The latest news from the world of Alternative Finance and FinTech
In the news this week
Another week, another wave of FinTech investment activity. Private investor network Growthdeck has raised £3.5m as it looks to triple its customer base in the next four years. Nutmeg, the online investment management company, quickly secured £1 million via its equity crowdfunding campaign on Crowdcube, and JP Morgan Chase is in talks to purchase a stake in 10x Future Technologies. In other news, the UK Treasury is to conduct a long-term review of the UK's payments landscape and regulatory framework in order to lay the groundwork for a new wave of FinTech innovation.
Growthdeck raises £3.5m as it looks to triple investor base in four years
Private investor network Growthdeck has raised £3.5m in an oversubscribed funding round, with an aim to triple its customer base within the next four years. (P2P Finance News)
UK Treasury moves to stimulate the next wave of fintech innovation
The UK Treasury is to conduct a long-term review of the UK's payments landscape and regulatory framework in order to lay the ground work for a new wave of fintech innovation. The proposals were outlined by UK Chancellor Philip Hammond at a Mansion House Dinner speech Thursday evening. (Finextra)
UK FinTech Nutmeg launches Crowdcube round & quickly secures more than £2.5 million in funding
UK-based fintech firm Nutmeg has launched an equity crowdfunding campaign on Crowdcube. The funding round quickly secured its £1 million funding target and has now nearing £2.6 million from over 1000 investors. (Crowdfund Insider)
Gross mortgage lending across the residential market in May 2019 came in at £21.9bn, a 0.4 per cent decline on the same month last year
Transferwise expands to the US with digital banking effort
Fintech stalwart Transferwise has lifted the lid on its expansion to the US, opening up access to its banking arm across the Atlantic. One year on from its launch in Europe, Transferwise’s borderless banking account and debit card will be available to US users from today after a short beta-testing period last month.. (City A.M.)
Monzo valued at £2bn after fresh funding round from US
Digital bank Monzo has doubled its value to £2bn after closing a fresh round of investor funding. The valuation of the London-based bank leaped as it confirmed it had raised £113m from a group of investors led by Y Combinator, a US-based investment firm best known for backing holiday letting platform Airbnb, file hosting service Dropbox and online forum Reddit. (The Guardian)
"We have launched this market study as we have identified concerns about the coverage and quality of credit information, the effectiveness of competition between credit reference agencies, and the extent of consumer engagement."
Christopher Woolard, director of strategy and competition at the FCA on concerns over how the credit information sector helps and hinders borrowers from getting loans
UK banks restart no-deal Brexit planning
UK banks are beginning to restart preparations for a no-deal Brexit, according to auditor EY. British financial institutions had paused their Brexit strategies over the past three months after the UK’s original 29 March departure date was extended until Halloween. (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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