The latest news from the world of Alternative Finance and FinTech world
In the news this week
This week has seen two fintech stars secure US support. Transferwise are about to land backing from Silicon Valley and NOW Money secures a $700k investment from two US venture capital investors. But back on UK soil, Zopa, the P2P giant, announces a revenue jump of 60%, Funding Circle reveals changes to its investment processes and Barclays adds Siri P2P payments to iPhone users.
Transferwise about to land a big backer from Silicon Valley
One of the UK's most successful fintech startups is about to land backing from a top Silicon Valley venture capital firm which has invested in some of the top tech businesses around ...(City A.M.)
Funding Circle stops investors making loan choices
Peer-to-peer lending platform Funding Circle will no longer allow investors to choose which businesses to lend to and will instead spread their cash across a portfolio of companies. (CityWire).
Peer-to-peer lending websites struggle to attract borrowers
Peer-to-peer lending websites are struggling to attract UK customers who want to borrow money, despite hundreds of millions of pounds of investment in the sector. (Financial Times)(Subscription required)
Online lender Zopa's revenue jumped 60% last year
Peer-to-peer lender Zopa saw revenues leap 60% higher last year as losses narrowed. The online lender's revenue rose from £20.6 million in 2015 to £33.2 million last year, accounts filed with Companies House this week show. (Business Insider)
Lack of consumer trust is more than a fintech-nicality
Consultants found that apps from traditional banks were used by one in three Britons, genuinely new fintech applications — such as peer-to-peer lending platforms and some mobile payment services — still fail to instil confidence. (Financial Times)(Subscription required)
Lendy warns housing shortage is pushing buyers to high-risk mortgages
A lack of lending to developers coupled with a boom in high-risk mortgage lending risks overstretching current homeowners, Lendy claims. (Peer2Peer Finance News)
Barclays adds Siri P2P payments
Barclays now allows its UK mobile banking customers with iPhones to make voice-enabled peer-to-peer (P2P) payments using Siri, Apple’s voice assistant. (Business Insider)
NOW Money secures $700k investment
NOW Money has secured an investment of $700,000 from two U.S.-based venture capital investors – Accion Venture Lab, the seed-stage investment initiative of financial inclusion leader Accion, and Newid Capital. (The Marketing Eye)
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