The latest news from the world of Alternative Finance and FinTech
In the news this week
A new FinTech start-up has launched to help solve Britain’s consumer debt problem. Tully, which uses Open Banking technology, is free for consumers and created to improve financial education and make it easier for people to manage their money and repay debts faster. Elsewhere, OakNorth is preparing to license its business lending technology to US banks following its $100 million (£78 million) funding round last year, while the Investment Association is working on an exchange programme between UK fund managers and FinTechs and their counterparts in Silicon Valley.
Fintech startup Tully launches to solve UK’s consumer debt problem
Fintech startup Tully has launched to help solve the UK’s consumer debt problem. The startup is free for consumers and created to improve financial education and make it easier for people to manage their money and repay debts faster. (UKTN)
UK fund managers plan Silicon Valley exchange programme
The Investment Association is working on an exchange programme between UK fund managers and fintechs and their counterparts in Silicon Valley. Through Velocity, the trade body’s fintech accelerator, top technologists from UK asset managers and fintech companies will be sent across the pond, while a similar group of US experts will visit London. (Financial News)
Challenger bank Masthaven receives £60m investment
UK challenger bank Masthaven aims to significantly increase lending to SMEs and consumers, following the completion of a £60 million equity investment from Värde Partners, reports Jane Connolly. (FinTech Futures)
Fintech investment, including venture capital, angel investing, private equity, topped $1 billion in Q1 – a 41% growth versus the prior quarter (Q4)
Lack of bank account 'costs £500 extra a year' in bills
People who do not have access to a bank account pay an extra £485 a year for everyday bills and services, research from an account provider suggests. More than 1.2 million Britons do not have a bank account, so miss out on discounts reserved for those who pay bills by direct debit, said Pockit. (Business Insider)
"Welsh SMEs are lagging behind the rest of the UK on several fronts, from knowledge of finance outside banks to considering going somewhere other than a bank for their finance."
Greg Carter, chief executive of Growth Street
P2P lenders set to pay higher fees to City watchdog
Peer-to-peer lenders could see their regulatory fees increase by at least two per cent. The Financial Conduct Authority (FCA) has released a consultation on its annual funding requirement for 2019/2020, revealing that it will need £558.5m from all regulated firms. (P2P Finance News)
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!