Archive News

Crowdcube has launched Cubex, a secondary European marketplace for shares in private companies. Retail investors will be able to use the marketplace to buy and sell shares in high-growth private European companies.
Posted: 7/5/2021
A new report has revealed record-breaking number of technology mergers and acquisitions (M&A) in the first quarter of 2021. Tech deal activity was up 28 per cent compared to the previous year, with 268 deals announced, according to a new report.
Posted: 7/5/2021
PayPal processed $285 billion worth of payments in the first few months of the year, an increase of 50 per cent on 2020. The company also gained 14.5 million new customers in across the same period, taking the total number of active accounts up to 392 million.
Posted: 7/5/2021
Citigroup is weighing up whether to establish cryptocurrency services following a surge in interest from its customers.
Posted: 7/5/2021
Tide has announced it will launch a new invoice assistant for small businesses later this month. The feature will enable companies to automatically chase and match invoices, insure against non-payment, set up direct debits and be notified when they are paid.
Posted: 6/5/2021
More than eight in ten consumers (86 per cent) say that their payments habits have changed since the start of the pandemic as adoption of digital and contactless methods rises. A survey of 8,000 consumers from the US, UK, Canada, Germany, Austria, Bulgaria and Italy on behalf of payments platform PaySafe found that 59 per cent had tried a new payment method for the first time in past 12 months, with that number rising to 77 per cent of 18-24 year olds.
Posted: 06/05/2021
Distributed Ledger Technology (DLT) is beginning to reshape markets as financial institutions and technology providers move from experimentation to implementation, according to a new report from the World Economic Forum and the Boston Consulting Group. The report, which explores the increasing commercialisation of DLT such as blockchain in capital markets, was based on findings from eight global workshops and more than 100 interviews with executives from leading financial institutions, FinTechs, regulators, and adjacent industries.
Posted: 6/05/2021
Digital payments platform Pomelo Pay has partnered with Mastercard to expand its offering for SMEs.The agreement will mean the London-based FinTech will become a Principal Issuing Member of Mastercard, and will be able to issue payment cards directly to its small and medium-size enterprise (SME) customer base.
Posted: 6/05/2021
Revolut has announced the launch of crypto withdrawals, which will give customers the option to transfer bitcoin to their personal wallets. Revolut Metal customers based in the UK will now be able to choose where to store their bitcoin, whether that’s on Revolut or hot or cold storage.
Posted: 6/5/2021
Metro Bank has renewed its partnership with Backbase as part of its digital transformation plans. The UK challenger bank is using the company’s tech to provide digital innovation support for its business banking customers.
Posted: 5/5/2021
Klarna has announced plans to double its UK headcount in the coming year and expand office space in London and Manchester. The Buy Now Pay Later giant has taken an 11,000 sq. ft. space at WeWork’s Aviation House building in Holborn and has expanded existing office space at its Northern hub in Manchester.
Posted: 5/05/2021
HSBC UK has announced that its voice biometrics system has prevented nearly £249 million of attempted telephone fraud over the past year. The bank reported a decrease in the rate of attempted fraud of 50 per cent year-on-year.
Posted: 5/5/2021
B2B focused payments company Boost Payment Solutions has closed a $22 million Series C funding round led by Invictus Growth Partners. Boost, which offers solutions which help B2B payments players improve commercial card use and acceptance, claims to have processed over $10 billion in card payments for over 15,000 enterprises.
Posted: 05/05/2021
Canadian consumer investment platform Wealthsimple has achieved a C$5 billion valuation after raising a C$750m investment. The funding round was led by Meritech and Greylock, with DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, and Plus Capital also participating.
Posted: 04/05/2021
Bank of Ireland is set to recruit 130 technology professionals to support the delivery of its new digital agenda. The recruitment drive will include positions for technical architects, software developers, engineers, specialised project managers, scrum masters, and data analysts.
Posted: 04/05/2021
Amazon Web Services (AWS) has launched Amazon FinSpace, an analytics service for financial services organisations (FSIs). The company claims that the web application-based service can reduce the time it takes to find, prepare, and analyse financial data from “months to minutes.”
Posted: 4/5/2021
Trustly has temporarily scrapped its $9.34 billion listing after regulators raised concerns about the company’s due diligence processes.
Posted: 4/5/2021
The New York State Department for Financial Services (DFS) has warned that the next significant financial crisis could be triggered by a cyber-attack, following an investigation into the industry’s response to the SolarWinds Attack.
Posted: 4/5/2021
Coinbase is making it possible for US customers to buy cryptocurrencies using debit and bank accounts linked to PayPal. The company said that those with an existing PayPal account will be able to start making transactions on the platform straight away.
Posted: 4/5/2021
Nine out of ten Gen Z consumers are choosing banking incumbents like HSBC and NatWest over FinTech challengers, according to new research. A survey of 500 UK banking customers aged 12-23 by payments and card issuing provider Marqeta found that despite their status as the most tech aware and ‘digitally savvy’ generation, many are choosing more traditional financial services than expected.
Posted: 4/05/2021
Irish RegTech unicorn Fenergo hits $1bn valuation. Fenergo, a Dublin-based FinTech, has achieved unicorn status after selling a $600 million stake iits business.
Posted: 04/05/2021
The UK’s new Financial Services Bill has received Royal Assent and is now officially law. The government said the legislation represents a “major milestone” in shaping a regulatory framework for UK financial services outside of the European Union.
Posted: 30/4/2021
Virgin Money has partnered with FinTech Trade Ledger as part of plans for a new business banking proposition. The bank will use Trade Ledger’s lending-as-a-service (LaaS) capability, which supports secured and unsecured lending, to unlock working capital and business lending products for businesses that otherwise find access to finance difficult.
Posted: 30/04/2021
The Bank of England is considering plans for a simpler prudential framework for smaller, non-international banks following the UK’s exit from the European Union. Under existing regulations, based on the approach adopted in the EU, the same rules are applied to all banks and building societies, regardless of size or activities.
Posted: 30/4/2021
Goldman Sachs and QC Ware researchers claim to have created quantum algorithms that outperform the most advanced classical algorithms for Monte Carlo simulations. A Monte Carlo algorithm is a randomised algorithm - which uses randomness as part of its reasoning process - whose output may be incorrect.
Posted: 30/04/2021
Deutsche Börse and Commerzbank are entering a strategic partnership with FinTech 360X to develop blockchain-based digital marketplaces and ecosystems for real asset classes such as art and real estate. Deutsche Börse is a marketplace organizer for the trading of shares and other securities which partially controls the Frankfurt Stock Exchange- the world's 12th largest stock exchange by market capitalisation.
Posted: 29/04/2021
Deutsche Bank has announced pre-tax profits of €1.6 billion in the first part of the year, the highest since 2014. Profits were up from just €206 million in the first quarter of 2020.
Posted: 29/4/2021
The Financial Conduct Authority (FCA) has published proposals to strengthen its financial promotion rules for high-risk investments to help retail investors make more effective decisions.The proposed changes follow feedback to its Call for Input (CFI) on consumer investments.
Posted: 29/04/2021
The European Central Bank (EIB) has issued its first ever digital bond on public blockchain platform Ethereum. The two-year bond, which is worth €100 million, was launched in partnership with Goldman Sachs, Santander, and Societe Generale.
Posted: 29/4/2021
Payments FinTech Wise (formerly Transferwise) is partnering with core banking technology firm Thought Machine to allow banks and FS firms to carry out faster international transfers.
The tie up will see Thought Machine’s core banking engine, Vault, integrated into Wise’s international payments platform.
Posted: 29/04/2021
Now in their 9th year, the 2021 Payments Awards are now open for entries. The awards recognise and celebrate companies which have demonstrated excellence and innovation in the rapidly changing payments space. The deadline for entries is 16 July 2021.
Posted: 28/04/2021
Barclays US has announced a new partnership with Amount, which will see the consumer bank offer point-of-sale (POS) financing instalment options. According to Barclays, the move will make it one of the first providers to offer merchants the option of buy now, pay later (BNPL) under the merchant’s own brand.
Posted: 28/4/2021
Brits lost around £625 million to fraud and cyber-crime in the first three months of the year, according to new research. A report from Money.co.uk found that there were 137,695 fraud and cyber-crime related police reports issued between January and March this year.
Posted: 28/4/2021
Lloyds Banking Group saw pre-tax profits surge to £1.9 billion in the first quarter of the year, following a significant release of money set aside for covid-related loan losses.
Posted: 28/4/2021
JP Morgan is partnering with Asia’s DBS bank and Temasek to establish a Distributed Ledger Technology (DLT) open industry platform for multi-currency cross-border payments, trade transactions and foreign exchange settlements. Partior, a joint venture company which will run the technology platform, is being set up in association with the Monetary Authority of Singapore.
Posted: 28/04/2021
Cryptocurrency platform Gemini has partnered with Mastercard and WebBank to issue a credit card. Gemini was founded in 2014, by twin brothers Cameron Winklevoss and Tyler Winklevoss, who gained notoriety for their legal disputes with Mark Zuckerberg about their role in Facebook’s founding.
Posted: 28/04/2021
TSB is set to launch 43 new pop-up branches spread across the UK: 22 in England, 19 in Scotland, and two in Wales. The move comes after the High Street bank’s decision to close almost half of its physical branches, approximately 80 in 2020 and 160 during the start of this year.
Posted: 27/04/2021
Bank-to-bank payments company GoCardless has announced the launch of its new Open Banking feature. The feature is directly integrated into the FinTech’s global payment platform and will enable merchants to take instant, one-off bank-to-bank payments from both new and existing customers while still having access to bank debit for recurring payments.
Posted: 27/4/2021
Swiss investment bank UBS has announced a loss in operating income of $774 million following the collapse of Archegos Capital Management.
Posted: 27/4/2021
Tesco Bank has partnered with Cisco’s imimobile to enhance its customer interactions and increase usage of its mobile banking application. The retail bank said that imimobile’s cloud communications software and solutions provider would help it to build customer engagement with its Mobile Banking app.
Posted: 27/04/2021
Corporate credit card provider Brex has achieved a $7.4 billion valuation after a $425 million Series D funding round. This brings the total funding of the San Francisco based company, which has over 600 employees, to $940 million.
Posted: 27/04/2021
The Reserve Bank of India (RBI) has imposed restrictions on American Express from onboarding new domestic customers onto their card networks from May.
Posted: 26/4/2021
Over 50 per cent of customers in the UK find their bank’s digital experience lacking, according to research from digital transformation agency Equator. Young people were the most dissatisfied with the experiences on offer according to the research, with 78 per cent of Generation Y and 83 per cent of Generation Z finding their bank’s digital experience lacklustre.
Posted: 26/04/2021
Santander has entered a new underwriting agreement with investment bank Peel Hunt. The bank said that the deal will give both parties the scale, expertise, and finance to underwrite the UK’s biggest equity capital markets (ECM) transactions.
Posted: 26/4/2021
Market research and data analytics firm YouGov has purchased Lean App, a mobile app start-up which helps consumers cancel and manage their subscriptions via Open Banking. The app works using the platform offered by London-based FinTech TrueLayer, which allows developers to build applications which utilise Open Banking.
Posted: 26/04/2021
Israeli FinTech Pagaya is set to list on the New York Stock Exchange (NYSE) via a special purpose acquisition company (SPAC) deal, according to sources reported by Israeli newspaper Calcalist. Pagaya, founded in 2016, sells a product that uses machine learning for credit evaluations, which it said speeds up the loan application process.
Posted: 23/04/2021
Ally Tech has announced a strategic partnership with Microsoft to explore how quantum computing can transform the financial services market. Together with Microsoft, the US FinTech will apply the latest research on quantum inspired algorithms to understand how they can be leveraged to solve complex challenges.
