The latest news from the world of Alternative Finance and FinTech
In the news this week
London based FinTech platform, Pleo, announced a $56m (£44m) Series B funding round amidst news that the UK has become the world’s leading FinTech hub, with high-growth firms attracting more than £4.5bn in investment over three years. New data also revealed that the FinTech and InsurTech sectors were the biggest employers among high-growth digital tech firms in 2018, employing 18% and 24% of the workforce respectively. In other news, Metro Bank has seen its shares come under pressure after the challenger bank was forced to quash "false rumours" on social media over its financial health.
UK becomes world's top fintech hub as startups rake in £4.5bn
The UK is the world’s top fintech hub with high-growth firms attracting more than £4.5bn in investment over three years. London continues to lead the country in attracting high-growth tech investment, receiving £9bn... (City A.M.)
Metro Bank shares fall as WhatsApp rumour prompts panic
Metro Bank has seen its shares come under pressure after the lender was forced to quash "false rumours" on social media over its financial health and said plans to shore up its finances were well advanced. (ITV News)
London fintech platform raises over $50m Series B investment with New York funder
Fintech company Pleo has announced a $56m Series B financing round led by New York growth fund Stripes. Pleo is an all-in-one business spending platform based around smart company cards. Funding has also been received from existing investors including Kinnevik, Creandum and Founders. (Bdaily)
LendInvest has dropped its product fees and lowered interest rates for both of its 5-year fixed rate buy-to-let remortgage products for a limited time. The products will be available on standard property cases up to 75% loan-to-value and up to £250,000 in loan size. (Mortgage Introducer)
Scaleup firms in London grew by more than 56 per cent between December 2018 and February 2019
SoftBank Vision fund invests $800m in UK fintech
SoftBank's Vision Fund, the largest fintech venture capital fund in the world is reported to be investing $800m in a UK-based supplier of alternative supply chain finance, thereby doubling its valuation to $3.5bn. (Finextra)
"The UK is a global tech powerhouse. I am immensely proud of our country’s ambitious tech scaleups. These companies are delivering significant economic value to the nation through the investment they raise, the jobs they create and the innovative products and services they deliver."
Prime Minister, Theresa May
Nationwide scoops £50m prize for small business lending
Nationwide has won the latest round of funding from a high-profile grant designed to boost small business lending in the UK, pocketing the top £50m prize. (City A.M.)
Always up for a challenge, Neil Edwards, The Marketing Eye's founder and CEO has decided to take part in The Prudential RideLondon - Surrey 100. He's collecting donations for Friends of Sussex Hospices, a local charity run entirely by volunteers. They raise funds to support the running costs of the twelve hospice care providers that serve the people of Sussex.
It's going to be a tough ride, the longest he's tackled to date, but he's going to give it a good go.
Click the button below if you would like to donate, every donation will help make a difference!