The latest news from the world of Alternative Finance and FinTech
In the news this week
The big story this week was the news that supply chain funding platform, URICA, has put itself into liquidation after failing to recover from a fraud attack in France earlier in the year. As a result, P2P Global Investments, the peer-to-peer lending-focused investment fund, has written off a holding in URICA. Elsewhere, a new report has found that only 1 in 10 fintech startups succeed, while the Financial Conduct Authority has said banks should prepare for a hard Brexit.
P2P Global writes off investment in URICA
P2P Global Investments said it had written down the value of its investment in Scottish group URICA after it was placed into provisional liquidation. The investment had a carry value of around £5.5m and represented 0.74% of the company last-published net asset value. P2P also said it had provided a revolving credit facility to... (StockMarketWire)
Report: Fintech startups need to up their game in increasingly turbulent funding rounds
A new report has found that only 1 in 10 fintech startups succeed, with seed/angel investment dropping by 57% between 2010 and 2017. In 2010 average seed funding was $6.84m, a figure that fell to just $3m despite total funding rising from $205.3m to $851m... (bobsguide.com)
Banks should start preparing for a hard Brexit as the deadline to the UK's withdrawal from the EU looms large, the Financial Conduct Authority (FCA) has said. With just eight months until Brexit day - 29 March 2019 - the City's watchdog has added its voice to the chorus of groups urging businesses to step up their plans for a no deal scenario. (City A.M.)
RateSetter backtracks on Rolling Market rate changes
RateSetter has reversed its decision to stop investors setting their own rate for capital reinvesting on its Rolling Market. The peer-to-peer lender implemented an overhaul of its popular Rolling Market product on 6 June, no longer allowing investors to set their own rate on reinvested money. (P2P Finance News)
Ultimate Finance has announced that its bridging finance lending increased by 260% year-on-year during the first half of 2018, with almost £30m of funds in use. The number of bridging finance clients receiving funds from the lender increased by 86%. (Bridging & Commercial)
Cashless payments accounted for 50% of all purchases at World Cup stadiums
Fintech company plans for growth with £1.25m funding
Newport-based fintech (financial technology) company W2 Global Data is planning to increase its headcount by 50 per cent after receiving £1.25m funding. The funding round was led by Mercia Fund Managers, Development Bank of Wales and TTI Angels. W2 provides identity verification services to help prevent fraud and money laundering. (Insider Media)
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...
6 things you need to know about the ePrivacy Regulation
So, you thought the General Data Protection Regulation (GDPR) was something to worry about? Well, get ready for the ePrivacy Regulation, a new regulation that focuses specifically on the privacy of individuals as it relates to electronic communications. The regulation aims to work in conjunction with the GDPR to ensure data is handled with care by organisations and give individuals more control over their internet data...