AltFi News - 11.05.18

 
The latest news from the world of Alternative Finance and FinTech
 
 
In the news this week
Funding Circle has taken a big step towards its £2bn London flotation this week by hiring its first female non-executive director. It is understood that the UK’s biggest P2P lender will announce that former O2 executive Cath Keers is joining its board. Publicly listed companies are expected to have at least one in three female directors by the end of the decade. In other news, mortgage broker Trussle has secured £13.6m in financing courtesy of a Goldman Sachs-led funding round, while the new General Data Protection Regulation (GDPR) has already claimed its first victim, with P2P trading platform CoinTouch announcing it is shutting down due to the uncertainty of the new regulations.
 
 
 
Funding Circle hires first female NED ahead of £2bn float

 

 

Funding Circle, the UK's biggest peer-to-peer lender, will this week take another step towards a £2bn London flotation by naming its first female non-executive director. Sky News understands that the company, which is targeting a listing soon after the summer, will announce that former O2 executive Cath Keers is joining its board. (Sky News)
 
Trussle secures £13.6m in Goldman Sachs-led funding
Online UK mortgage broker Trussle has secured £13.6m in financing from a group of international investors led by investment bank Goldman Sachs as part of its Series B funding round. The fintech company, which launched in 2016, uses its online platform to offer consumers an easier and more transparent way to access a mortgage. (City A.M.)
 
 
 
 
P2P crypto trading platform CoinTouch (and other) sites shut due to GDPR legal concerns
After gaining popularity among many Bitcoin and crypto token traders in recent months, P2P trading platform CoinTouch has announced on its website at cointouch.com that it is shutting down due to uncertainty which the new General Data Protection Regulation (GDPR) presents to website operators. (LeapRate.com)
 
 
 
What we’ve seen in Search
A major spike in recent searches for current accounts – a consequence of the recent TSB troubles.
 
 
 
 
Challenger bank Paragon confirms it's in talks to acquire housebuilders' lender Titlestone
Challenger bank Paragon has revealed it is in the "early stages of considering a possible acquisition of Titlestone", a firm which lends to residential developers. Though FTSE 250-listed Paragon – which focuses on mortgages, savings and providing business finance – did not expand on how much it was likely to offer for Titlestone, the housebuilders' lender has a balance sheet of around £600m. (City A.M.)
 
 
 
 
UK businesses secure £625 million in alternative finance from PayPal
PayPal has revealed that more small businesses than ever before are turning to its small business finance product, PayPal Working Capital, to access flexible funding. The amount of finance advanced in the UK has risen from £400 million in June 2017 to a total of £625 million today. Over 30,000 UK businesses have now benefitted from a share of the $5 billion (£3.6 billion) that PayPal Working Capital has provided globally since 2014. (Finextra)
 
 
 
Stat of the Week
Generic loan searches have increased by more than 8% in Q2
 
 
 
 
Funding Circle fund raises £25.5m via oversubscribed share sale
Funding Circle’s listed fund has raised £25.5m through the oversubscribed sale of treasury shares and is considering more issuances over the next few months. Funding Circle SME Income Fund (FCIF), which is quoted on the London Stock Exchange, said on Friday that it had sold 24,928,394 shares to a range of existing and new investors. (P2P Finance News)
 
 
 
Tweet of the Week
 
 
 
The Marketing Eye says
 
 
How marketing automation can make you GDPR compliant
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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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