The latest news from the world of Alternative Finance and FinTech
In the news this week
The main news this week is that RateSetter has launched its IFISA. New IFISAs are a reasonably common occurrence now, but with RateSetter being the last of the largest players to get its full FCA authorisation, it marks a modest milestone for the industry. In other news, the FCA is looking into the creation of a global regulatory sandbox, and Satago makes the press again – this time as one of the brands in the £70m AIM listing of TruFin.
RateSetter launches ISA paying up to 6%
Peer-to-peer lending platform RateSetter has launched an Innovative Finance ISA offering investors returns of up to 6%. The P2P platform is making the ISA available to existing customers first while new customers will be able to open the product from 1 March onwards. (YourMoney.com)
FCA explores creation of global sandbox
The UK's Financial Conduct Authority is looking into the creation of a global regulatory sandbox, enabling FinTech firms to carry out tests in different countries at the same time and helping watchdogs to identify and solve common cross-border problems. (Finextra)
FinTech group TruFin raises £70m in float
A FinTech and banking group has raised £70m in capital after floating on the AIM market of the London Stock Exchange. TruFin Plc has offices in London and Birmingham and currently operates under three separate businesses: Distribution Finance Capital (DFC), Satago and Oxygen Finance. (BusinessCloud)
There's a fresh mission to woo foreign FinTechs to UK shores
The UK is seeking to woo foreign FinTech firms after Brexit with more than 50 startups set to head to London. The government and City institutions will host companies from more than 13 countries inside the European Union and outside the bloc, in a fresh bid to shore up the sector. (City A.M.)
Ripple, the company behind cryptocurrency XRP, signs international payment deal with foreign exchange giant UAE Exchange
Foreign exchange giant UAE Exchange has signed a deal with San Francisco FinTech players Ripple on cross-border payments. UAE Exchange is joining the startup's RippleNet network, which uses blockchain technology to power real-time international payments. (Business Insider)
Global FinTech funding holds steady in 2017
Funding for FinTech companies around the world stabilised in 2017, hitting similar levels to the previous year but was still way down on 2015 numbers, according to the latest KPMG report. Global FinTech funding for 2017 came in at a little over $31 billion, which KPMG claims is in line with "the high level of investment seen in 2016". (Finextra)
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