The latest news from the world of Alternative Finance and FinTech
In the news this week
All in all, it might be said that FinTech has had better weeks. The fall into administration of Lendy, hot on the heels of the London Capital & Finance debacle, is bound to create more than ripples on the pond. We also learn that Loot, the digital current account app, has had to shut its doors. So, in search of some good news. Plaid, the US open banking FinTech company, announced its launch in the UK this week. The Silicon Valley group valued at $2.65bn has already launched with two customers, including the money-management app Emma. In other news, a new survey from credit card transaction specialist, Fraedom, has revealed that 84 per cent of banks are open to the idea of a fintech partnership. Go find your perfect partner folks!
US open banking fintech Plaid confirms UK launch
The US fintech firm Plaid, which is valued at $2.7bn, has formally announced its entry into the UK market. As reported by Financial Newson May 1, the company has been hiring senior managers to lead its European operations. The firm now says that it will hire more than 25 people by 2020, and has opened its first UK office. (Financial News)
84 per cent of banks will consider fintech partnerships
The vast majority of UK banks would consider a new fintech partnership in order to meet customer needs, new research has found. According to a new survey from credit card transaction specialist Fraedom, 84 per cent of banks are open to the idea of a fintech partnership. (P2P Finance News)
Lendy Ltd has appointed RSM Restructuring Advisory LLP as administrators, following action taken by the FCA. There is an ongoing FCA investigation into the circumstances that have led to this action. The regulated P2P firm operated a lending platform that facilitated crowdfunded loans which were used to fund the purchase and development of property. (Bridging & Commercial)
Complaints against payday lenders reached 40,000 in 2018, up 130% on 2017
Growth Street tops 2,500 investors
Growth Street said its business lending platform has topped more than 2,500 investors since it was founded five years ago. The London-based platform added it has also launched a one-year fixed term Innovative Finance ISA (IFISA), offering a 5.8 per cent annual rate of return. (AltFi)
"Our latest research shows that the younger working generations are setting a new agenda for their financial futures. With generation Z showing they are the savviest when it comes to financial control, it may be time to wave farewell to the idea of the bank of mum and dad."
Andrew Lawson, chief product officer at Zopa
Loot digital current account app shuts down, Seedrs crowdfunding round is no more as company goes into administration
Aspiring Fintech Loot has shuttered its doors and gone into administration. According to a statement posted on their website, Loot has hired Henry Anthony Shinners and Adam Henry Stephens of Smith & Williamson LLP to handle the dissolution. (Crowdfund Insider)
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!