The latest news from the world of Alternative Finance and FinTech
In the news this week
Challenger bank TSB has partnered with business finance aggregator Funding Options to create a new business lending marketplace. Arriving in May, the new platform will allow business customers to compare TSB loan deals side-by-side with more than 50 other providers. In other news, cryptocurrencies have taken a bit of a battering this week. According to P2P lending platform Assetz Capital, only 16% of investors consider them to be a worthwhile investment, while elsewhere Twitter announced that it is joining Facebook and Google in banning cryptocurrency advertising.
Challenger bank TSB is planning to become the first high street lender to link to rivals’ lending deals online, in a bid to boost competition. The bank – which was spun out from Lloyds five years ago – is gearing up to launch a "Marketplace" service for business... (The Telegraph)
Investors in the Assetz Capital platform are yet to be convinced by cryptocurrencies, with just 16% seeing them as worthwhile investments. The peer-to-peer lending platform canvassed the views of its investors in the Q1 Assetz Capital Investor Barometer. (Finextra)
Business finance company MarketInvoice has signed agreements with Portuguese bank Banco BNI Europa (BNI) and German bank Varengold Bank AG to add £90 million and £45 million respectively on its platform. (Finextra)
Edinburgh-based accounting software specialist FreeAgent has been bought by a subsidiary of Royal Bank of Scotland for £53 million. RBS BidCo will acquire the entire issued and to be issued ordinary share capital of FreeAgent. Shareholders will be entitled to receive 120 pence in cash for each FreeAgent Share held. (The Scotsman)
Being GDPR compliant isn’t an option and some businesses are fully aware what they need to do. However, not all businesses are sure about how to go about implementing the necessary steps to achieve full compliance.
The latest SME Finance report from insight agency BDRC brought the heartening news that, by Q4 2017, almost one third of the 130,000 firms interviewed (32%) were aware of P2P lending as a source of alternative finance.
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