The latest news from the world of Alternative Finance and FinTech
In the news this week
Research from peer-to-peer property lending platform Lendy has revealed that the number of people taking out risky mortgages jumped 15 per cent last year, with Croydon topping the list of areas for high-risk mortgage lending with 463 high-risk mortgages taken out. Elsewhere, alternative finance provider Liberis has taken advantage of Open Banking to increase funding for SMEs, while Revolut continues its rapid growth having signed up one million customers.
Croydon has most high-risk mortgage lending
Croydon is the UK’s number one hotspot for high-risk mortgage lending, with 463 risky mortgages taken out in the area in 2017, up 11% from 419 the previous year, peer-to-peer secured property lending platform Lendy has found. Croydon’s 463 risky mortgages places it top out of all 2,578 postcode areas studied in 2017 while the UK average was just... (Mortgage Introducer)
Liberis gains first small business funding application via Open Banking
Alternative finance provider Liberis, has used Open Banking technology to increase funding access for UK small businesses; using it to process a full funding application for the first time. A milestone in the financial world, Open Banking is enabling faster application and increased access to finance. (Finextra)
Property loans platform Lendy gains authorisation from City watchdog
Property funding platform Lendy has gained authorisation from the Financial Conduct Authority, in a move which will pave the way for regulated products. The authorisation could open the way for products such as an innovative finance individual savings account (Isa), which allows savers Britons to earn tax-free income from peer-to-peer lending. (City A.M.)
Oblix granted full FCA permissions for P2P lending platform
Oblix Capital Technologies, a subsidiary to the London based specialist lender Oblix Group, has gained authorisation as a peer-to-peer firm from the Financial Conduct Authority (FCA). This enables it to operate a regulated electronic lending platform. (Mortgage Introducer)
Revolut signs up one million customers as it eyes global expansion
Revolut, one of the fastest growing fintech companies in the world, has announced that it has signed up one million customers in the UK and saved them over $330m in fees, as the London-based company continues to disrupt traditional banking. (Finextra)
Since 2009, more than 7,500 FinTech firms have been launched globally
Alibaba backer Eight Roads invests £14m into micro-investments app Moneybox
Spare change investment app Moneybox today announced the close of a £14m series B fundraising round, led by Alibaba investor Eight Roads. Existing investors Oxford Capital Partners and Samos Investments, among others, also participated. (City A.M.)
Quantexa hires FinTech and AI expert Peyman Mestchian
Quantexa, the Big Data and Enterprise Intelligence scale-up, has hired Peyman Mestchian as a Non-Executive Director. Mestchian brings a huge array of expertise with him as a leader in Artificial Intelligence and risk management and will lead and advise on Quantexa’s further expansion into the fields of risk and financial technology. (Global Banking & Finance Review)
MP’s comment about “unregulated crowdfunding” could set the industry back years
So we now have another prominent member of public life shooting from the hip with inaccurate generalisations about the peer-to-peer industry. First it was Lord Adair Turner with his now famously rescinded comments about peer-to-peer lenders making bankers look like geniuses. Now we have Martin Whitfield, MP for East Lothian, warning entrepreneurs away from...
6 things you need to know about the ePrivacy Regulation
So, you thought the General Data Protection Regulation (GDPR) was something to worry about? Well, get ready for the ePrivacy Regulation, a new regulation that focuses specifically on the privacy of individuals as it relates to electronic communications. The regulation aims to work in conjunction with the GDPR to ensure data is handled with care by organisations and give individuals more control over their internet data...