AltFi News - 07.12.18

The latest news from the world of Alternative Finance and FinTech
In the news this week
A new open banking platform will launch in December that enables credit providers to verify loan applicants’ income more quickly. OpenBankVision will allow lenders to access up to 90 days of a loan applicant’s bank statements free of charge, removing the need to request income references or paper proof of income. Staying on the Open Banking theme, a survey by Finserv has revealed that UK banks expect customers to see the benefits of open banking within the next six months. Elsewhere, Ukraine’s Monobank are preparing to launch its Koto app and card in the UK next year, while FinTech unicorn Revolut has been granted licenses to operate in Japan and Singapore.
FinTech pioneer gets green light to launch digital bank



Online peer-to-peer lender Zopa has today announced it will be launching a bank after being granted a licence in the UK. The FinTech company said it will now be the world's first combined P2P lender and digital bank. Zopa has been granted an initial permit with restrictions from the UK's Financial Conduct Authority (FCA) to open a bank. (BusinessCloud)
Funding Circle to enter FTSE 250 less than three months after IPO
Funding Circle is set to enter the FTSE 250 index less than three months after listing on the London Stock Exchange. The peer-to-peer business lender has been promoted as part of the latest quarterly reshuffle that will see well-known brands such as AA and Thomas Cook Group exit the FTSE 250. (P2P Finance News)
SME finance aggregator quits Bank Referral Scheme
One of the first business finance aggregators to take part in the Bank Referral Scheme has quietly left the government initiative. Sources close to the Treasury have told Peer2Peer Finance News that Business Finance Compared left the scheme in spring 2018, and while the departure was amicable there was some frustration in the department due to the efforts that had been made to onboard the platform. (P2P Finance News)
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Fintech company Calastone to shift fund network to blockchain
Calastone, an investment funds transaction network, said on Monday it will shift its entire system to blockchain in May, a move that could slash costs for the sector by billions of dollars a year. London-based Calastone provides back and middle-office services to more than 1,700 firms such as JP Morgan Asset Management... (Reuters)
Money Dashboard agrees fintech project tie-up with Gocompare
Gocompare has announced a strategic partnership with Edinburgh-based Money Dashboard as part of its fintech community development project, Machine Learning for Fintech (ML4Fintech). Money Dashboard, a pioneer in Open Banking, brings expertise in machine learning and data science, which will strengthen the ML4Fintech initiative, making it attractive to innovators in the Open Banking space. (Insider)
Stat of the Week
Nine out of 10 under-40s are regular savers but fewer than half are putting money into a pension
Digital bank Monzo crowdfunds £18 million in just three hours
Mobile-only bank Monzo has hit its crowdfunding target after raising £18 million in less than three hours. The mobile-only lender reached its £20 million goal after its more than one million current account customers were able to buy shares in Monzo, in the largest ever crowdfunding round for a British fintech (financial technology) company. (ITV)
Tweet of the Week
fintech tweet of the week
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GDPR vs. ePrivacy Regulation: what’s the difference?
With the dust not long settled on the deluge of privacy policy updates and consent emails following the introduction of the General Data Protection Regulation (GDPR) into EU law, there is a new kid on the block: the ePrivacy Regulation (ePR). The ePrivacy Regulation is the next...
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