Posted: 23/4/2021
The UK Jurisdiction Taskforce of LawtechUK has published rules designed to enable faster and more cost-effective resolutions to legal disputes around blockchain, cryptocurrencies, and smart contracts.
Posted: 23/4/2021
Rising demand for digital services could cost insurers £8.3 billion in displaced premiums by 2025, according to a new report from Accenture.The report, which examined the impact of digital services on customer retention and revenues for UK life and general insurers, found that up to £3.5 billion of market share is up for grabs through new technology products.
Posted: 23/04/2021
London’s High Court has allowed a copyright infringement lawsuit against bitcoin.org by an Australian computer scientist who claims he invented the cryptocurrency. Craig Wright, who alleges he created bitcoin, will serve the lawsuit against the operator and publisher of the website, which calls itself Cobra.
Posted: 23/4/2021
Revolut has announced that it will make a multi-million pound investment in India over the next five years. The UK-based FinTech has committed to the creation of 300 new jobs in the Asian country.
Posted: 22/4/2021
Citi has selected Mastercard as its network partner for its Citi Plex Account on Google Pay, a new digital checking and savings account which the bank said focuses on financial wellbeing and mobile functionality. Customers with a Citi Plex Account will receive an auto provisioned instant digital debit card, with an option to request a contactless-enabled, physical debit Mastercard with access to Citi’s nationwide network of over 60,000 cash machines.
Posted: 22/04/2021
NatWest will refuse to provide services to business customers who accept cryptocurrencies as a means of payment, according to reports. According to The Guardian, board member Morten Friis, head of NatWest’s risk committee told an online shareholder event yesterday that the bank would maintain a “cautious” approach to cryptocurrencies such as Bitcoin, which the bank considers to be “high risk.”
Posted: 22/04/2021
Currencycloud, a cross-border payments solutions provider, has officially opened its Asia-Pacific headquarters in Singapore as it continues its expansion in the region. The new office, located in Raffles Quay, will serve as a hub to drive the London-based FinTech’s growth in Asia Pacific including South East Asia, Australia, Hong Kong and Japan.
Posted: 22/04/2021
The Bank of England (BoE) has announced plans for a new northern hub as part of a review of its footprint across the UK. The bank’s chief operating officer, Jo Place, is to lead the review.
Posted: 22/4/2021
Over 40 of the world's biggest banks have partnered to form the Net Zero Banking Alliance (NZBA), which aims to combine existing and new-net zero finance initiatives into one sector-wide forum. The NZBA said it will work to mobilise the trillions of dollars necessary to build a zero emissions economy and deliver the goals of the Paris Agreement by 2050.
Posted: 22/.04/2021
Visa has committed to reach net-zero emissions by 2040. The company said that it had already achieved carbon neutrality across its operations last year.
Posted: 21/4/2021
UK Finance has welcomed an amendment to the Financial Services Bill which will allow cashback without purchases. The post-Brexit legislation will give corner shops, pubs, and cafes permission to offer cashback without customers needing to buy something first
Posted: 21/4/2021
A clear majority – 81 per cent – of financial services professionals believe Digital ID would improve crime prevention in the industry according to research from financial consultancy Duff & Phelps. The survey was conducted at a conference hosted by Duff & Phelps where The Investing and Saving Alliance (TISA) unveiled their new Digital ID scheme, which it claimed will reduce the costs of identity verification checks by up to 50 per cent.
Posted: 21/04/2021
HSBC UK has launched a human live chat feature to its online investment service. The bank said that customers accessing its My Investment service will have access to Live Chat with a UK-based support team, and claims to be first bank to offer a human live chat investment service.
Posted: 21/04/2021
Several US banks are implementing AI assisted cameras to analyse customer preferences, monitor their workers and watch for homeless people sleeping near their ATMs, according to sources reported by Reuters. The sources claimed there have been unreported trials of the technology at City National Bank of Florida (CNB), JP Morgan Chase, and Wells Fargo.
Posted: 20/04/2021
The Financial Conduct Authority (FCA) must continue to embrace innovation whilst levelling the playing field for firms who stick to the rules, said the organisation’s chief executive at UK FinTech Week.
Posted: 20/4/2021
Global tech provider FintechOS has announced $60 million Series B funding. The money will primarily be used to further cement the company’s position in Europe and the UK. But the funds will also go towards an international expansion in the Asia-Pacific region, the Middle East, Africa, and North America.
Posted: 20/4/2021
Business financial platform Tide has joined Tech Nation’s Future Fifty Programme, designed to bring together and accelerate the growth of top tech companies in the UK.
Posted: 20/4/2021
Santander is teaming up with Prosegur Cash to launch in-store digital cash management for businesses. The new service, called ‘Cash Today,’ is designed to guarantee the cash merchants collect is held in a secure device and contractually insured.
Posted: 20/4/2021
Mastercard is set to acquire digital identity provider Ekata for $850 million. Ekata’s solution seeks to verify the online identity of a person making a transaction in real-time, using various indicators to provide a score which determines the risk of fraud, like a credit score.
The Seattle-based company was spun-out in June 2019 from an existing background checking company called White Page Pro.
Posted: 20/04/2021
Chancellor Rishi Sunak has announced plans to boost UK FinTech and financial services with a number of new proposals, including a central bank digital currency (CBDC) taskforce.
Posted: 19/4/2021
Starling Bank has received £50 million of funding from Goldman Sachs Growth Equity, the US investment bank’s growth stage and technology investment division. The investment is an extension of the bank’s £272 million Series D funding round it announced in March 2021, which valued it at over £1.1 billion.
Posted: 19/04/2021
Mastercard has partnered with new FinTech Hi55 Ventures on a market-first salary access card. The new card will enable people to access their pay as soon as they have earned it.
Posted: 19/4/2021
Revolut is set for a new funding round that will value the company at between £7.2 billion and £10.8 billion, according to sources reported by Sky News. San Francisco based investment banking firm FT Partners, which focuses on FinTech, is said to be advising on the deal.
Posted: 19/04/2021
Credit Karma has announced its partnership with Bud, a move that will give its UK members access to Open Banking services.
Posted: 16/4/2021
More than 440 banking and financial organisations have moved or are moving part of their business, staff, assets, or legal entities from the UK to the EU following Brexit.
Posted: 16/4/2021
The use of RegTech could cut the annual cost of compliance for Britain's top five banks by a combined total of £523 million - 0.05 per cent - according to a report by the City of London Corporation. RegTech is technology that enhances regulatory processes, including monitoring, reporting, and compliance, which can be used to spot criminal offenses such as money laundering.
Posted: 16/04/2021
Citigroup has announced that it will cut its consumer banking services in 13 countries as part of an ongoing strategic review.
Posted: 16/4/2021
JP Morgan has said it will use blockchain for fund transfers between international banks using a new solution called Confirm. Confirm is an international account information validation application based on Liink, the bank’s peer-to-peer data transfer network.
Posted: 16/04/2021
42 per cent of UK finance leaders are focused on growth with automation as key priority amid the disruption of the pandemic, according to a new report. Research for Dun & Bradstreet conducted by Censuswide based on interviews with 251 CFOs and finance leaders across a range of industries found that CFOs are preparing to embrace new technologies to improve efficiencies across automation, data and planning as they look to increase their ability to manage disruption in 2021.
Posted: 15/04/2021
More than half – 52 per cent - of consumers have never heard of Open Banking, according to a Censuswide survey commissioned by financial services platform Mambu. In addition, 61 per cent of the 2,000 respondents said they have never used Open Banking, despite 80 per cent of respondents using one or more mobile finance apps.
Posted: 15/04/2021
The pandemic drove a 15 per cent spike in FinTech app use during 2020, with 4.6 billion downloads as consumers sought to take control of their finances amid the uncertainty. A report from mobile and data analytics platform App Annie and mobile app marketing firm Liftoff found that FinTech apps outperformed even the most highly rated banking apps by a factor of up to 10.8 times over the course of 2020.
Posted: 15/04/2021
J.P. Morgan is expanding its use of Acin’s operational risk platform to cover its global markets business.The US banking group has deployed Acin’s SaaS (Software-as-a-Service) solution to create a digitized platform and peer-to-peer network for operational risk management which enables it to access benchmarking data for risks and controls.
Posted: 15/04/2021
NatWest is relaunching its enterprise programme to boost support for scale-up businesses including climate, FinTech, and B-Corp focussed businesses. The programme is free to enter and open to applications from UK SMEs from 15 April, with the cohort set to start in June.
Posted: 15/04/2021
TSB is partnering with price comparison FinTech ApTap to introduce a new bill management feature for banking customers. The bank trialled ApTap’s tool with more than 10,000 customers, who were able to organise bills for energy, utilities and broadband as well as compare prices and switch to other deals. Customers in the trial saved on average £150 a year.
Posted: 15/04/2021
New Zealand has become the first country in the world to introduce a law that requires financial institutions to report the impacts of climate change on their business.
Posted: 14/4/2021
The New York Stock Exchange (NYSE) is launching its first Non-Fungible Tokens (NFT.)
Posted: 14/4/2021
Blockchain software engineering firm ConsenSys have announced a $65 million funding round, with key investors including JP Morgan, Mastercard, and UBS. New York based ConsenSys, founded in 2015, develop decentralized software services and applications that operate on the Ethereum blockchain.
Posted: 14/04/2021
Today Coinbase will list on Nasdaq, marking another key step towards cryptocurrencies becoming a mainstream medium of exchange. Last month the US cryptocurrency exchange said private market transactions had pushed the company’s value up to $68 billion, compared to just $5.8 billion in September 2020.
Posted: 14/4/2021
Goldman Sachs is expanding its UK footprint with a new office in Birmingham, which is expected to generate hundreds of new technology roles. The bank said that the West Midlands site would provide access to a strong talent pool of academic institutions, a growing tech sector, and leadership in STEM industries.
Posted: 13/4/2021
Mastercard has partnered with Swedish FinTech Doconomy to release a new carbon calculator.
The payments giant said the solution can give consumers a snapshot of the carbon emissions generated by their purchases, which it claimed are powered by the independently verified index.
Posted: 13/04/2021
HSBC has joined the Banking Industry Architecture Network (BIAN) to develop its IT architecture through the use of common standards. BIAN, which was established in 2008, is a collaborative not-for-profit global network made up of banks, tech providers, consultants, and academics.
Posted: 13/4/2021
The Bank of Russia has confirmed plans to release a central bank digital currency (CBDC), which it said could be fully launched by 2023. A central bank digital currency (CBDC) is a digital currency issued and backed by a central bank, fundamentally different from cryptocurrencies like Bitcoin and Ethereum.
Posted: 13/04/2021
Corporate credit card start-up Ramp has raised $115 million, which the FinTech claims gives it a $1.6 billion valuation and unicorn status. Ramp creates software which allows companies to administer and track cash outflows and provides company cards to businesses.
Posted: 12/04/2021
UK-based DNA Payments has announced the launch of its Open Banking payments service. The integrated payments company is partnering with Ecospend, which will deliver the service to DNA Payments’ 30,000 merchants.
Posted: 12/4/2021
Lloyds Bank has created a team to help corporate clients make their businesses more sustainable. The bank said that the new team will specialise in structuring environmental, social and governance (ESG) products and services.
Posted: 12/4/2021
Huawei’s Industrial Digital Transformation Conference shone a light on the progress and future path for banks as they complete the leap to being fully digital competitors in the new age of finance.
Posted: 09/04/2021
Swedish payments firm Trustly is planning to raise $934 million in an initial public offering (IPO) on the Nasdaq Stockholm. Trustly provides a payment method that allows customers to make purchases from their online bank account, without the use of a bank card or application.
