AltFi News - 26.04.19

 
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
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)
 
OakNorth
UK fintech now has war chest to push stateside
Fresh off a $100 million funding round last year, the British startup OakNorth is preparing to license its business lending technology to U.S. banks and beyond. (American Banker)
 
 
 
 
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)
 
 
 
What we’ve seen in Search
Searches for ISAs are seeing their usual seasonal peak, but they are still up 9.8% compared with this time last year
ISA search trends
 
 
 
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UK fintech iwoca overtakes HSBC and Santander in small business lending
London-based challenger bank, iwoca, said it’s overtaken two banking powerhouses in the small business and entrepreneur funding market. (Prolific London)
 
 
 
 
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)
 
 
 
Stat of the Week
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)
 
 
 
Quote of the Week
"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)
 
 
 
Tweet of the Week
fintech tweet of the week
 
 

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