The latest news from the world of Alternative Finance and FinTech
In the news this week
Hogging the headlines this week was the news that the Serious Fraud Office has arrested four people over the collapse of London Capital & Finance (LCF). LCF promised returns of 8pc for its mini-bonds or ISAs but collapsed after taking £236m from more than 11,500 savers. Investors have no guarantee of getting any money back. In other news, China and the UK are looking to bolster its FinTech partnership, while SimplyBiz is looking to buy UK fintech firm Defaqto for £74.3m.
Four arrested following collapse of London Capital & Finance
The Serious Fraud Office has arrested four people over the collapse of London Capital & Finance, raising the alarm for the thousands of people whose investments are at risk. (The Telegraph)
Britain is looking to bolster its partnership with China in the fields of fintech and the Belt and Road Initiative (BRI), said Lord Mayor of the City of London Peter Estlin in a recent interview. (International Investment)
SimplyBiz to buy UK fintech firm Defaqto for £74.3m
SimplyBiz Group, a provider of compliance and business services to financial advisers and financial institutions in the UK, has agreed to acquire Regulus Topco, the owner of fintech company Defaqto, for £74.3m. (Compelo)
Brexit hits ability of UK fintech to lure top talent: report
Leaving the European Union is making it harder for fintech firms in Britain to recruit top talent, a report said on Tuesday, threatening to slam the brakes on a 7 billion pound ($9 billion)growth sector just as EU states step up competition. (Reuters)
A payment processing firm that used to be owned by Royal Bank of Scotland has been sold in a deal worth $43bn (£32bn). WorldPay has been bought by Florida-based Fidelity National Information Services (FIS) for $35bn in cash and shares, plus WorldPay's debt. (BBC)
Only eight per cent of lenders expect UK commercial property prices to rise in 2019
Tide turns Royal Bank of Scotland handout to farce as critics cry foul
The distribution of £775 million of money from Royal Bank of Scotland to boost competition in business banking risked descending into farce today when the third-biggest award was the third to come under attack. (Evening Standard)
City needs better data on fintech skills gap to thrive after Brexit
The UK’s financial services industry must equip itself with a better understanding of the technological skills it will require to thrive in the coming decade if it is to withstand the impact of Brexit. (Financial News)
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