The latest news from the world of Alternative Finance and FinTech
In the news this week
The UK’s leading online property finance and investment platform LendInvest has completed a £30.5 million funding round. The Series C debt and equity funding round was positioned by the company as pre-IPO funding. Elsewhere, Funding Circle has strengthened its board ahead of its £2bn flotation by recruiting Geeta Gopalan, a director of Virgin Money, as a non-executive director, while KPMG has acquired a minority stake in Dutch FinTech startup AdviceRobo.
LendInvest raises $39.5m
LendInvest, the UK’s leading online platform for property finance and investing, has through the summer completed a Series C debt and equity funding round for approximately $39.5 million (£30.5 million) which was positioned by the company as pre-IPO funding. Atomico have increased their investment in LendInvest in the debt and equity fundraising, along with new investors which... (Finextra)
Virgin Money director joins Funding Circle for £2bn float
Funding Circle, the peer-to-peer lender on the verge of a £2bn flotation, will this week strengthen its board by recruiting a director of Virgin Money. Sky News understands that Geeta Gopalan, a former chair of the European arm of Monitise, the mobile payments group, has agreed to join Funding Circle as a non-executive director. (Yahoo Finance)
KPMG acquires a minority stake in fintech startup AdviceRobo
KPMG acquires a minority stake in AdviceRobo, a Dutch fintech startup developing technology that predicts financial risk of people and companies taking out loans. To predict risk, the company applies artificial intelligence(AI) on non-financial data including the behavior of potential borrowers. (bobsguide)
Orca announces £500,000 raised through crowdfunding campaign on Seedrs
Orca announced that it is raising £500,000 on the crowdfunding platform, Seedrs. The funds raised will contribute to the business’s ambitious growth and expansion plans as it aims to realise its goal of becoming the hub for alternative lending. (Sync NI)
Jeff Bezos and Bill Gates back UK FinTech startup Wagestream
Amazon’s and Microsoft’s billionaire founders have backed a UK FinTech startup that enables employees to get their salaries early. According to The Times, Wagestream, which seeks to put an end to the “payday poverty cycle”, raised £4.5m from investors including Bill Gates and Jeff Bezos. (UKTN)
Almost 3,000 banks have disappeared from the high street since 2015
ThinCats doubles small business lending capacity to £600m
SME lender ThinCats has closed a £300 million facility with asset manager Insight Investment to fund UK SMEs with loans. On top of £300 million from existing investors, ThinCats now has a potential £600 million to fund UK SMEs across all regions and sectors from £100,000 to £10 million. To date, it has provided £300 million worth of debt to SMEs. (SME)
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