The latest news from the world of Alternative Finance and FinTech
In the news this week
Revolut confirms it has no plans to move from its London base despite applying for a second e-money licence in Luxembourg in addition to it’s 2017 banking licence in Lithuania. As we approach the Brexit deadline it’s likely we’ll start to see more announcements of ‘post-Brexit strategies’ aimed at easing investor concerns. Meanwhile, finance platform InvestX has raised £25m in equity for SMEs using blockchain technology and Funding Options has received a £5m investment from Global Bank ING, proving strong sentiment still exists amongst the investment community for the alternative SME finance industry.
Revolut to bid for fresh European licence as it reveals losses
Fintech powerhouse Revolut has revealed its post-Brexit strategy amid the publication of its 2017 financial accounts, which put a heavy spotlight on the banking app’s operational losses. Primarily, a spokesperson for the London startup confirmed to City A.M. it had applied for a second e-money ... (City A.M.)
InvestX raising £25m for larger SMEs using blockchain technology
Finance platform InvestX is raising £25 million in equity through individual investors to fund mid-range SMEs. Unlike Funding Circle, which arranges debt for SMEs, InvestX links equity investors with established SMEs. InvestX plans to back 59 SMEs in year one and 400 small businesses in year two. (SME Web)
RateSetter set to break even in first half of 2019
RateSetter expects to break even in the first half of 2019, excluding spending on investor advertising. The peer-to-peer lender is currently in the red, but told investors at a Q&A session that the gap is closing in line with its forecasts. (P2P Finance News)
Funding Options receives £5 million investment from Global Bank ING
Funding Options, a UK Fintech that provides a “supermarket” of financing options for SMEs, has received a £5 million investment from ING Ventures – the VC arm of the global bank. The additional capital is expected to be used for Funding Options to expand its services internationally. In June 2018, Funding Options announced its expansion into the Dutch SME finance market, in partnership with ING. (Crowdfund Insider)
FinTech startup Modulr brings total raised to £10.5m
Modulr, a FinTech firm which provides bank accounts for business payments, has raised a new round of funding. The company’s round was led by Blenheim Chalcot and brought its total raised to date to £10.5m. Launched in January 2016 in London, Modulr is opening an office in Edinburgh where it hopes to bolster its software engineering, customer support, risk, compliance and finance teams. (UKTN)
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