The latest news from the world of Alternative Finance and FinTech
In the news this week
There hasn’t been a single application by a peer-to-peer lender for FCA authorisation rejected outright since the regulator took over responsibility for the sector. However, data for the FCA’s response to a freedom of information request has revealed that more than 80 per cent of applications have been withdrawn. In other news, a new UK-Africa FinTech partnership has been launched, while Seedrs has announced a strategic partnership with U.S. platform Republic, allowing UK-based businesses the opportunity to run joint crowdfunding campaigns across both platforms.
No P2P applications to FCA rejected but most are withdrawn, data reveals
Not a single application by a peer-to-peer lender for FCA authorisation was rejected outright since the regulator took over responsibility for the sector in 2014, but more than 80 per cent of applications were withdrawn. (P2P Finance News)
UK to support economic growth in Africa by offering City of London expertise
Two African companies prepare to list on the London Stock Exchange and a new UK-Africa FinTech Partnership is launched. As the UK leaves the European Union, the City of London will play an even greater role in financing the fastest-growing economies across... (GOV.UK)
Seedrs and Republic strike transatlantic crowdfunding alliance
Europe’s leading equity crowdfunding platform Seedrs has announced a strategic partnership with U.S. platform Republic. The collaboration will offer UK-based businesses the opportunity to run joint crowdfunding campaigns on Republic and Seedrs simultaneously, allowing startups to capitalise on large customer bases in the United States. (Finextra)
Payday lender Wonga has announced its intention to go into administration after losing its battle to stay afloat. The company said in a statement that it had assessed all options and had decided that administration was the appropriate route. (BBC)
Independent Growth Finance (IGF) has reported a 76% increase in funds advanced to UK SMEs in the year to June 2018. The commercial finance provider offers flexible funding solutions, including asset-based lending, to UK SMEs and is backed by private equity firm Spring Ventures, which recently increased its commitment in the company. (Bridging & Commercial)
There are currently 65 FCA-authorised P2P lenders and two P2P lenders with interim permission
FinTech platform Salary Finance raises $20m Series B
Salary Finance, a FinTech financial wellbeing platform for employees, has raised a $20m Series B investment led by founding investor Blenheim Chalcot and multinational financial services company Legal & General. The money will be used to launch and scale the company in the US as well as to continue to support its growth in the UK. (UKTN)
GDPR vs. ePrivacy Regulation: what’s the difference?
Despite being discussed numerous times there still seems to be confusion over social media’s connection with search rankings and SEO. In 2010 Matt Cutts, the former head of Google’s webspam team said that Google did use links from Facebook and Twitter as ranking signals. But, just four years later he changed his mind, claiming these social media pages were treated like any other web page for search, but not as a ranking factor. It's been a while since then, and there's no...