The latest news from the world of Alternative Finance and FinTech
In the news this week
Fintech investment in the UK grew 150% to $1.8bn in 2017 despite the global dip. British firms such as TransferWise and Monzo attracted more than double the amount of venture capitalist investment last year than in 2016. The positive news continues as Britain’s exports in financial and professional services jumped 15.8% to £95.7bn in 2016, breaking away from a relatively sluggish four years of growth. Elsewhere, with the end or the tax year drawing to a close the P2P industry looks set to storm the IFISA industry, with 80% of the market ready for the 2017/2018 tax year.
Investment in UK FinTech grew 150% in 2017
British firms such as TransferWise and Monzo attracted more than double the amount of venture capital investment last year than in 2016, according to a report by Innovate Finance, the British FinTech trade body. The firms raised a total of $1.8 billion (£1.29 billion) in venture capital investment in 2017, up more than 150% ... (Business Insider)
UK exports in financial services jump to £95.7bn
Britain's exports in financial and professional services had a record-breaking year in 2016, according to figures released today by TheCityUK. Exports in the sector jumped 15.8 per cent from £82.6bn to £95.7bn, breaking away from four years of relatively sluggish growth, when exports edged up by 0.9 per cent each year on average. (City A.M.)
One in ten P2P platforms 'a danger to investors'
Ten percent of the peer-to-peer investment platform market has been branded a serious risk to investors amid a warning millions of pounds of losses could be incurred. Stephen Findlay, CEO of P2P lending provider BondMason, said there were a number of firms operating in the market that he considered “very concerning” and that threatened to cause consumer harm. (FT Adviser)
Seedrs is opening up its secondary market
Seedrs has opened up its secondary market to allow more freedom for sellers and traders, City A.M. has revealed. Previously buyers could only use the secondary market to purchase shares in companies which they had already invested in through Seedrs. (City A.M.)
What a difference a tax year makes! P2P platforms pile in to the IFISA market
The Innovative Finance ISA market looks vastly different as ISA season approaches compared with this time last year. Just a handful of peer-to-peer platforms had full Financial Conduct Authority approval in time to launch an IFISA product in April 2016, with 2,000 accounts and £17m subscribed up to April 2017. (P2P Finance News)
Esme Loans joins NatWest's alternative finance panel
Esme Loans, the digital lending platform that allows small and medium sized businesses to quickly obtain unsecured loans of up to £150,000, will join a select group of leading alternative finance firms on NatWest’s Capital Connections panel. (Finextra)
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