Tweet of the Week
fintech tweet of the week
The Marketing Eye says
GDPR vs. ePrivacy Regulation: what’s the difference?
With the dust not long settled on the deluge of privacy policy updates and consent emails following the introduction of the General Data Protection Regulation (GDPR) into EU law, there is a new kid on the block: the ePrivacy Regulation (ePR). The ePrivacy Regulation is the next...
What is the best way to spend my marketing budget?
This is a question that we get asked a lot and while it's understandable that people are looking for a single, unambiguous answer, the reality is it's influenced by many factors ranging from the nature of the product or service to where the business is in its life-cycle...