The latest news from the world of Alternative Finance and FinTech
In the news this week
We’ve seen a number of FinTech funding rounds this week, showing that the UK’s FinTech sector remains attractive to investors despite the economic uncertainty of Brexit. Growth Street has raised a £7.5m scale-up investment round led by the Merian Chrysalis Investment Company Limited, while MarketInvoice raised £56 million courtesy of Barclays and Santander. In other news, Metro Bank revealed a mistake in its loan book and a profit warning that wiped more than £800 million off its market value.
Growth Street scores £7.5m scale-up round led by Merian Chrysalis
Signalling a vote of confidence in British fintech, business lending platform Growth Street has raised a £7.5m scale-up investment round led by the Merian Chrysalis Investment Company Limited (Merian Chrysalis). (Finextra)
Metro Bank chief defiant as shares fall 39% after blunder
The chief executive of Metro Bank has insisted he is not under pressure to resign, despite the lender revealing a mistake in its loan book and a profit warning that wiped more than £800 million off its market value. (The Times)
UK-based online wealth manager Nutmeg said on Tuesday it raised $58.2 million in funding from investors, including Goldman Sachs Group Inc, proceeds of which will be used mainly for international expansion. (Reuters)
84% of industry professionals expect more SMEs to switch banks in 2019
FCA answers calls for cryptoasset clarity
The UK’s Financial Conduct Authority is in a consulting mood as it seeks to set out the cryptoasset activities it regulates. The guidance will help firms understand whether their cryptoasset activities fall under FCA regulation. (FinTech Futures)
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