Posted: 12/04/2021
The Chinese government has levied a record $2.75 billion fine on Alibaba following allegations of monopolistic practices, almost triple the $975 million chip manufacturer Qualcomm had to pay Chinese regulators in 2015. Alibaba, currently valued at around $608 billion, controls a significant portion of the Chinese domestic e-commerce and cloud computing markets.
Posted: 12/04/2021
Citi Innovation Labs and The Inter-American Development Bank (IDB) have trialled cross-border payments from the US to Latin America and the Caribbean using blockchain and tokenised money.
Posted: 9/4/2021
Asian investment bank Nomura has appointed Sameer Jain as chief information officer of its wholesale division. Jain, based in New York, will report to Jonathan Lewis, group chief administrative officer and chief executive officer at Nomura International, and Steve Ashley, head of the wholesale division.
Posted: 09/04/2021
A central bank digital currency (CBDC) is crucial to strengthening London’s position as a financial centre following the UK’s exit from the EU, according to The City United Project.
Posted: 9/4/2021
Atom Bank has confirmed a £40 million funding round at 60p a share, halving the bank’s valuation.
Posted: 9/4/2021
Revolut will allow employees to work from abroad for up to 60 days a year. The FinTech challenger said the move marks the latest step in its agile working strategy.
Posted: 08/04/2021
While 83 per cent of banks have a clearly articulated digital transformation strategy, 60 per cent say they are yet to make significant progress on executing their plans.
Posted: 8/4/2021
Mastercard has announced the launch of its new Request to Pay application service through Pay.UK. The payment giant said that the new solution is the first to offer end user application services within Pay.UK’s Request to Pay framework, designed to provide flexibility for individuals and businesses on bill payments.
Posted: 8/4/2021
Buy Now, Pay Later (BNPL) start-up Zilch has launched a new service which enables customers to ‘pay-over-time’ in store with just a tap. According to the London-based company, this will be the “first-ever” product of its kind in the UK and Europe.
Posted: 8/4/2021
Coinbase, Square, Fidelity Investments and Paradigm have founded a lobbying group aimed at correcting “wrong impressions” around cryptocurrency and influencing future regulation. The alliance, called the Crypto Council for Innovation (CCI) has launched a website outlining its intention to be a voice for crypto industry leaders in demonstrating “the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe.”
Posted: 07/04/2021
FinTech Plaid has been valued at $13.4 billion in its latest funding round, almost triple the $4.9 billion valuation it received from Visa last year. The San Francisco-based company, founded in 2014 has built a data transfer network that powers FinTech and digital finance products, which claims to connect information from 11,000 banks and financial institutions to over 4,500 FinTech customers.
Posted: 07/04/2021
JPMorgan chief executive Jamie Dimon has warned traditional banks of incoming threats from FinTech and BigTech disruptors in his annual letter to shareholders. The banking chief claimed that banks are “playing an increasingly smaller role in the financial system”.
Posted: 07/04/2021
Sentenial, which owns Open Banking brand Nuapay, has been bought by EML Payments for $110 million. Sentenial, which is currently connected to 1,750 banks, is a cloud-native payments company which processes around €45 billion euros a year.
Posted: 7/4/2021
Open Banking platform TrueLayer has raised $70 million in a Series D funding round as the company advances with its ambition to build the world’s most valuable Open Banking network.The round was led by new investor, Addition, with participation by existing investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone, and Temasek.
Posted: 7/04/2021
Visa has handled one billion additional European touch-free payments less than a year since contactless limits across 29 countries were increased in response to the pandemic. 400 million of the contactless transactions were made in Britain.
Posted: 7/4/2021
The market value of cryptocurrencies surged beyond $2 million for the first time on Monday.
Bitcoin value also hit record levels, with a $1 trillion market cap over one week.
Posted: 6/4/2021
Stripe has announced the official launch of its expansion to the United Arab Emirates (UAE). The financial services and software company said that it is also opening a new UAE office in Dubai Internet City.
Posted: 6/4/2021
Credit Suisse has announced it will face a $4.7 billion loss following the collapse of Archegos Capital Management.
Posted: 6/4/2021
The Crown Prosecution Service (CPS), the principal public agency for conducting criminal prosecutions in England and Wales, is preparing for a rise in the number of prosecutions related to cryptocurrency scams. Sources told the Financial Times that the government's response to the uptick is expected to include the opening of a specialised City of London court dedicated to financial crime by 2026.
Posted: 06/04/2021
Over half of UK businesses want to remove the option of cash payments, according to a study of more than 1,200 British companies.
Posted: 1/4/2021
Brazil’s central bank, Banco Central do Brasil (BCB), has licensed the use of WhatsApp for initiating fund transfers. WhatsApp attempted to launch the transfer service last June, but the bank said that licencing the service could negatively impact the country’s existing payments system.
Posted: 1/4/2021
LendInvest has teamed up with Credit Kudos in a move it says will streamline the underwriting process and allow it to leverage Open Banking enabled insights for credit assessment. LendInvest, founded in 2008, is a property finance platform which allows property professionals to access commercial property finance.
Posted: 01/04/2021
Alwyn Jones, Monzo’s chief financial officer, is set to join cryptocurrency firm Luno in the same role. The executive is set to serve out his six-month notice period at the challenger bank while they search for a replacement.
Posted: 01/04/2021
Mastercard is one of five companies accused of breaching competition rules by engaging in ‘cartel behaviour’ in the pre-paid cards market.
Posted: 1/4/2021
NatWest is set to offer SMEs up to £1million of cashflow funding through its digital overdraft alternative Rapid Cash, as it looks to support UK businesses as they enter the next phase of economic recovery. NatWest’s Rapid Cash service now provides businesses with a flexible line of credit based on outstanding invoices for up to £1million, offering a quick solution to temporary cashflow difficulties.
Posted: 1/04/2021
Commerzbank has strengthened its strategic partnership with Google Cloud as part of a five-year cloud transformation agreement.The German commercial bank said the expanded collaboration would see a “significant number” of applications moved to the cloud in the next five years.
Posted: 01/04/2021
Mastercard is set to invest $100 million in Airtel Mobile Commerce (AMC), the mobile money subsidiary of Airtel Africa. Airtel Africa is a FTSE-250 listed company that provides telecommunications and mobile money services in 14 countries in Africa, which posted $3.42 billion in revenue for 2020.
Posted: 01/04/2021
Phishing attacks are the most common cause of cloud security incidents for financial services organisations, accounting for 26 per cent of instances. Other common causes of cloud security incidents included targeted attacks on cloud infrastructure, which caused 22 per cent, and ransomware which caused 15 per cent according to data security vendor Netwrix’s latest report.
Posted: 31/03/2021
A number of top banks could face investigations from UK and US regulators over a fire sale of Archegos Capital Management assets worth around $20 billion following the hedge fund’s collapse.
Posted: 31/3/2021
Marcus, Goldman Sachs' retail banking offering, is set to introduce a cash ISA in the UK. The news comes over two years after Marcus entered the UK market in September 2018.
Posted: 31/03/2021
Nationwide Building Society has renewed its technology partnership with Tata Consultancy Services, (TCS) with the aim of strengthening its operational agility and resilience. Nationwide has been collaborating with TCS for the last 10 years with a strategic focus on the transformation of its core technology stack to help accelerate the development of new services and more innovative experiences for customers.
Posted: 31/03/2021
Cambridge-based payment solutions provider Monavate has secured £5 million of seed funding from an undisclosed major US institutional investor.

This marks one of the largest seed funding rounds for a UK FinTech in the last 12 months.
Posted: 31/03/2021
PayPal has announced the launch of its new cryptocurrency checkout service ‘Checkout with Crypto.’ The feature enables consumers pay for select purchases at millions of online businesses with their cryptocurrency of choice.
Posted: 30/3/2021
Stephen Khan, head of technology and cyber security risk at HSBC, has been appointed the new chair of ClubCISO. ClubCISO is a community of 520 chief information security officers (CISOs) and security leaders. The group has grown by 56 per cent in the past year.
Posted: 30/3/2021
Marqeta has been chosen by Mastercard to join its FinTech Express programme. The global card issuing platform will work closely with Mastercard on future banking tech innovations, with a focus on expanding and launching more FinTech programmes.
Posted: 30/3/2021
UK FinTech Tide has said the “slow uptake of Open Banking” has meant missed opportunities for customers and companies who could have launched new products and services.

Tide provides mobile-first banking services for SMEs, and claims 320,000 members, which it says is equivalent to 5 per cent of the UK’s SME banking market.
Posted: 30/03/2021
The Bank of England (BoE) has urged banks to seek its approval before moving jobs or operations from the UK to the European Union. The UK central bank is reportedly concerned that European regulators are requesting more relocation than is needed to retain financial stability following the UK’s exit from the EU.
Posted: 29/3/2021
The Financial Conduct Authority (FCA) has said that Open Finance, the extension of Open Banking-like data-sharing to a wider range of financial products, could offer “significant benefits” following a Call for Input.
Posted: 29/3/2021
UK FinTech Wise has launched a coalition to fight IBAN discrimination in partnership with other European FinTechs, including Starling Bank, N26, Revolut, Raisin, Klarna, SumUp and Fire. IBAN discrimination is when an employer, merchant, or any other company in the single euro payments area (SEPA) refuses to accept a SEPA-enabled IBAN for payments or direct debits.
Posted: 29/03/2021
Visa has announced it will become the first major payments company to accept transactions in USD Coin (USDC), a stablecoin backed by the US dollar. The payments giant is piloting the cryptocurrency with Crypto.com and plans to expands the USDC capability to other partners later this year.
Posted: 29/3/2021
UK Finance has called for new legislation to make online platforms responsible for taking down fraudulent content and protecting consumers from scams.
Posted: 26/3/2021
British financial institutions will face tougher ‘cyber stress tests’ to assess their resilience to cyberattacks under new Bank of England (BoE) plans.
Posted: 26/3/2021
The European Central Bank (ECB) has tackled what it says are "misconceptions" about the proposed digital euro, reaffirming the digital currency would complement not replace cash. The digital euro would be a form of central bank digital currency (CBDC), a digital currency issued and backed by a central bank, fundamentally different from cryptocurrencies like Bitcoin and Ethereum.
Posted: 26/03/2021
Equifax is partnering with FinTech Curve for the roll out of its Open Banking consumer credit solution Curve Credit. The business and consumer insights firm said the exclusive agreement would include comprehensive verification and ID solutions for Curve Credit.
Posted: 25/03/2021
TSB’s virtual Smart Agent chat service has been fully integrated into the bank’s mobile banking app. The challenger bank announced that its IBM-powered chat service is averaging over 1,000 conversations a day on mobile devices.
Posted: 25/03/2021
Santander will close 111 branches by the end of August 2021 in response to the shift towards mobile and online banking during the pandemic. The news comes after HSBC announced plans to close 82 UK branches in January and TSB promised to close 164 bank branches over 2021 in September 2020.
Posted: 25/03/2021
Santander has said that by 2025, all of its debit, credit, and pre-paid cards across Poland, Portugal, Spain and the UK will be made of sustainable materials like PVC or a corn-based plastic substitute.
Posted: 25/3/2021
81 per cent of consumers said that more flexible and easy-to-access banking would motivate them to switch to a challenger from traditional banking providers, according to new research from Capgemini. The world retail banking report compiled by the technology consulting firm in association with Efma, found warned that retail banks are facing a choice between aligning their offerings to customer expectations or run the risk of losing those customers altogether.
Posted: 25/03/2021
NatWest Group and Microsoft have partnered to help UK businesses better understand their carbon footprint and create tailored action plans to reduce their emissions by using digital tech. The project, which is to be piloted later this year, will draw from Microsoft’s cloud, data and AI platform and NatWest Group’s customer knowledge.
