The latest news from the world of Alternative Finance and FinTech
In the news this week
LendInvest continues to go from strength to strength. The mortgage marketplace and property investment platform has secured up to £200m in funding from HSBC in order to launch its home loan product by the end of 2019. It will offer short-term bridging finance for homeowners for up to 12 months. Elsewhere, job creation in the London FinTech sector increased by 61% over the past year, while P2P lenders are calling for a change to Open Banking rules to make it easier to access borrowers’ financial data for the duration of a loan term.
LendInvest scoops up £200m from HSBC to launch residential home mortgages
This morning (8 April) LendInvest made a surprise-announcement that HSBC UK has opened a bumper £200m funding line for the business to enable its push into residential mortgage lending. (AltFi)
Job creation within the fintech space in London increased by 61% over the past year as the City cemented its standing as a global hub for financial technology startups, according to data from recruitment firm Robert Walters. (Finextra)
Monzo set for further £100m in funding despite not turning a profit
Monzo is reportedly set to close another round of funding that will see its valuation soar to over £2 billion. The digital bank is believed to be closing on a further £100 million funding round that’s being led by a US investor. If completed, it will make Monzo the UK’s second-largest financial tech (fintech) startup. (Metro)
Coinbase launches cryptocurrency Visa debit card in UK
Coinbase, a cryptocurrency exchange, has launched a new Visa debit card in the UK, allowing customers to make purchases and cash withdrawals directly from their accounts. The California-based company, valued at more than $8bn in October, is a major trading venue for cryptocurrencies, including bitcoin, the best-known digital coin. (Financial Times (subscription required))
There were 76,500 jobs in U.K. fintech last year, with the the City of London projecting 105,500 by 2030.
London startups to take fintech unicorn crown from San Francisco
London is on track to become home to the same number of fintech unicorns as San Francisco, the world's current leader. Out of the 29 fintech unicorns globally – companies with a valuation of more than $1bn (£765.5m) – nine are based in the Californian hub, while seven are housed in the UK capital. (City A.M.)
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