The latest news from the world of Alternative Finance and FinTech
In the news this week
Peer-to-peer currency exchange platform WeSwap has pulled the plug on its plans to list on London’s Alternative Investment Market, after investor interest fell flat. The float was intended to fund expansion into the European and Asian markets, with the UK FinTech startup aiming to raise between £15m and £20m. Elsewhere, Revolut continues to hog the headlines with the news that it has secured a European banking licence. The move will allow it to launch a comprehensive current account and consumer lending operation across Europe from next year.
UK fintech startup Weswap pulls the plug on 2018 London IPO plans
Peer-to-peer currency exchange platform Weswap has scrapped plans to list on London’s Alternative Investment Market (Aim) this month, after investor interest fell flat. Sources told City A.M. that the initial public offering, which had been mooted for a December launch, had failed to garner sufficient attention in what was promised to be a relatively small raise for the market. (City A.M.)
British fintech unicorn Revolut wins banking licence
The British fintech start-up Revolut has secured a European banking licence that will pave the way for it to launch a comprehensive current account and consumer lending operation across the continent from next year. Sky News has learnt that Revolut, which launched three years ago, will announce on Thursday that it has been granted a banking licence exactly a year after it lodged its application. (Sky News)
iwoca adds Barclays and HSBC to Open Banking connections
iwoca, the UK’s fastest growing small business lender, today announces it has connected to Barclays and HSBC banks under Open Banking. This expands the number of Open Banking connections offered by iwoca to three, including Lloyds Bank, and will enable more than 60 percent of the lender’s customers to take advantage of the Open Banking service. (Finextra)
$16bn was invested in UK FinTechs in the first six months of 2018, exceeding the value of investment in US FinTech by almost $2bn.
RateSetter is third most commonly-ranked firm on high-growth lists
RateSetter is among the top three companies that have featured most often in lists of high-growth firms. Beauhurst, which tracks 5,500 companies, analyses 19 high-growth lists and when a firm appears on one of them it creates a profile for it. It then tracks how often these firms appear on the lists. (P2P Finance News)
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