Posted: 25/3/2021
Nationwide is rolling out a ‘work anywhere’ approach, which will enable its 13,000 office-based employees to work from any location in the UK. The UK’s largest building society said that the policy would help put employees in control of how they balance their work and home lives.
Posted: 25/03/2021
Online pension consolidator PensionBee is planning an initial public offering (IPO) on the London Stock Exchange (LSE) at a potential valuation of £350m. Over 8,000 customers have registered their interest in purchasing shares via retail investing platform PrimaryBid.
Posted: 24/03/2021
NatWest is to overhaul its retail banking business to rival FinTechs and boost revenues, according to a report by The Financial Times (FT.)
Posted: 24/3/2021
N26, a mobile-focused German neobank, has appointed Gilles BianRosa as its new chief product officer. BianRosa will lead all product teams based across the bank’s offices in Berlin, Barcelona, Vienna, and New York.
Posted: 24/03/2021
The UK’s financial watchdog warned that younger investors are getting involved in higher risk investments like cryptocurrencies and foreign exchange.
Posted: 24/3/2021
Airwallex, a FinTech who provide infrastructure for cross-border payments, has reached a $2.6 billion valuation in its latest funding round. The Melbourne based FinTech raised $100 million in a round led by US-based Greenoaks, with participation from Australia’s Grok Ventures, Skip Capital and ANZi Ventures, alongside other existing investors.
Posted: 24/03/2021
HSBC has launched Kinetic, a business banking app for SMEs.The launch comes as leading FinTech challengers including Monzo, Starling and Revolut scale up their business account offerings as a route to profitability.
Posted: 24/03/2021
Financial fraud solution provider Feedzai has reached a valuation of more than $1 billion following its latest funding round, giving it unicorn status.

The San Mateo headquartered start-up raised $200 million in a round led by investment company KKR, who were joined by existing investors Sapphire Ventures and Citi Ventures.
Posted: 24/03/2021
Fidelity said institutional investors are in “education mode” about cryptocurrencies in an interview with Reuters, despite soaring demand for digital assets by large investors. The news comes as Bitcoin hit a record price of $62,000 earlier this month.
Posted: 24/03/2021
Digital identification firm Jumio has announced a $150 million Series B funding round.The investment was led by Great Hill Partners, which last year acquired Notonthehighstreet.
Posted: 23/03/2021
Automatic savings app Chip is partnering Seccl to power the launch of its investment platform.The FinTech said the integration with Seccl’s custodian and investment technology would be enabled via API and would provide users with simple and affordable access to financial markets.
Posted: 23/03/2021
Risk data aggregations has become the top compliance concern for 70 per cent of chief data officers within financial services firms, according to new research. A survey of 100 data and information technology executives by WBR Insights also found that 88 per cent of organisations are devoting 40 per cent or more of their total data practice budget to compliance functions.
Posted: 23/03/2021
FinTechs, particularly larger ones with more sophisticated requirements, are “underserved” by their current banking partners, according to new research from ClearBank. The report found that a third of FinTechs have faced regulatory intervention due to agency banking resiliency failures.
Posted: 23/3/2021
Mastercard, IBM, and SoftBank, alongside others, have asked the G7 to form a new organisation to improve international co-operation on important tech governance issues. The organisation, called The Data and Technology Forum, would provide recommendations on tech governance across countries, rather than providing strict rules.
Posted: 23/03/2021
Revolut has submitted a draft application for a US banking licence and is launching Revolut Business across all 50 states. The FinTech unicorn announced in January that it had submitted its application for a UK bank license to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Posted: 22/03/2021
OneSavings Bank (OSB) has discovered potentially fraudulent activity by a corporate customer worth up to £26.8 million. The bank said that it believes the fraud is an “isolated incident” and is appointing Smith & Williamson to carry out an investigation into the third-party company.
Posted: 22/3/2021
The number of UK technology job listings dropped by 57 per cent in 2020, according to new research from Accenture. There were fewer than 55,000 roles advertised last year, with the overall decline driven by a reduced number of job listings for data analytics and cyber security professionals, which dropped 53 per cent and 54 per cent respectively.
Posted: 22/3/2021
FinTech focused investment bank FT Partners and private equity firm Bregal Sagemount have formed a $500 million special purpose acquisition group (SPAC). SPACs create public listings through reverse mergers with a private firm, sometimes called a “backdoor listing”, while the acquiring company is sometimes called a “blank check company”.
Posted: 22/03/2021
Visa is to increase its interchange fees on cross-border transactions between the UK and the EU later this year, according to a report by The Financial Times (FT).
Posted: 22/3/2021
Barclays is extending its private banking operations to France and Italy as part of plans to expand its European wealth business post-Brexit. Barclays Private Bank has hired Bernard Corneau as head of private bank coverage in France and Carlo Baronio as head of private bank coverage in Italy.
Posted: 22/03/2021
Digital banking challenger Zopa has closed a £20 million internal fundraising round.The round, led by existing investors, comes nine months after Zopa secured its full banking licence.
Posted: 22/03/2020
Bank of England (BoE) governor Andrew Bailey has reportedly been lobbying to make it a legal requirement for BigTech giants to tackle online financial fraud. The report, originally by the Sunday Times, claimed Bailey had been lobbying home secretary Priti Patel to include the measure in the Online Harms Bill expected to be put before parliament later this year.
Posted: 22/03/2021
Digital asset management platform Fireblocks has raised $133 million in Series C funding. The New York based company said it would use the money to help connect established banks and FinTechs with crypto capital markets.
Posted: 19/03/2021
Wise, formerly TransferWise, has been accused by MS BANK of using the names and financial data of customers to illegally send money abroad. MS BANK, which was Wise’s former Brazilian banking partner, said that the company had “defrauded international transfers” without its knowledge.
Posted: 19/3/2021
FTSE 250 listed stockbroker AJ Bell has acquired Adalpha, a start-up developing a mobile platform for financial advisors. AJ Bell said it believes the acquisition will complement Investcentre, its existing adviser platform business.
Posted: 19/03/2021
SME banking platform Pollinate has raised $50 million in a series C funding round. The round was led by venture capital firm Insight Partners, alongside existing investors NatWest Group, Mastercard, National Australia Bank (NAB), EFM Asset Management, and Motive Partners.
Posted: 19/03/2021
44 financial institutions missed their 2020 Women in Finance Charter targets, including Lloyds Banking Group, Nationwide, Monzo Bank, the Bank of England, and the Financial Conduct Authority (FCA).
Posted: 19/3/2021
Willis Towers Watson is partnering with automation solutions firm Pegasystems to drive digital transformation in insurance pricing.The collaboration, which is part of Willis Towers Watson’s Radar Live Collaboration programme, which enables insurers to access the Radar Live price delivery and decision engine platform through an ecosystem of insurance software houses and system integrators.
Posted: 19/03/2021
The chief executive of the Financial Conduct Authority (FCA) has said that diversity will be “crucial” to its consideration of vulnerability, particularly as the pandemic has disproportionately impacted women and people of colour.
Posted: 18/3/2021
US-based brokerage Robinhood has appointed ex-Google executive Aparna Chennapragada as its first chief product officer. The brokerage, which currently boasts 13 million users, said Chennapragada will oversee product, design and research.
Posted: 18/03/2021
Bottlepay has launched new service which enables users to send and receive bitcoin instantly via Twitter. The UK-based digital payments app, which launched last month, is the first platform to offer bitcoin payments via social media.
Posted: 18/3/2021
Chime, a US-based neobank, is in talks with investment banks about an initial public offering (IPO) according to Reuters, which would give it a $30 billion valuation. The San Francisco based company, founded in 2013, provides fee-free financial services through a mobile app, as well as an accompanying debit card and an auto-savings account.
Posted: 18/03/2021
28 per cent of financial services organisations say mistakes from manual processes are their biggest data reconciliation pain point.
Posted: 17/3/2021
While London is still the only major global finance centre in Europe and remains second to only New York in the worldwide rankings, the capital’s position is under threat from Shanghai. According to the Global Financial Centres Index 29, launched today by Z/Yen Group in partnership with the China Development Institute (CDI) in London and Hong Kong, while London has a rating of 743, Shanghai is just one point behind at 742.
Posted: 17/3/2021
Commonwealth Bank of Australia (CBA) has revealed plans to launch a new Buy Now, Pay Later (BNPL) service in 2021. The new offering can be used anywhere debit and credit card payments are accepted.
Posted: 17/3/2021
Multi-asset investment platform eToro has announced it is merging with FinTech Acquisition (FinTech V.) The company, which had five million new registered users last year, expects to have a total equity value of around $10.4 billion following the merger.
Posted: 17/3/2021
Santander has launched an online savings and investments calculator, which it said will help users to compare how their money could perform as either cash savings or investments. The Spanish banking group said the free calculator will ask users how much money they want to put aside, and how long for, and create a graphic contrasting the potential returns between cash savings and investments.
Posted: 17/03/2021
The German government considered helping out Wirecard financially just days before the company went bust, according to documents seen by Reuters. Last June the payment processor filed for insolvency after it revealed a €1.9 billion black hole in its accounts, owing creditors nearly $4 billion.
Posted: 16/3/2021
India-based Axis Bank has announced the launch of its own range of wearable contactless payment devices. The bank has partnered with Thales and Tappy Technologies to develop these wearables, which will be exclusively available via the Mastercard platform.
Posted: 16/3/2021
Payment tech provider Tribe Payments has joined the Microsoft for Startups programme. The programme aims to scale B2B businesses with technical solutions.
Posted: 16/3/2021
The Financial Conduct Authority (FCA) has started criminal proceedings against NatWest over alleged infringements of money laundering regulations.
Posted: 16/3/2021
Bitcoin reached a record high of $61,781 (around £44,445) over the weekend, before dropping sharply on Monday. The surge came after US president Joe Biden signed off on a $1.9 trillion fiscal stimulus and ordered a speedier roll out of vaccinations.
Posted: 15/3/2021
Banks are showing increased interest in sharing ATMs as electronic payment growth continues, according to research from RBR.
Posted: 15/3/2021
Starling Bank is introducing a recycled plastic debit card from Mastercard. The card, 75 per cent of which is made from EU industrial waste from printing and packaging industries, is the first UK Mastercard debit card to be made from recycled plastic (rPVC).
Posted: 15/03/2021
Tencent has lost $62 billion from its market cap since Friday, as fears of Chinese regulators clamping down on the conglomerate have heavily affected its FinTech business. Shares of the internet conglomerate, China’s second largest company by market cap, fell 4.4 per cent during Friday trading in Hong Kong and 4 per cent on Monday.
Posted: 15/03/2021
Stripe has closed a $600 million funding round which values the payments giant at $95 billion. The company said it would use the funding to fuel its European operations, in particular its Dublin headquarters and support surging demand from enterprise heavyweights across Europe while expanding its global payments and treasury network.
Posted: 15/03/2021
Only 21 per cent of women use FinTech Products and services, compared to 29 per cent of men, according to new research from the Bank of International Settlements (BIS.)
Posted: 12/3/2021
British banks have more boardroom technology experience than any other country in the world, according to new research from Accenture. A study by the consultancy found than 26 per cent of all UK bank board members last year had professional tech experience, up from 14 per cent in 2015.
Posted: 12/3/2021
NatWest has announced that it is in the process of winding down Esme Loans, its digital lending platform for SMEs. The bank said it is focussing on funding other new and existing products.
Posted: 12/3/2021
Mastercard is partnering with the International Chamber of Commerce (ICC), to develop digital health pass solutions to speed up recovery from the pandemic. The organisations claimed that world governments are still reliant on paper-based processes to determine the COVID-19 test results and vaccine status of travellers, and that these paper processes are difficult to validate, easily falsified, and inconvenient for people to use.
