The latest news from the world of Alternative Finance and FinTech
In the news this week
The big news this week was the findings from the British Business Bank’s Small Business Finance Markets report, which revealed that P2P business lending grew by 51% during 2017. Other headline stats from the report showed that asset-based lending grew by 12% and equity investment in SMEs went up by 80%. You can read the main findings from the report in our BBB small business finance markets report 2017-18 roundup. In other news, The Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) announced that they are to collaborate and support innovative firms through each other’s FinTech initiatives - LabCFTC and FCA Innovate.
Peer-to-peer business lending up 51%
The value of P2P business lending grew by 51% during 2017, according to new research from the British Business Bank (BBB). The bank’s Small Business Finance Markets report revealed that UK SMEs were diversifying their choice of finance as they began to look beyond their main bank and towards alternative sources. (B&C)
FCA and CFTC to collaborate on FinTech innovation
The Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) announced that they have signed an arrangement that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology (FinTech) initiatives – LabCFTC and FCA Innovate. (LeapRate.com)
Funding Circle lines up Wall Street giant to lead £1.5bn float
Britain's biggest peer-to-peer lender is lining up one of Wall Street's top investment banks to spearhead a London flotation expected to value it at £1.5bn. Sky News has learnt that Funding Circle is expected to appoint Morgan Stanley in the coming weeks to prepare it for one of the biggest stock market listings launched by a UK FinTech start-up. (Sky News)
LendInvest launches online buy-to-let calculator for intermediaries
Specialist property finance lender LendInvest has launched a buy-to-let online calculator for intermediaries, designed to work with thelender’s buy-to-let application system. Intermediaries can use the online tool to swiftly calculate LTV, annual rental yield and the maximum gross loan amount in one single place. The calculator caters for both individual and limited company applications. (Mortgage Introducer)
Bank of England's Mark Carney: Bitcoin has 'failed' one of its key aims
Bitcoin has so far "failed" in its ambition to be a legitimate currency, Bank of England Governor Mark Carney said on Monday evening. Speaking at a private event at London's Regent's University, Carney told students that bitcoin fails to meet two key requirements of a currency: it is neither a medium of exchange, nor a store of value. (Business Insider)
Global regulators neutral on new rules for 'hyped' FinTech
Global banking regulators signaled on Monday they were in no rush to adapt their rules to financial technology firms that have begun nibbling away at banks’ markets. The regulators looked at how FinTechs could disrupt banks’ business models by offering payments services, crowdfunding, mobile banks and online trading. (Reuters)
Rothschild-backed FinTech fund Augmentum announces intention to raise £100m in float
Augmentum FinTech, a Rothschild-backed fund investing in financial technology, announced it will try to raise £100m in an initial public offering (IPO) on the London Stock Exchange's main market. If the IPO proceeds successfully Augmentum will buy a seed portfolio it values at £33.3m, including investments in Zopa and Seedrs. (City A.M.)
Lending Works chooses Credit Kudos to power new Open Banking initiative
Credit Kudos and Lending Works announce a partnership that creates one of the first commercial applications of the new Open Banking standard, empowering customers to instantly verify income in support of loan applications. (Finextra)
The Marketing Eye says
BBB small business finance markets report 2017-18
The 80+ pages of the British Business Bank report titled Small Business Markets 2017/18 contains a wealth of market information, including market segment statistics which are more up-to-date than those published by CCAF in December. For example, the UK’s SME population is now said to stand at 5.7m and accounts for at least 99% of the businesses in every main industry sector and region.
Longer Descriptions In Search Results
When you make a search on Google, and begin to see results in the SERP (Search Engine Result Page), each result has three main pieces of data to help you choose the link to click on: Title, URL & Description. These three pieces of information are often all that a potential visitor to your site will see to make their decision to ‘spend’ their valuable click with you. Choosing a title is...
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