The latest news from the world of Alternative Finance and FinTech
In the news this week
British FinTech unicorn Revolut is raising a $500m (£389m) series D round. The deal is set to close early next year, as the company tries to launch its banking app in the notoriously difficult to crack US market. Elsewhere, LendInvest’s latest Buy-to-Let Index has revealed the North of the country as having the top buy-to-let postcodes, with Stockport and Manchester taking two of the top three spots, while Starling Bank’s partnership with the Post Office will allow its customers to deposit and withdraw cash using the Post Office’s 11,500 branches across the UK.
Fintech startup Revolut is in talks to raise $500m from Softbank
British fintech startup Revolut is raising a $500m (£389m) series D round from the likes of Japanese mega-investor Softbank, in order to fuel its aggressive expansion plans. Several sources have told City A.M. that the deal is set to close early next year, as Revolut tries to launch its banking app in the US, one of fintech’s most notoriously hard to crack markets. (City A.M.)
LendInvest BTL Index sees opportunities for Northern investment broaden
LendInvest, the UK’s leading marketplace platform for mortgages, has released the latest LendInvest Buy-to-Let Index report. Published quarterly, the LendInvest BTL Index ranks 105 postcode areas around England and Wales based on a combination of four critical metrics: capital value growth... (bridgingloandirectory.co.uk)
The Starling Bank partnership with the Post Office will enable the digital challenger bank to offer Everyday Banking services to both its personal and business customers. The Post Office has more branches than all the UK’s banks and building societies combined. (Electronic Payments International)
The Department for International Trade (DIT) has announced investments from 11 foreign companies, aimed at creating hundreds of tech jobs across the UK. At least £109.5 million in overseas contributions will create 359 jobs in major cities such as London, Leeds, Newcastle and Reading. These new jobs will expand roles in FinTech, software development and artificial intelligence. (alphr)
Peer-to-peer currency exchange Weswap to list on Aim as it targets international expansion
Peer-to-peer currency exchange platform Weswap will float on London’s AIM next month, the company announced today, as it targets international expansion. The UK fintech firm is aiming to raise between £15m to £20m, upping its market capitalisation to around £45m, to expand into the European and Asian market. (City A.M.)
Fintech provider Focus Solutions has launched a personalised client portal and Wealth Hub. Dave Upton, managing director of Focus Solutions, said the portal - focus:wealth - allows wealth managers to "identify and engage" with clients more efficiently by providing a range of features such as personalised suitability letters and tailored communications at an individual level. (FT Adviser)
23% of home owners in the UK, the equivalent of 2.5 million people, experienced stress during their most recent mortgage application, with poor communication and lack of transparency the main reasons.
Fluidly Raises £5M in Series A Funding
Fluidly, a London-based fintech startup delivering intelligent cashflow management for SMEs, raised a £5m in Series A funding. The round was led by Nyca Partners led the round with participation from Octopus Ventures, Anthemis and tech angels Simon Murdoch and Charlie Songhurst. (FinSMEs)
Nationwide has dipped into its fintech fund to take a minority stake in financial management platform Moneyhub. This is the third deal for Nationwide’s £50m venture capital fund since its launch in June 2018. The size of the investment was not disclosed. (FT Adviser)
There are all sorts of theoretical reasons why you should keep a firm handle on your competitors and your market, but even if you’ve no intention of ever reading a marketing text book, monitoring your competitors and other developments in your industry provides a wealth of information that you can use in really practical ways...