AltFi News - 04.05.18

 
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.)
 
RateSetter IFISA has attracted ‘high tens of millions’ of pounds
RateSetter has revealed that its Innovative Finance ISA (IFISA) has already attracted “high tens of millions” of pounds from investors, in less than three months since launch. (P2P Finance News)
 
 
 
 
FCA expected to crackdown on cash flow planning
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)
 
 
 
What we’ve seen in Search
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)
 
 
 
Stat of the Week
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)
 
 
 
Tweet of the Week
 
 
 
The Marketing Eye says
 
 
How to make channel marketing work in FinTech
In strategy discussions with FinTech and InsurTech clients, the debate about direct acquisition versus working through intermediaries always comes up. And for understandable reasons.
How to use ‘legitimate interest’ instead of consent for marketing under GDPR?
There is much talk, and indeed confusion, about the need for explicit consent to process personal data for marketing purposes under GDPR.
 
 

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