Posted: 12/03/2021
The surge of bitcoin price earlier this year could leave a carbon footprint the size of London’s, research has found. Dutch economist Alex de Vries, who created the Bitcoin Energy Consumption Index, revealed that the record-breaking rise of bitcoin value at the start of the year could see the network consuming as much energy as all data centres globally.
Posted: 11/3/2021
HSBC has launched a new chatbot powered by Google Cloud AI. The AI-based technology aims to reduce the time employees spend on queries, improve the consistency of policy response, perform dynamic document search and power natural conversations via Google Cloud Dialogflow, and offer risk managers access to immediate and accurate policy info.
Posted: 11/3/2021
Tesco bank has formed a new partnership with insurance comparison sites Quotezone.co.uk and CompareNI.com. Currently Tesco Bank has more than five million customers across a range of banking and insurance products.
Posted: 11/3/2021
Russian food retailer X5 Retail Group, Visa, and Russian bank Sber have joined forces to launch ‘pay-with-a-glance’ technology in stores. The technology is already available at check outs across 52 Perekrestok supermarkets.
Posted: 11/3/2021
NYDIG, the provider of tech and investment solutions for Bitcoin, has raised $200 million funding. Investors in the fundraising round include Morgan Stanley, Stone Ridge Holdings Group, New York Life, MassMutual, Soros Fund Management, and FS Investments. Bessemer Venture Partners and FinTech Collective, who led the two prior funding rounds for NYDIG, were also significant participants.
Posted: 11/3/2021
German InsurTech Wefox plans to launch a product that leverages data from smartphones and connected devices to alert users of impending danger, according to an interview reported by Reuters. The product, expected to be released in 2022, is called WeFox Prevent, and development is being handled by a Paris-based team of ex-Samsung employees.
Posted: 11/03/2021
Building consumer trust and confidence in AI was identified as crucial to the adoption of the technology within financial services at a forum hosted by the Bank of England and the FCA last month.
Posted: 11/3/2021
Property finance platform LendInvest, is partnering with biometrics provider Jumio, to help streamline the onboarding process for digital applications for LendInvest’s Buy-to-Let (BTL) product.The tie up will integrate Jumio’s AI-powered identity verification and eKYC solutions into LendInvest’s platform, with customers invited to use biometric-based technology to confirm their identity online.
Posted: 11/03/2021
Citi has launched a new service that digitises supporting documents to speed up the process of cross-border payments. The service, initially being rolled out in South Africa, brings together in a single electronic platform the once-separate submission of cross-border payment instructions and documents associated with them.
Posted: 11/3/2021
NatWest has launched a digital advice platform for SMES to support them through their post-pandemic recovery. The MentorDigital platform will offer employment law, HR and health and safety guidance for SMEs as the UK takes its next steps out of lockdown and to help with planning to ensure staff and customers are well protected as they return to the workplace.
Posted: 11/03/2021
More than half (54 per cent) of financial services organizations (FSIs) have experienced disruption during their transition away from the London Inter-bank Offered Rate (LIBOR) during to the pandemic, according to new research. The news comes as FSIs work towards moving away from LIBOR, which underpins approximately $400 trillion worth of contracts, by the end of 2021.
Posted: 11/03/2021
SWIFT has announced that its KYC Registry will integrate the International Chamber of Commerce’s (ICC) Sustainable Trade Finance Guidelines to help drive sustainability in trade finance. Integrating the guidelines into SWIFT’s KYC Registry, which has over 6,000 users, will give financial institutions access to enhanced transparency, with the ability to assess the sustainability of their customers’ trade business more accurately.
Posted: 10/3/2021
Buy now, pay later (BNPL) payments accounted for 3.6 per cent of UK online sales last year, according to research commissioned by BNPL company Klarna. The report said that there were more than 10 million users of the service in 2020.
Posted: 10/3/2021
Venture capital investors are driving the creation of startups with unicorn status- those valued at over $1 billion- but institutional investors in the UK are failing to take advantage, according to a new report from the British Business Bank. Analysis from the government-backed lender showed that equity investment into private smaller companies reached £8.8 billion in 2020, a rise of 9 per cent on 2019 levels.
Posted: 10/03/2021
Commercial motor insurer Zego has become the UK’s first InsurTech unicorn after raising a $150 million Series C funding round, which valued the company at $1.1 billion. Zego offers a range of cover options, including pay-as-you-go insurance and annual policies, and claims to cover more than 200,000 vehicles in five countries.
Posted: 10/03/2021
Bitcoin is in the process of replacing gold as a reserve asset as a store of digital value, according to a new report from Bloomberg Intelligence.The research arm of the financial media company said that rising demand for the cryptocurrency alongside diminishing supply means that Bitcoin has the potential to hit the $100,000 price level this year as it builds towards becoming a global digital reserve asset.
Posted: 10/03/2021
There were 17,157 cases of suspected money mule activity involving 21 to 30 year olds in 2020, representing a five per cent increase on the previous year, according to research by UK Finance and Cifas. UK Finance said that young people whose job prospects have been impacted by the pandemic are being targeted online by criminals looking to recruit money mules.
Posted: 10/3/2021
JP Morgan will no longer offer it’s Chase Pay digital wallet at the end of this month, according to an announcement on the bank’s website. Chase Pay was introduced 2015 to compete with rival consumer payment products from Google, Apple, and Samsung.
Posted: 10/03/2021
Digital market network TISAtech has launched the UK Scale-Up programme, aimed at providing international FinTechs with a ‘digital home’ in the UK and enabling collaboration with financial institutions. The initiative, in partnership with data analytics business The Disruption House, will also provide FinTechs with advice, invitations to tech sprints and access to market insights.
Posted: 09/03/2021
More than two in ten Brits are in favour of a cashless society, according to YouGov data analysed by MoneyTransfers.com.
Posted: 9/3/2021
Revolut Business is launching a new expenses product that includes a suite of new features. Business owners will have access to company debit cards, as well as the ability to stay on top of expenses via the FinTech’s app.
Posted: 9/3/2021
Mode Global, a UK FinTech Group which listed on the London Stock Exchange (LSE) in October, has appointed Jonathan Conway as chief technology officer. Conway has previously held the position of API and payments architect at Mastercard and of chief technology officer at Open Banking payments start up, Banked.
Posted: 09/03/2021
BNP Paribas is partnering with Token to launch a new instant payment initiative for its merchant customers across Europe. The ‘Instanea’ online payments service is bolstered by Token’s Open Banking tech.
Posted: 9/3/2021
Santander UK has appointed an interim chief information officer (CIO) and a new director of IT operations and service delivery as part of a shake up of its technology leadership team. The Spanish banking group said that Graham Calder, a former Group CIO at Ladbrokes Coral Group and Chief Technology Officer (CTO) for Pearson PLC will take up the role on interim CIO.
Posted: 09/03/2021
Savings FinTech Chip has hired a former Ocado and Amazon development manager as chief technology officer (CTO). Tom Evans joins Chip from 10X Banking, the cloud native banking platform founded by Antony Jenkins, former chief executive of Barclays.
Posted: 08/03/2021
The European Banking Authority (EBA) has announced that its Microsoft Exchange Servers have been hit by a cyber-attack. The authority said that because the vulnerability is linked to its email servers, access to personal data via emails held there could have been obtained by the attacker.
Posted: 8/3/2021
Starling Bank has raised £272 million, valuing the digital bank at £1.1 billion pre-money. The company said that the funding will support its now profitable growth, with the money primarily used to expand the bank’s lending in the UK, as well as to launch in other European countries.
Posted: 8/3/2021
NatWest is partnering with Facebook to support 15,000 young women with virtual coaching as part of a package of measures aimed at boosting levels of female entrepreneurship across the UK. The move will see the banking group run a not-for-profit promotional campaign that will run from 1 – 12 March across platforms encouraging young female entrepreneurs to join virtual coaching platform Dream Bigger, with the goal of reaching 15,000 entrepreneurs by summer 2021.
Posted: 08/03/2021
UK-based FinTech Fintern has launched to disrupt the low-value consumer lending space. The lender claimed it leverages artificial intelligence (AI) and Open Banking to bypass traditional credit scoring techniques and to cater for consumers unable to access traditional lending.
Posted: 08/03/2021
To mark International Women’s Day, Alexandra Leonards spoke to a group of women leading the way in financial services, discovering some of the challenges they have faced, and exploring why men still dominate the boardroom.
Posted: 8/3/2021
The UK government is set to invest £153 million in quantum technologies, with the move expected to have a significant impact on quantitative finance and data security in the financial services industry. The investment, which will be delivered by UK Research and Innovation (UKRI) will focus on the development of new products and services based on advances in quantum technologies.
Posted: 05/03/2021
The Office for Budget Responsibility (OBR) has said that government plans for a new national infrastructure bank will have no impact on growth. The public body said that the bank is 147 times smaller than Germany’s, with the scale of operations at around 0.1 per cent of GDP a year.
Posted: 5/3/2021
Lloyds Bank is planning to move into the housing market as a large private landlord, according to documents seen by The Financial Times (FT). The bank is reportedly looking for new revenue sources in an environment of low interest rates.
Posted: 5/3/2021
Banking solution provider Meniga has partnered with Íslandsbanki, one of Iceland’s largest banks, to launch a green solution that will allow users to track their carbon footprint. The solution, called ‘Carbon Insight’, will integrate with Íslandsbanki’s existing mobile banking app.
Posted: 05/03/2021
First direct has reported that its chatbot service has now caught up with human co-workers for positive customer feedback. The online and telephone-based banking group's bot - called ‘Dot’ - was launched as part of its mobile chat service in 2020.
Posted: 05/03/2021
M&S Bank has announced it will close all of its current accounts and 29 in-store bank branches in the summer. The bank plans to move online, a decision it said was prompted largely by the acceleration of online banking during the pandemic.
Posted: 5/3/2021
FinTech Paysend is partnering Mastercard to extend its Global Transfer transactions service.
The strategic partnership with Mastercard, which will start in the UK and EEA, is intended to be mutually beneficial as it will boost Paysend’s global reach and enhance both businesses’ customer base.
Posted: 04/03/2021
PayPal is reportedly in talks to buy out crypto storage and transfer company Curv, according to a report by Bloomberg. The media company said that a person familiar with the matter suggested that talks are in the early stages and could still collapse.
Posted: 4/3/2021
Atom Bank is partnering with FinTech Credit Kudos to expand its open data capabilities and help deliver £1 billion lending to 10,000 small businesses over the next two years. The partnership will enable the bank to automate the assessment of small business loan applications while having access to real-time insights into a business’ financial situation.
Posted: 4/3/2021
After bracing for a series of tax rises - many of which did not materialise - the financial services industry has broadly welcomed the measures set out by chancellor Rishi Sunak in his spring budget. Support was promised for jobs, digital skills and high growth companies, which are likely to benefit the FinTech and financial services industries as they adjust to the post-pandemic and post-Brexit landscape.
Posted: 04/03/2021
Revolut has opened its banking services to customers in 10 new European markets.
The FinTech said that customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia,
Malta, Romania, Slovakia and Slovenia who upgrade to Revolut Bank will now have their deposits protected under the deposit guarantee scheme.
Posted: 04/03/2021
London based start-up Countingup has finalised a £9.1 million Series A investment round led by Framework Venture Partners. The FinTech, launched in 2018, allows customers to open a business current account with built-in accounting software.
Posted: 04/03/2021
The government is more than doubling the legal limit for single contactless payments from £45 to £100. According to Visa, almost 80 per cent of in-store payments in the UK are currently contactless.
