The latest news from the world of Alternative Finance and FinTech
In the news this week
Research from Innovate Finance and WIP Economics says that the FinTech sector is expected to bring 30,000 jobs to the UK by 2030, with the number of companies expected to double. However, the research also revealed that the sector is “highly dependent” on global talent with 42% of the 76,500 fintech employees hailing from outside the UK. Elsewhere, RateSetter has revealed that its IFISA has attracted “high tens of millions” of pounds from investors, in less than three months since its launch.
Fintech sector to swell to more than 100,000 employees by 2030
The UK fintech sector is set to grow to more than 100,000 employees by 2030 while the number of companies is expected to double to 3,300 by the same year, research reveals. (City A.M.)
Financial advisers should be making sure their cashflow plans are air-tight, as the regulator is expected to intensify its focus on this area. Rory Percival, former technical specialist at the Financial Conduct Authority, who now runs his own consultancy, told FTAdviser that this will be an area of increased scrutiny in the coming months. (FT Adviser)
So far in 2018, searches for money transfer are up 7.5% up on last year
TransferWise founder 'invests in UK FinTech chatbot'
TransferWise founder Taavet Hinrikus has reportedly become an investor in Cleo, an AI-powered chatbot for banking. Hinrikus confirmed to TechCrunch last month that he had become an investor in the London-based FinTech start-up, but did not disclose how much he invested. (BusinessCloud)
CryptoUK wants the FCA to license and regulate crypto exchanges in the UK
CryptoUK, the first self-regulatory trade association for the UK cryptocurrency industry, has announced that it has called on a group of influential MPs to support proposals to regulate the industry in the UK. (LeapRate.com)
42 per cent of the 76,500 FinTech employees in Britain hail from outside the UK and 28 per cent are from the European Economic Area
iwoca scores £50 million in debt financing
iwoca, one of Europe’s fastest growing small business lenders, has raised an additional £50 million in a debt facility provided by a syndicate of banks. The debt increase was led by NIBC Bank. Existing lenders in this syndicate, Shawbrook Bank and Pollen Street Capital, through one of its credit funds, also participated. (Finextra)