The latest news from the world of Alternative Finance and FinTech
In the news this week
A report from PwC suggests that a “technological step-change”, alongside macro-economic and behavioural changes, could see more than £100bn in new business for the financial services sector. Advances in technology could see £4.1bn in new business for small business lending, although the report warns that access to funding and talent, two areas which drive disruptive fintech firms, could be hurt by a badly managed Brexit. Elsewhere, Growth Street has taken its all-time lending to more than £80m, while Facebook has chosen London as its HQ for its new WhatsApp payment feature.
Financial services incumbents will vie with start-ups and tech giants for £100bn prize by 2030
Technological step changes that are colliding with other macro-economic and behavioural shifts could bring a boost of more than £100bn to the UK’s financial services sector by 2030, according to new analysis from PwC. (PwC)
Growth Street hits record £80m lending record despite Brexit concerns
Business lending platform Growth Street said its loans-under-management have hit £30m, taking its all-time lending to more than £80m, despite Brexit uncertainty. The London-based start up was founded by... (AltFi)
Facebook chooses London for WhatsApp payments push
Facebook has chosen London as the base for a new team dedicated to bringing payments to its WhatsApp messaging service. Having trialled P2P payments in India, WhatsApp plans to begin rolling out the feature in several countries over the next year, Mark Zuckerberg confirmed last week. (Finextra)
Fintech Tink gets UK expansion rolling with NatWest deal
Swedish fintech Tink has signed up its first UK bank to its open banking services, in its drive to expand significantly in the UK. NatWest is going to use Tink’s platform which offers open banking capabilities. I recently interviewed Fredrik Hedberg, co-founder and CTO at Tink. He told me the UK was a new market for the company, which it wants to build significantly. It recently opened a London Office. (Computer Weekly)
A quiet London-based payments startup just raised among the biggest Series A rounds ever in Europe
You probably haven’t heard of Checkout, a digital payments processing company that was founded in 2012 in London. Apparently, however, investors have been keeping tabs on the low-flying company and like what they see. (Tech Crunch)
"There is a general trend that shows the last couple of weeks usually see an uplift in ISA demand. It is just human nature – we tend to leave things to the last minute."
Adrian Lowcock, head of personal investing at Willis Owen
Deliveroo teams up with UK fintech Portify to launch new app for riders
Food delivery company Deliveroo has joined forces with UK fintech company, Portify, to launch a digital tool designed to offer users support with skills development, online support with personal budgeting and access to a range of perks and rewards. (ITWire)
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!