Posted: 3/3/2021
Klarna has launched a new ‘Influencer Council’ to develop a “best practice guide” for influencers advertising online and shape responsible marketing for the financial services industry. The global payments company said that the launch comes as research shows 30 per cent of Brits who have seen an influencer or celebrity give financial guidance have acted upon it, this number increased to 53 per cent when 16 to 24 year olds were asked.
Posted: 3/3/2021
Hiscox has announced a pre-tax loss of $269 million in 2020, largely driven by $475 million worth of Covid-19 claims relating to event cancellation and business interruption. The end-of-year financial statement also addressed legal disputes the company had about whether its business interruption policies should cover losses driven by coronavirus restrictions.
Posted: 3/3/2021
FSIs are spending a total of $6.55m every year on digital transformation equal to 3.5 times more digital investment than any other sector, according to new research. Telstra, an Australian telecommunications and technology company, has published a report covering the impact of COVID-19 on European businesses and their digital transformation plans.
Posted: 03/03/2021
The government is to shake-up listing rules to strengthen the UK’s position as an international financial centre and attract more business. Post-Brexit London is facing tough competition from international markets, including New York and Amsterdam, with the latter knocking The City off the top spot for share trading in Europe last month.
Posted: 3/3/2021
PayPal Ventures and American Express Ventures are investing in UK-based API platform Codat, which has now formally launched its US operations. Codat’s API connects the tools and services that small businesses need for their operations and to handle integrations.
Posted: 2/3/2021
Reliance to join Google and Facebook in India digital payments bid better serve the Indian e-commerce market, according to reports originally by The Economic Times. Reliance is a conglomerate with interests in telecoms, energy, natural resources, and retail and is currently India’s largest company by market capitalisation.
Posted: 02/03/2021
UK FinTech and online mortgage broker Trussle has chosen HooYu to improve its onboarding journey. Trussle customers are now guided through KYC, customised in the company’s branding and HooYu enables real-time validation of proof of identify documents.
Posted: 2/3/2021
BBVA has recently tested an AI language model by OpenAI to see if the technology generates useful summaries of conversations between customers and bank agents to save time for customer-facing teams.
Posted: 2/3/2021
UK Finance, which represents over 250 British financial institutions, has published proposals for the Open Banking Implementation Entity (OBIE) to transition to a new service company which will support the UK’s Open Banking rollout.
Posted: 2/3/2021
Starling Bank, Revolut, Wise (formerly TransferWise), and GoCardless have joined a ‘Tech Zero’ taskforce that aims to accelerate government plans to reach net zero emissions by 2050. Green energy supplier Bulb is leading the taskforce, with the backing of Tech Nation, and Net Zero Business champion Andrew Griffith MP.
Posted: 1/3/2021
Self employed individuals from the Midlands are less likely to trust challenger banks that their counterparts elsewhere in the UK, according to new research. A survey of 2,194 self-employed workers by YouGov and Mettle, a digital-only business account backed by NatWest found that 50 per cent of workers and side hustlers living in the Midlands region said that one reason they are less likely to trust challenger banks was financial risk, with 50 per cent saying they don’t consider them to be as “trustworthy as challenger banks.”
Posted: 01/03/2021
Klarna has secured $1 billion equity funding, valuing the Swedish payments and banking service at $31 billion. The company said it would use the money to accelerate international expansion and further capture global retail growth.
Posted: 1/3/2021
Bill Gates has said that if you have less money than Elon Musk, the world’s richest man, you should “probably watch out” when it comes to Bitcoin. Gates, who is the world’s third richest man, told Bloomberg: “Elon has tonnes of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down.”
Posted: 1/3/2021
Goldman Sachs’ Omer Ismail, head of consumer finance division, and top executive David Stark are leaving the bank to join a Walmart-backed FinTech, according to a report by The Financial Times. This is the second time Walmart has planned to enter the financial services market, more than 10 years ago the retailer abandoned plans to establish a bank after it faced pressure from regulators.
Posted: 1/3/2021
Visa’s digital business initiative focussed on small business owners has hit the milestone of 100 partners across Europe. The payments giant said that its initiatives have helped more than two million small firms across Europe build their digital capabilities since the program launched in the summer of 2020.
Posted: 01/03/2021
Bank of Ireland has said it will close 103 branches across Ireland as part of its wider strategy to become more digitally focused. The move will involve closing 15 out of the 28 branches operating in Northern Ireland (NI), affecting 120 staff in the region.
Posted: 01/03/2021
Rishi Sunak is to announce £22 billion in funding for the establishment of a new UK infrastructure bank. The chancellor is expected to reveal £12 billion of capital and £10 billion in loan guarantees in his budget statement on Wednesday.
Posted: 1/3/2021
Lloyds Bank has said it will partner with more FinTech providers in 2021 as part of a new digital transformation strategy. With the bank’s online customer base growing by 6.1 per cent to 17.4 million last year, its digital platform has become even more important over the past 12 months.
Posted: 26/2/2021
HSBC UK is launching a customer education programme HSBC@Home, aimed at helping customers in making the transition to mobile and online banking.HSBC@Home has been designed to educate and upskill customers on a range of topics from digital tools and services to fraud and financial fitness. The sessions are delivered through live virtual webinars and are hosted by specially trained branch colleagues.
Posted: 26/02/2021
Santander has announced plans to be net zero by 2050 after setting its first decarbonisation targets. The bank said by 2030, it will have aligned its power generation portfolio with the goals set out in the Paris Climate Agreement.
Posted: 26/2/2021
FStech is launching The Future of FinTech 2021 digital conference on 17th June, covering the biggest trends in financial services technology. The second edition of the Future of FinTech follows a successful inaugural conference in 2020, which was held remotely as the financial services industry began to absorb the shockwaves of the global pandemic.
Posted: 26/02/2021
The path of UK FinTech is at crossroads of “opportunity and risk,” with competition from overseas and Brexit fallout threatening its leading position in the market, a government-commissioned review has found. The independent review, led by former Worldpay boss Ron Kalifa, said that countries such as Singapore, Australia, and Canada are trying to “emulate the UK’s success” by investing heavily in capital, skills, and direct support for FinTechs.
Posted: 26/2/2021
BBVA is partnering with Google Cloud to support its new banking security strategy.The Spanish bank said the deal would make it the first in Europe to deploy Chronicle, Google’s Cloud security analytics platform that allows teams to store and analyse all their security data in one place to detect and investigate threats at scale.
Posted: 26/02/2021
Global FinTech investment fell significantly in 2020 but rose again in the latter half of the year according to research by KPMG. The professional services firm, in its latest Pulse of FinTech report, said global investment in mergers and acquisitions (M&A), private equity (PE) and venture capital (VC) totalled $105 billion across 2861 deals in 2020, a $60 billion fall from $165 billion in 2019.
Posted: 26/02/2021
NatWest has launched an upgrade to its Open Banking payments service Payit that will allow businesses to send payments directly to customers without needing their bank details. The move aims to replace the use of cheques and bank transfers when sending money to customers, allowing for instant payments to be made when issuing refunds or customer service payments, as well as for specific uses such as compensation payments and emergency cash requirements.
Posted: 25/02/2021
Nuapay has announced the expansion of its Open Banking platform to Italy and Germany. The rollout will connect 308 banks in Italy, and 435 in Germany, to the company’s Open Banking platform.
Posted: 25/2/2021
Technology giant Microsoft has announced the launch of its new cloud platform for the financial services market. Microsoft Cloud for Financial Services integrates existing and new capabilities in Microsoft 365, Azure, Dynamics 365, and Microsoft Power Platform.
Posted: 25/2/2021
FinTech lender Blue is partnering with credit reference provider Credit Kudos with the aim of increasing acceptances by leveraging Open Banking insights. Blue, which provides motor finance solutions for more than 150,000 customers, said it will leverage Credit Kudos’ transaction data and insights via an API integration with Blue’s underwriting system, which will enable the company to better assess an applicant’s creditworthiness and affordability.
Posted: 25/12/2021
Bank of England (BoE) governor Andrew Bailey has warned that the UK should “resist firmly” any attempts made by the EU to transfer euro derivative clearing from Britain to elsewhere in Europe. At a Commons Treasury committee meeting on Wednesday, Bailey said that the London Stock Exchange’s LCH clearing house currently manages an “eye watering” €83.5 trillion.
Posted: 25/2/2021
Monument, a digital banking startup for the mass affluent, has paved the way for its launch this summer by raising over £28 million in a series A funding round. The investment was led by a combination of new and existing experienced investors and takes the company’s total funding to more than £40 million.
Posted: 25/02/2021
Atom bank has said it intends to raise £40 million from its existing shareholders over the next year, and to pursue an initial public offering (IPO) during the financial year 2022/23. The Durham-based lender claimed its revenues are growing strongly and that it is on course to become profitable from its mortgage and business lending within a year.
Posted: 25/02/2021
24 per cent of Brits believe meeting sustainability goals should be a priority for senior managers in financial organisations, with this number rising to 42 per cent for 18-to-34-year-olds, according to YouGov research. The YouGov findings are based on 2,000 British participants and cover payments, investment, ethics in banking and marketing, and the effect of COVID-19 on financial institutions.
Posted: 24/2/2021
Nationwide is launching a start-up incubator programme which aims to help companies tackle poverty in response to the negative impact of the pandemic on many British households. The building society is also investing £2.5 million in the Fair By Design (FBD) Fund, a venture fund managed by Ascension Ventures providing capital to help grow businesses that make markets fairer.
Posted: 24/2/2021
Lloyds Banking Group saw pre-tax profits drop by 72 per cent to £1.2 billion in 2020, largely due to an impairment charge of £4.2 billion. The charge included £3.8 billion in the first half of the year and a management overlay of £400 million applied in the second half as a result of ongoing uncertainties surrounding the pandemic.
Posted: 24/2/2021
Buy Now Pay Later (BNPL) firm Clearpay, is partnering with Stripe, the payments infrastructure giant to offer Stripe merchants flexible payments options. The partnership intends to allow both new and existing Stripe merchants to easily offer Clearpay - giving their shoppers the opportunity to receive their items immediately and pay in four instalments, without the need to take out a traditional loan or pay upfront fees or interest.
Posted: 24/02/2021
A Bank of England (BOE) survey has said that 35 per cent of banks reported a negative impact on machine learning (ML) model performance as a result of the pandemic. The BOE attributed this to the pandemic creating a downturn that could not have been expected based on historical economic predictors.
Posted: 24/02/2021
Mastercard’s Open Banking Connect service is now enabled for credit card holders of the Lloyds Banking Group brands, including the Halifax, Bank of Scotland and Lloyds Bank itself. The new functionality means cardholders can pay their credit card bills via their mobile app and draw on funds directly from a current account of their choice.
Posted: 23/2/2021
The Financial Conduct Authority (FCA) has published final guidance “clarifying its expectations” of firms on the fair treatment of vulnerable customers. The guidance aims to drive improvements in the way firms treat vulnerable consumers so that they are “consistently able to achieve outcomes that are as good as everybody else”.
Posted: 23/2/2021
HSBC saw pre-tax profits plunge by more than a third to $8.8 billion last year, according to its latest financial results. The British bank said that the loss could be attributed to higher expected credit losses, other credit impairment charges, and a lower revenue, which was partly offset by a fall in operating expenses.
Posted: 23/2/2021
Banking software provider Alkami Technology has announced it has selected Goldman Sachs to lead preparations for its planned initial public offering (IPO), which may value it at $3 billion. The pandemic has made the need for digital banking platforms clear, however the complexity of developing these can lead smaller institutions to third party providers.
Posted: 23/02/2021
Embedded financial services provider HUBUC has launched payment cards underpinned by dynamic CVV technology from IDEMIA for more secure online shopping. Under the joint project HUBUC can offer clients secure payment cards based on IDEMIA’s MOTION CODE technology.
