The latest news from the world of Alternative Finance and FinTech
In the news this week
The traditional banking sector was left trailing in the wake of its digital challengers at the British Bank Awards. The awards, run by the consumer review website Smart Money People, polled over 24,000 consumers to help find the UK’s best and worst financial providers. With the exception of First Direct – who were replaced in the top spot they’ve held for 3 years by Starling Bank - the top five providers all hailed from outside the traditional banking sector. Elsewhere, P2P lender Folk2Folk announced that it has now lent £200m to hundreds of local businesses across the UK.
App-only newcomers Starling Bank and Monzo took the top spots in Smart Money People's 'Best British Bank' awards, bringing an end to First Direct's three-year reign and leaving traditional incumbents trailing in their wake. The British Bank Awards, run by the consumer review website Smart Money People, polled... (Finextra)
The largest UK P2P lender launched its Innovative Finance ISA back in November but only to existing investors. New investors to Funding Circle will have to wait until the new tax year to open an Innovative Finance ISA as the firm prioritises existing investors within the current tax year. (AltFi)
Folk2Folk has announced that it has now lent £200m to hundreds of local businesses across the UK. The P2P lending platform has supported businesses in agriculture, the visitor economy and property sectors to grow, diversify or refinance. (B&C)
The Bank of England plans to offer a proposed sharia-compliant liquidity tool to a wider range of financial institutions beyond Islamic banks to boost demand, a senior official said on Monday. London has long sought to position itself as a global hub for Islamic finance, aiming to attract business from core centres in the Middle East and Southeast Asia. (Reuters)
OakNorth, Starling Bank and Bink are among a fifteen-strong delegation joining the Department for International Trade on a trade mission to New York next month. The Department for International Trade (DIT) has announced that, after a most competitive recruitment process, 15 UK businesses have been selected to join the second annual UK trade mission to Empire FinTech Week in New York City. (BQ Live)
UK digital bank Atom has raised £149 million ($207 million) led by Spanish financial institution BBVA along with asset manager Tosca Fund. As part of the round, BBVA has invested £85.4 million ($118.5 million) into the company, bringing its stake to 39%. The Durham-based digital banking startup has now raised £400 million ($555 million) in total. (Business Insider)
As the ISA season approaches for another time, many are calling it a watershed for the Innovative Finance ISA. Launched to some fanfare in April 2016, the early take-up has been muted. According to HMRC, the level of IFISA investment in 2016/17 was around £17m spread across 2000 accounts.
We all know blogs are a terrific way of imparting knowledge and information in a quick and simple fashion. They often require little design thought – other than the inclusion of an image or two – are easy to share across social media and something all P2P businesses do as standard. They establish you as an industry expert and thought leader but, they...
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