The latest news from the world of Alternative Finance and FinTech
In the news this week
The Financial Conduct Authority sprang into action this week after Lendy went into administration. Under new rules released by the regulator, individuals will not be permitted to have more than 10 per cent of their assets in peer-to-peer investments unless they have taken financial advice. In other news, Santander has teamed up with eBay to offer loans to 200,000 SMEs in the UK through its FinTech app Astro, while new research from Zopa and EY has revealed that the majority of us are now using FinTech products.
FCA limits investor exposure to P2P
Individuals will not be permitted to have more than 10 per cent of their assets in peer to peer investments unless they have taken financial advice, under new rules proposed by the Financial Conduct Authority (FCA). The rules are designed to prevent investors from taking what the regulator considers to be excessive risk. (FT Adviser)
In an effort to fend off tech giants and newer digital rivals, Santander and eBay have announced a new lending partnership for small businesses. The Spanish bank will begin offering loans to over 200,000 small and medium-sized businesses that sell products on... (TechRadar)
Rise in customers with multiple current accounts as fintech boom hits high street banks
An increasing number of Britons now have products from a range of different financial providers, as the rise in fintech has shifted the focus away from traditional high street banks Research by peer-to-peer lending firm Zopa revealed one in three Brits holds two or more current accounts, an increase of 36 per cent on the number recorded in 2015. (City A.M.)
Research by Funding Options has revealed that half of UK small and medium business owners need more help to take control of their finances
London fintech player Worldremit raises $175m in series D funding
London fintech startup Worldremit has raised $175m (£138m) in a series D funding round led by TCV, Accel and Leapfrog Investments. The cash will fund Worldremit’s plans to grab a greater share of the world remittance market, which was worth $689bn last year. (City A.M.)
"Technology is enabling consumers to take control of their own finances, resulting in traditional banking relationships becoming purely functional. The apathy on which the traditional banking model has relied will soon be resigned to the past."
Jaidev Janardana, Zopa chief executive
UK fintech growth programme invites applications
The UK government-backed Tech Nation is inviting applications for the second cohort of its fintech growth programme, which promises to give members intensive backing to help grow their businesses and the country's financial technology ecosystem. (Finextra)
Always up for a challenge, Neil Edwards, The Marketing Eye's founder and CEO has decided to take part in The Prudential RideLondon - Surrey 100. He's collecting donations for Friends of Sussex Hospices, a local charity run entirely by volunteers. They raise funds to support the running costs of the twelve hospice care providers that serve the people of Sussex.
It's going to be a tough ride, the longest he's tackled to date, but he's going to give it a good go.
Click the button below if you would like to donate, every donation will help make a difference!