The latest news from the world of Alternative Finance and FinTech
In the news this week
The big news this week was the announcement that Facebook will be launching its P2P payments feature in the UK. The new feature lets users send and receive payments via its Messenger service. Elsewhere, ArchOver surpassed the £50 million lending mark with a hugely impressive zero losses or late payments to date. On the cryptocurrency front, Jan Hammer, partner at Europe's most active FinTech investor Index Ventures, has said he wouldn't rule out investing in Initial Coin Offerings.
Facebook makes FinTech move with UK launch of P2P payments
Facebook is making its first foray into finance in the UK with the launch of a new feature which lets users send and receive payments via Messenger. (City A.M.).
ArchOver surpasses £50 million lending milestone .
ArchOver, the peer-to-peer (P2P) business lending platform, has facilitated over £50 million of lending with no losses or late payments. (Finextra)
Europe's most active FinTech investor wouldn't rule out investing in ICOs
Europe’s biggest FinTech investor Index Ventures would not rule out putting cash into an initial coin offering (ICO) as the method of raising funds for startups continues growing in popularity. (City A.M.)
Monzo raises £71 million, doubling its valuation within 10 months
Startup bank Monzo raised £71 million in a new financing round, doubling its valuation since its last fundraising round in February. The British company is now valued at £280 million and said it now has more than 20,000 current account holders. Total users have increase by nearly 300% since February's Series C funding round, from 120,000 to 470,000. (Business Insider)
LendInvest steps-up institutional buy-to-let lending with Citi backing
LendInvest has added Citi to its list of institutional investors, to help build the property finance platform’s buy-to-let (BTL) lending volume. The global bank joins a range of institutions investing in LendInvest’s secured property loans, including Macquarie Bank, Merseyside Pension Fund and a listed UK bank. (IPE Real Assets)
British FinTech lender Cashplus seeks banking licence
Cashplus will soon apply for a UK banking licence as part of the British “FinTech” firm’s plan to step up its challenge to traditional banks. The move will allow Cashplus to convert the 200 million pounds of customers’ funds it holds into bank deposits, its chief executive Richard Wagner told Reuters. (Reuters)
Crowdfunding fuels steep increase in EIS investment
Data released by HM Revenue & Customs showed a significant increase in the number of individuals making investments under the enterprise investment scheme (EIS) in 2016. (FT Adviser)
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