Posted: 22/2/2021
TransferWise is rebranding itself to “Wise”, to reflect the expansion of its service offerings beyond simple payment transfers between people. Originally launched in 2011 as a money transfer service, the company has expanded to build a cross-border payments network helping to make international banking “cheaper and faster” for 10 million personal and business customers.
Posted: 22/2/2021
UK Finance, which represents over 250 financial institutions, has urged the government to deliver an “ambitious” post-Brexit strategy to boost UK exports of financial services. In a new report, the organisation set out proposals which build on the UK’s position as a top net exporter of financial services to “place the financial services industry at the heart of the UK's post-Covid-19 economic recovery”
Posted: 22/2/2021
The European Commission will allow the continued free flow of personal data from the EU and wider European Economic Area.The decision means that there will be no barrier for industries transferring banking data between Britain and the rest of Europe.
Posted: 22/2/2021
In the next five years gig workers could take up to 15 to 20 per cent of the work of a typical financial institution (FI), according to PwC. A new report by the professional services firm found that 52 per cent of financial institutions say they expect to have more gig-based employees in the next three to five years.
Posted: 22/2/2021
Rishi Sunak has announced plans to introduce new fast-track visas for FinTech employees in the next budget on 3 March. The new visas will represent one part of a collection of moves intended to boost the UK’s FinTech sector and attract international talent.
Posted: 22/02/2021
NatWest saw an operating loss of £351 million in 2020 after being hit hard by the coronavirus pandemic. The bank experienced a £753 million attributable loss, which it said reflects an impairment charge of £3.2 billion, with a significant proportion of this relating to potential future loan losses.
Posted: 19/2/2021
Bitcoin is an “economic side show” and a “poor hedge” against a decline in equity prices, JP Morgan analysts have claimed in a memo, which may or not put off some from investing in the “digital gold”. Current Bitcoin prices are well above JP Morgan’s estimates of “fair value” as the mainstream adoption of Bitcoin increases its correlation with cyclical assets. This reduces the benefits of diversifying into Bitcoin, the investment bank said in its memo.
Posted: 19/2/2021
Banking systems provider SIX is to offer more contactless ATMs in Switzerland to alleviate concerns about infections during the pandemic. SIX says the number of ATMs that offer contactless cash withdrawals increased by 26 per cent globally in 2019, with the pandemic further accelerating this trend.
Posted: 19/2/2021
Card issuer Marqeta has announced its expansion into the consumer credit card market. The new platform will give companies access to a real-time credit system of record that can adjust account parameters, including rewards, APR, and credit lines.
Posted: 19/1/2021
London-based cryptocurrency wallet provider Blockchain.com has landed $120 million in funding, as bitcoin surged past $50,000 earlier this week. Investors in the round included Google Ventures, Moore Strategic Ventures, Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, Lakestar, and Eldridge.
Posted: 18/02/2021
Monzo has announced it is partnering with TrueLayer to develop an Open Banking-powered gambling block. The gambling block is a completely optional tool that blocks card payments to gambling firms.
Posted: 18/2/2021
Hiscox is using a custom-built 3D simulation to help tackle the skills gap in risk management and insurance. The ‘underwriter simulator,’ developed by simulation training provider Attensi, helps underwriters to learn the key demands of their role by challenging them to “compete in a number of realistic, gamified scenarios.”
Posted: 18/2/2021
Revolut Business has announced the launch of QR codes to enable customers to make socially distanced payments. The move follows the FinTech’s introduction of its remote payment solution last year.
Posted: 18/2/2021
Sweden’s central bank Riksbank has announced that it will extend the pilot of its e-krona digital currency until February 2022. Riksbank, in partnership with Accenture, is conducting a test project to develop a proposal for a technical solution for an e-krona that can work as “a complement to cash.”
Posted: 17/2/2021
The European Commission has chosen payment and transaction business Worldline to lead its ‘TruBlo’ blockchain project. TruBlo (Trusted Blockchain) aims to design innovative projects based on blockchain tech to help ensure the exchange of reliable content.
Posted: 17/2/2021
Goldman Sachs has announced Marcus Invest, a digital platform which the firm said allocates and automatically rebalances user’s wealth across portfolios based on the models developed by its investment-strategy committee. Marcus Invest will integrate with Marcus’s existing consumer-banking app and website, and the firm said users can open an account with $1000, marking the first time the firm has targeted small investors.
Posted: 17/02/2021
Barclays is taking action against the abuse of intellectual property rights by patent assertion entities (PAE), more commonly know as ‘patent trolls,” by joining LOT Network and Open Invention Network (OIN.)
Posted: 17/2/2021
London is continuing to lose ground as the world’s leading financial centre, but the UK remains the world’s favourite regulatory regime, according to research by Duff & Phelps which surveyed 250 global financial sector professionals. The company’s Global Regulatory Outlook (GRO) report found only 31 per cent of those surveyed perceive London to be the foremost global financial centre, down from 34 per cent last year and a fall of 22 per cent since 2018.
Posted: 16/02/2021
Payment service provider Mollie is expanding into the UK market to support British merchants that want to sell in the EU. UK companies will be able to incorporate a variety of EU payment methods into their e-commerce websites.
Posted: 16/2/2021
Cash management firm Loomis, has joined forces with Swiss FinTech Sonect to introduce a new service allowing consumers to collect cash directly from shops. The ‘Cash in Shop’ service will launch in Burslem, Stoke-on-Trent, in March and forms part of the Community Cash Access Pilot scheme that is testing innovations to help ensure the UK public retain free access to cash. The service will then be rolled out across the UK.
Posted: 16/02/2021
Digital bank Atom is partnering with Open Finance platform Plaid to roll out Open Banking services to its customers. The app-based bank will begin the rollout by offering small business owners a streamlined loan application journey and speedier decisions.
Posted: 16/02/2021
Social media is having an increasing influence on UK investors according to research by behavioural finance company Oxford Risk, which surveyed 1,008 adults across the UK in mid-December.

The research said 7 per cent of those surveyed use Facebook as a source of information for their investment decisions, while 6 per cent look to Twitter and 5 per cent look to LinkedIn.
Posted: 15/02/2021
Heightened interest in bitcoin saw its value hit almost $50,000 on Monday, while other digital currencies slipped. The recent growth has likely been driven by a shift in attitudes by both investors and the public towards digital currencies.
Posted: 15/2/2021
Investment in digital technology will see a £232 billion boost to the UK economy by 2040, representing a 6.9 per cent increase in GDP, according to research. The new study by Virgin Media Business and the Centre for Economics and Business Research (CEBR), which explores how more digital ways of working can support the UK’s economic recovery from Covid-19, also found that investment in tech could boost the economy by £74 billion in 2025.
Posted: 15/2/2021
PensionBee has announced that it could give its customers the opportunity to become shareholders as part of plans to float on the London Stock Exchange. The digital pensions platform, founded in 2014, said that if it does decide to proceed with the IPO, the move would provide the opportunity for its customers to share in the next phase of its growth.
Posted: 15/02/2021
Online payments company PayPal could facilitate the distribution of central bank digital currencies (CBDCs), according to the company's chief executive. Dan Shulman described how PayPal’s digital wallets could be used to distribute the digital currencies at the company’s recent investor day, coindesk reported.
Posted: 15/2/2021
Mode is set to launch an Open Banking driven payments solution which enables online payments by scanning a QR code. The LSE-listed FinTech group said that the solution, which allows e-commerce merchants to offer instant payments, will be available in the second quarter of 2021.
Posted: 15/02/2021
Amsterdam has taken over London as the top share trading centre in Europe. The Dutch city saw its post-Brexit average daily trading increase from €2.6 billion to €9.2 billion in January.
Posted: 12/2/2021
Ikea's parent company has moved directly into financial services with its investment vehicle taking a 49 per cent stake in Sweden's Ikano Bank, with an option to “acquire the remaining shares at a later date”. Ikea's Ingka Group, which operates 378 Ikea stores and its e-commerce platform in 31 countries, said the purchase was a “decisive step” into financial services and a “core part” of its journey to help make Ikea “more affordable, accessible and sustainable”.
Posted: 12/2/2021
Kraken Digital Asset Exchange, one of the world’s largest cryptocurrency exchanges, has launched Kraken Ventures, an independent investment fund targeting early-stage crypto firms and other FinTechs. Fund portfolio companies will receive investments in the range of $250,000 to $3 million.
Posted: 12/2/2021
Bitcoin value shot up on Friday as BNY Mellon revealed plans for the formation of a new digital assets unit. The announcement saw the cryptocurrency jump to a record high of $48,481 and was last up 6.9 per cent at $47,932.
Posted: 12/2/2021
Monzo has announced Carol Nelson will take on the role of chief executive of its burgeoning US division, replacing TS Anil. Nelson’s experience includes ten years as chief executive of Cascade Bank and five years as a senior vice president at Bank of America.
Posted: 12/02/2021
Northmill Bank, a Swedish challenger bank which received its banking licence in September 2019, has raised £22m (SEK250m) in its latest funding round. The bank, which is currently only available in Sweden, plans to use the investment to launch in ten European countries by 2023.
Posted: 12/02/2021
Solidatus, a data lineage and metadata management company, has raised £14 million in a Series A funding round led by AlbionVC. The deal was led by Emil Gigov and Jay Wilson for AlbionVC, and included two of Solidatus’ global enterprise clients, HSBC Ventures and Citi. As part of the commitment, Jay Wilson will join Solidatus’ Board of Directors.
Posted: 11/02/2021
European B2B payments FinTech Libeo has raised €20 million in Series A funding, less than a year after receiving €4 million in seed funding. The company has built a payments and invoicing platform for SME companies and their suppliers, which is designed to make invoicing “less painful and fraud-free”.
Posted: 11/2/2021
The Payment Systems Regulator (PSR) is now consulting with the financial services industry to strengthen protection for everyone using payment systems across two areas. The first relates to protection against APP scams and the other is consumer protection in interbank (bank-to-bank) payments.
Posted: 11/2/2021
Fair, the multilingual neobank that aims to address racial inequality in financial services, has raised $40 million funding. The US-based membership platform, which is is available in English, Spanish, and Arabic, includes free account-to-account international money transfers, and interest-free loans.
Posted: 11/2/2021
Mastercard is to offer support for selected cryptocurrencies on its payments network in 2021, joining Tesla, Square Inc, Paypal and asset manager BlackRock in recently backing the adoption of digital assets. Mastercard currently offers customers cards that allow transactions using their cryptocurrencies, but without going through its main payments network.
Posted: 11/02/2021
E-commerce company Shopify is expanding its ‘Shop Pay’ payment service to Facebook and Instagram. The service will be available to all Shopify merchants selling on the social media platforms.
Posted: 10/2/2021
Banking tech provider Nymbus has announced a $53 million financing round led by Insight partners. The company will use the funds to expand access to its GROW model which creates new digital revenue streams for banks and credit unions.
Posted: 10/2/2021
People now trust robots and AI more than themselves to manage their finances, according to global research. The commissioned research from Oracle surveyed 9,000 consumers and business leaders across 14 countries, and found that the pandemic had increased “financial anxiety, sadness and fear” and had changed “who and what we trust to manage our finances”.
Posted: 10/2/2021
Buy now, pay later (BNPL) company Klarna has announced the launch of its first digital consumer bank accounts, which will be available to customers in Germany. The company said that the offering will first be made available to a limited number of Klarna’s “most loyal” customers so that it can collect feedback, before rolling out the banking service across all Klarna users in the region over the next few months.
Posted: 10/2/2021
Equifax has bought London-based transaction data analytics company AccountScore to improve its Open Banking and insights capabilities. The credit reference agency will combine traditional credit bureau information with bank transaction data facilitated by AccountScore.
