The latest news from the world of Alternative Finance and FinTech
In the news this week
Funding Circle made the national press this week after its shares fell 30%. The dive follows the announcement that it expects revenues to grow by 20% this year, down from its previous forecast of 40%. The peer-to-peer lender blamed the “uncertain economic environment” for damaging demand for loans. Elsewhere, London-based FinTech startup Jaja has acquired Bank of Ireland’s UK card credit card business for £530m as it bids to “become a major player in the UK credit card market”, while another London FinTech, Flux, has partnered with Just Eat, the online marketplace for takeout food and delivery.
Funding Circle shares dive on growth warning
Funding Circle, which allows people to lend money to small businesses, has seen its shares dive after it halved forecasts for revenue growth. The peer-to-peer lender said the "uncertain economic environment" had damaged demand for loans. (BBC)
FinTech start-up Jaja buys £530m Bank of Ireland portfolio
UK FinTech start-up Jaja has acquired the UK credit card accounts of The Bank of Ireland for a cash sum of £530m. The start-up provides cards and financing services, and uses AI to authorise and make a fast credit decision on a potential customer through its app. (BusinessCloud)
Flux, the digital receipts and rewards platform, adds support for online takeout marketplace Just Eat
Flux, the London fintech that offers a platform for banks and merchants to power digital receipts and rewards, has unveiled its first partnership with an online-only merchant. The London-based company has managed to sign up Just Eat, the online marketplace for takeout food and delivery. (TechCrunch)
Fidor exits the UK...and signs deal to take Kazakhstan cashless
Fidor Solutions, digital banking platform arm of the wider Fidor Group, says it has signed of a Memorandum of Understanding with Kazakhstan to prompt the country into going cashless yesterday, the same day the group’s UK digital bank said it was closing. (AltFi)
In the first three months of the year, households spent £6bn more than they earned, up from £3.4bn in the previous quarter
Amazon brings money management to Prime for businesses in the UK
Amazon Business is launching Business Prime, a new service providing benefits for businesses of all sizes in the UK when making purchases on Amazon. Business Prime gives members access to Prime delivery benefits including unlimited one-day, same-day and nominated-day delivery. (FinTech Futures)
"The ‘low hanging fruit’ of younger, digitally engaged savers may be easier to convert, but they aren’t typically able to invest large amounts and generate high lifetime value. Secondly, the highest value individuals are much more difficult to convert. They are aware of and searching for P2P lending, but need careful messaging to convince them to make that final step of opening an account."
CACI’s report on younger investors and P2P lending
Fintech firm Revolut leads list of UK’s top 100 startups of 2019
Challenger bank Revolut has claimed first place in a list of the UK’s top 100 startups of 2019, it was revealed today. British fintech startup Revolut topped Startups.co.uk’s Startups 100 list for 2019, as it counts 5m customers around Europe and the UK. (City A.M.)
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.
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