The latest news from the world of Alternative Finance and FinTech
In the news this week
Five FinTechs have recently been awarded a share of the £25 million RBS fund set up as part of the bailout programme, including Swoop and Funding Options. Finextra report that UK FinTech salaries are on the rise by as much as 25%. We see strong rises in pension and retirement searches, showing a continued increase in consumer interest in this area.
Irish fintech Swoop awarded €5.6m under RBS bailout fund scheme
Irish fintech start-up Swoop Finance has been awarded £5 million (€5.6 million) from a fund established by banking giant RBS as part of its £45 million (€50.3 million) bailout programme. (The Irish Times)
Blend Network has revealed that it would like to ramp up its activity in the bridging market. The P2P property lending platform has completed various bridging deals and is currently in the process of closing a commercial bridging loan in west London. (Bridging & Commercial)
Funding Options and others share £25m from RBS competition fund
Funding Options and five other fintechs have been granted a total of £25m from a fund set-up to boost the quality of the financial services available to small businesses in Britain. The Board of Banking Competition Remedies (BCR) has awarded £5m to each of the firms: Funding Options, Codat, Fluidly, Form3 together with Ebury Partners and Swoop Finance. (AltFi)
Fewer than one in 10 transactions will be completed with notes and coins in 10 years' time
Bank of England says new lenders could be ill-prepared for downturns
Many of Britain’s fast-growing fledgeling banks have little experience of downturns and could underestimate potential loan losses if markets turned sour, a Bank of England review of 20 lenders showed. (Reuters)
"These developments hold out the promise of accelerating inclusion and modernizing financial markets, but raise, in addition to privacy issues, competition and market concentration concerns, both of which could lead to vulnerabilities in the financial system."
Christine Lagarde on Big Tech threat to financial stability
MoneyThing lowers P2P investor rates as it shifts to less risky loans
MoneyThing is planning to lend to less risky businesses to attract a wider pool of investors. The manual peer-to-peer business lending platform said it was not sustainable to focus purely on the higher risk/return side of the market and thus it will start lending to lower-risk businesses at lower rates. (P2P Finance News)
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.
Click the button below if you would like to donate, every donation will help make a difference!