MarketInvoice gets £56m in funding
Startup lender MarketInvoice has raised £26 million in a Series-B funding round led by Barclays and Santander InnoVentures, with significant participation from European venture fund and existing investor Northzone. Technology fund Viola Credit, which also participated in the equity round, will provide a debt facility of up to £30 million to help scale the MarketInvoice business loans solution that sits alongside its core invoice finance solutions.
Tangem raises $15m for crypto smart cards
Smart card wallet producer Tangem has raised $15 million from SBI Crypto Investment for a new breakthrough in mass adoption of blockchain technology. The Swiss startup plans to use the investment to accelerate deployment of its ‘smart banknote’ technology in other industries where the secure storage and circulation of blockchain assets have the highest potential.
Dutch authorities demand crypto regulation
The Dutch authorities have called for a national licensing regime for crypto exchange platforms and crypto wallet providers to ensure more effective prevention of money laundering and terrorist financing. A joint statement from De Nederlandsche Bank (DNB) and the Authority for the Financial Markets (AFM) said that the European regulatory framework for corporate funding must be amended to enable blockchain-based development of small-scale corporate funding.
RegTech startup bags $5m funding
RegTech startup Theta Lake has secured $5 million through its latest seed funding round, led by Neotribe Ventures. Founded in 2017, the US-based business provides artificial intelligence-powered products designed to detect regulatory risks, compliance workflow and retention for video marketing, video calls and audio calls.
Square launches debit card service for businesses
US payments firm Square is making further inroads into the banking market with the launch of a debit card service for small businesses. Launching the Square Card in the US yesterday, the firm - which until now has been known for its mobile point of sale (MPoS) devices - said the Mastercard service would help businesses manage their cash flow by eliminating the time between making a sale and having the funds available to spend.
Research finds flaws in cyber insurance policies
The majority of cyber insurance policies on the market are marred by “significant flaws” which could result in firms missing out on compensation if they fall victim to a data breach or hacking attempt, according to a new study. Research conducted by insurance governance firm Mactavish reviewed the cover provided by 30 major cyber insurance policies in the UK and found that as the market is in its infancy, very few claims had been made to date.
NatWest rolls out digital SME loans
NatWest is to offer Esme Loans, its digital lending platform for small to medium-sized enterprises (SMEs) and scale-up businesses, directly to existing SME business customers as part of the mainstream customer proposition. Launched as a pilot in early 2017, Esme Loans offers SMEs and sole traders a simplified, rapid and paperless end-to-end process with rates for businesses looking to borrow between £10,000 and £150,000.
Tandem hits half a million customers
Digital challenger Tandem Bank claims to have surpassed the milestone of 500,000 customers.The London-based FinTech, which last year secured a banking licence after the purchase of Harrods Bank, this week also raised the prospect of a flotation within the next five years.
Open Banking dominates London FinTech Lab
One year after the second payment services directive (PSD2) took effect, startups offering Open Banking solutions dominate the 20 innovative technology companies joining the FinTech Innovation Lab London. The accelerator launched by Accenture, banks and venture capital companies in 2012, has begun its latest three-month programme, which is set to conclude on 28 March. Startups involved will be partnered with executives from banks and insurers to develop their technologies and business models.
Encompass partners Bisnode for Nordic push
Automated banking technology firm Encompass is partnering with data and analytics firm Bisnode in a deal which aims to expand its customer on boarding services to banks and financial institutions in the Nordic region. Announcing the strategic partnership, Encompass Corporation, which uses artificial intelligence to automate Know Your Customer (KYC) solutions, said it would benefit from Bisnode’s comprehensive data coverage across its 130,000 customers in region, including the major Nordic banks.
Fiserv buys First Data in $22 billion deal
US FinTech giant Fiserv is to buy payments provider First Data Corp in a $22 billion all-stock deal, marking the biggest acquisition of a digital payments firm to date. In a statement Fiserv said the combined company would be able to offer end-to-end services to financial clients including new methods of handling digital and physical payments.