Revolut hires senior exec trio
Revolut has strengthened its senior executive team by appointing a new treasurer, deputy chief financial officer and director of financial crime risk. The new treasurer is Wolfgang Bardorf, who joins from being global head of liquidity models and methodologies at Deutsche Bank. He is also a former executive director in corporate treasury at Goldman Sachs.
Money Dashboard to triple staff on £4.6m raise
Money Dashboard has made £4.6 million in the biggest FinTech fundraise on Crowdcube this year. The Edinburgh-based personal finance firm reached its initial target of £1.5 million in just 45 minutes, topping out at £3.6 million with the support of 3,300 crowdfunders.
Esme Loans lends £70m to UK SMEs
Esme Loans, NatWest’s standalone digital lending platform for small businesses, has now lent over £70 million to UK businesses. The lender has seen a sustained period of rapid growth in lending to small businesses, with the most recent milestone representing over £20 million of lending in the space of four months, an increase of 40 per cent in the total loan book.
EU ‘considering’ Facebook Libra competition probe
The EU’s antitrust regulators are weighing up a competition probe into Facebook’s Libra cryptocurrency, according to reports. The European Commission’s competition watchdog has sent out a questionnaire to a number of those involved in the Libra project, according to Bloomberg, which first reported the potential probe.
Tink calls for flexibility on PSD2 deadlines
Open Banking platform Tink has published an open letter calling on the UK’s financial regulators to show greater flexibility around the September deadline for the implementation of Application Programming Interface (API) standards under the second Payment Services Directive (PSD2). In the letter, Tink’s vice president of product Tomas Prochazka warned of the need for banks to be given extra time to implement API measures to avoid a ‘cliff-edge’ scenario which could leave millions of customers’ access to online or web-based financial services in jeopardy.
Cloud9 and IPC launch voice trading solution
Financial market network solutions provider IPC and cloud communications company Cloud9 Technologies have partnered for a new open voice trading and collaboration solution. The integrated cloud-based service unites Cloud9’s C9 Trader voice communications and analytics platform, IPC’s Unigy trading communications platform and the Connexus Cloud financial ecosystem.
GDPR fines impacting cyber security spend
Large General Data Protection Regulation (GDPR) fines against British Airways and Marriott have had a ripple effect on board level involvement and spending plans in relation to cyber security within UK financial firms. Data security firm Clearswift surveyed senior business decision-makers within enterprise financial organisations in the UK, finding that the Information Commissioner's Office (ICO) recent judgements - a £183 million proposed fine for BA and £99 million proposed fine for Marriott - were key turning points in addressing their own cyber security.
FStech Awards 2020 open for entries
The FStech Awards 2020 are now open for entries, ahead of the ceremony next 19 March. Now in their 20th year, the biggest night of the year for the FinTech industry returns with several new categories that reflect this dynamic sector.
Root completes $350m funding round
US InsurTech Root is set to complete a $350 million funding round at a valuation of $3.7 billion, led by new investors Coatue Management and DST Global. This latest investment comes about a year after it raised $100 million and secured unicorn status.
Visa launches payments security suite
Visa has announced a suite of security capabilities to help prevent and disrupt payment fraud. These should help protect the integrity of the payments ecosystem by detecting and disrupting fraud threats targeting financial institutions and merchants. They are available to Visa clients at no additional cost or sign-up.
Ireland convenes cross-sector FinTech group
Banking & Payments Federation Ireland (BPFI) has convened a special cross-sector working group tasked with driving the development of FinTech and informing policy under the Irish government’s financial services strategy. Chaired by BPFI, the Fintech Foresight Group brings together representatives from domestic and international banks, global technology companies, indigenous FinTech firms, third-level institutions, public sector representatives and international experts.