Posted: 9/2/2021
Challenger bank Monzo has gone to investors for the third time during the pandemic to help it scale up faster, this time aiming to collect £50 million, including from a new investor. Monzo topped up last June and last December, and the latest funding will bring its pandemic funding total to over £170 million.
Posted: 9/2/2021
TransferGo has deployed Thought Machine's cloud native core banking platform Vault to help develop new products and improve customer experience. The cross-border payments provider says Vault will host payment services that are “highly scalable, flexible, secure and fast in the cloud” and allow it to build products “rapidly” and release future card and account capabilities “without delay”.
Posted: 9/2/2021
Electric vehicle manufacturer Tesla has announced an investment of $1.5 billion in bitcoin, driving the cryptocurrency's price up by 17 per cent to $44,220. The company said that it expects to begin accepting bitcoin as a form of payment for its products “in the near future,” subject to law, and “initially on a limited basis.”
Posted: 9/2/2021
Financial data company Refinitiv and Freedom Seal Global are partnering up to harness risk intelligence data on human trafficking to eradicate modern slavery in the supply chain. The collaboration was announced as the European Commission pushes for new regulation on corporate governance that includes human rights and environmental due diligence requirements.
Posted: 8/2/2021
The pandemic has accelerated the adoption of online and mobile banking by the over 65s, according to data from Smart Money People. The financial services review website said social distancing measures, reduced branch opening hours, and lockdowns have impacted customers’ preferred channels and remote banking.
Posted: 08/02/2021
Mambu has integrated Signicat's identity services with its SaaS banking platform, to allow European financial services firms efficiently onboard customers digitally, conduct web-based identity authentication and use legally-binding electronic signatures.
Posted: 8/2/2021
Nearly two-thirds (63 per cent) of data scientists at financial services firms say their organisation is not currently able to combine data and analytics in a single environment, according to research, potentially slowing key decision-making. Cloud data services firm Alveo commissioned research among 100 data scientists at financial services firms across the UK, the US and Asia.
Posted: 8/2/2021
Visa’s announcement that it will support bitcoin trading is welcome, but it’s too “volatile” to be used for payments, Gartner’s VP analyst Avivah Litan has said. Litan claimed that stablecoin is the better option for credit card providers.
Posted: 8/2/2021
Barclays has announced a partnership with FinTech start-up Flux, in move that will allow the bank's 24 million customers to automatically receive digital receipts to their mobile app. Currently eligible businesses include H&M, Schuh, Just Eat and Papa Johns.
Posted: 05/02/2021
The UK Payment Systems Regulator (PSR) is now consulting the industry, after setting out ways to reduce risks in the successful overhaul of the country's interbank payment systems and meet growing demand for digital payments. The UK’s New Payments Architecture (NPA) is the payment industry’s proposed way of organising the clearing and settlement of most interbank payments (payments that are made from one bank account to another) in the future - including those that currently use Bacs and Faster Payments.
Posted: 5/2/2021
The World Economic Forum (WEF) has revealed key industry concerns surrounding the regulation and implementation of digital currencies. The issues were highlighted by the WEF during its Davos Agenda appearance last week.
Posted: 5/2/2021
Cashplus, one of the UK's oldest FinTechs after being founded in 2005, has finally become a fully-fledged bank after gaining a banking licence. Without a banking licence before, Cashplus had to rely on expensive funding from other financial institutions to be able to lend.
Posted: 5/2/2021
The Financial Conduct Authority (FCA) was hit by 258,711 malicious and unsolicited emails in the final three months of 2020, averaging 80,000 email attacks per month. The figures, revealed by a Freedom of Information (FOI) request submitted by Griffin Law, found that from October to December of last year, 99 per cent of blocked emails to the financial regulator were defined as spam.
Posted: 5/2/2021
Goldman Sachs has joined OS-Climate’s cross-industry climate coalition, which aims to shift global investment toward zero-carbon emissions by using open data. The coalition, which is hosted by the Linux Foundation, wants to develop comprehensive data sets and evaluation tools for climate risk management and climate-aligned finance and investing.
Posted: 4/2/2021
Revolut has confirmed a move towards permanent flexible working for its 2,000 employees, supported by a "Rev Lab" strategy to repurpose all its offices into collaborative spaces, which will have around 70 per cent of space devoted to collaboration and teamwork. The FinTech said this move will enable the vast majority of its workforce to choose when and how often they work from the office.
Posted: 04/02/2021
Digital money platform Uphold has revealed plans to launch cryptocurrency cards across Europe following its purchase of Optimus Cards UK. The rollout of the company’s multi-asset, crypto-enabled debit card, which will be on the Optimus platform in Europe, will take place from April this year.
Posted: 4/2/2021
Almost 85 per cent of SMEs are “frustrated” with their business banking experience, while three-quarters say banks “must do more” to offer a better digital experience, according to research. Card issuing platform Marqeta commissioned research among 400 SMEs (employing 10 to 250) and found that digital banking services had been vital for SMEs during the past year.
Posted: 4/2/2021
NatWest has switched from issuing Visa debit cards to Mastercard, joining Santander UK, HSBC First Direct, and Monzo in series of recent developments that could threaten Visa's lead in the UK debit card market. The agreement, which covers all NatWest Group brands including Royal Bank of Scotland, Ulster Bank and Coutts, affects 16 million consumer and business customer cards.
Posted: 04/02/2021
Mobile payments company SumUp has acquired the Lithuanian banking system provider Paysolut for an undisclosed amount. SumUp services three million customers in 32 global markets and has worked with Paysolut for two years.
Posted: 03/02/2021
Spanish bank BBVA is to plough another $150 million into FinTech investment fund Propel Venture Partners (PVP), bringing its total funding to $400 million since 2016.Propel has supported the likes of Coinbase, DocuSign, Hippo, Guideline and Neon.
Posted: 3/2/2021
Leading financial institutions including Aviva Investors have partnered with causal AI technology platform causaLens for automated insights into trading strategies.The deep-tech scale up announced that it is providing its causal AI platform to asset managers and financial services providers including Aviva Investors, 2IQ, TIAA, CLS Group and a number of hedge funds to better enable them to leverage financial data.
Posted: 03/02/2021
Visa has launched VisaNet +AI, a suite of AI-powered services for banks, merchants and consumers, which seeks to address challenges such as managing unpredictable account balances and daily settlements. VisaNet +AI comprises multiple services, including Visa Smarter Posting, Visa Smarter Settlement Forecast, and Visa Smarter Stand-In Processing (Smarter STIP), a feature announced in August last year.
Posted: 03/02/2021
Banco Santander pre-tax profits declined by 35 per cent in the final quarter of 2020. The bank saw profits of €27.7 billion in the same period, representing a loss of €8.7 billion.
Posted: 3/2/2021
Connected payments provider Checkout.com has hired Ott Kaukver as chief technology officer and Nick Worswick as chief revenue officer (CRO) after recently tripling its valuation to $15 billion following a $450 million Series C funding round.
Posted: 3/2/2021
NatWest has launched a grant finder service in conjunction with Swoop, which will allow UK businesses to search for grants to help them deal with the ongoing impacts of COVID-19. The bank wants to provide SMEs with greater access to third party funding which is not in the form of debt, and via this new service aims to connect entrepreneurs with grants from national schemes, local authorities, growth hubs, local enterprise partnerships (LEPs) and privately funded schemes.
Posted: 3/2/2021
HMRC has awarded its £3 million Open Banking contract to Ecospend, a FinTech which will support the tax authority with automating parts of its payments process and improving ease of use for UK taxpayers. Announcing the contract, which was awarded after a competitive tender process, Ecospend said their Open Banking technology would help HMRC’s bank transfer journey integrate with its online services, whilst reducing costs for HMRC itself.
Posted: 03/02/2021
Swiss PayTech provider BPC has joined Visa’s FinTech Fast Track Program to support new companies in the EMEA and APAC regions.The programme makes it quicker and easier for FinTechs to leverage Visa’s global payments network to introduce new payment technologies and services.
Posted: 2/2/2021
LV= General Insurance (LV= GI) has launched a new broker portal with integrated CRM to better support around 3,500 insurance brokers. LV= brought in IT services and consulting firm BearingPoint to help it migrate from legacy broker platforms to the new broker portal.
Posted: 2/2/2021
Global FinTech InvestCloud has completed a recapitalisation that now values the business at $1 billion. Under the terms of the agreement, investor Motive Partners will also contribute two portfolio businesses, Finantix and Tegra118, into InvestCloud, creating a global Software-as-a-Service ("SaaS") wealth solutions platform.
Posted: 2/2/2021
TSB saw pre-tax losses of £204.6 million last year, compared to £46 million profit in 2019. According to the UK retail and commercial bank, its financial performance was significantly impacted by the coronavirus pandemic.
Posted: 2/2/2021
The government has agreed to permit the regulation of bring buy now, pay later (BNPL) services following the publication of an FCA review on the unsecured credit market. Christopher Woolard, chair of the review, said that the legal change was urgently needed to give the FCA a “proper handle” on BNPL at a digital press conference on Tuesday.
Posted: 2/2/2021
E-commerce and mobile payments business HIPS Payment Group is partnering with financial infrastructure company Banking Circle. The partnership will enable Hips to offer settlement with domestic payment rails.
Posted: 1/2/2021
UK financial services businesses are gaining 22 days a year from employees working longer hours while remote, according to new research from Atlas Cloud. The research said the sector's employees are saving an average of 90 minutes per day, spending 40 minutes extra on work and 50 minutes on leisure time.
Posted: 01/02/2021
Leading European financial institutions have established a new coalition to strengthen the public cloud ecosystem across Europe’s financial industry. The primary aim of the European Cloud User Coalition (ECUC) is to develop a joint position on common challenges and solutions with cloud services providers.
Posted: 1/2/2021
Stablecoins and digital asset classes have generated more than $1.2 trillion in transactional volume since 2017, according to a new report which highlights the growth of the blockchain across financial services and a host of other industries. The global blockchain trends survey compiled by Invesco and Cambridge Judge Business School’s Centre for Alternative Finance has tracked rapid growth across the blockchain industry in the past 18 months, with distributed ledger technologies opening up new opportunities for investors.
Posted: 01/02/2021
Monzo Bank customers can now connect their bank accounts to Experian Boost, giving them the ability to increase their Experian credit score for free. Experian Boost helps consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts and council tax, for instance.
Posted: 1/2/2021
Fidelity is reportedly in discussion with Starling Bank about taking a £100 million stake in the digital banking challenger. Sky News, who first reported the move, said the US-based fund management company is in advanced negotiations to lead £200 million fundraising for the challenger bank.
Posted: 1/2/2021
The European Central Bank (ECB) is to stress test 38 euro area banks as part of the 2021 EU-wide stress test coordinated by the European Banking Authority (EBA). The banks selected represent around 70 per cent of total euro area banking assets.
Posted: 1/2/2021
The Financial Conduct Authority (FCA) has updated the industry on repossessions on mortgages and consumer credit goods during the pandemic. In November 2020, the FCA published guidance which meant firms should not have enforced repossessions before 31 January 2021.
Posted: 29/1/2021
The Financial Conduct Authority is now consulting industry and other bodies about raising the contactless card payment limit to £100, amid the ongoing pandemic and a continuing surge in the number of contactless payments being made. The move would more than double the limit from the current £45, which was raised from £30 less than a year ago.
Posted: 29/1/2021
63 per cent of UK consumers use a free FinTech app or platform, yet a further 63 per cent are unsure if the platform they use sells their personal data, according to research by ESET. This number is 13 per cent higher than the global average, according to ESET's survey of over 10,000 consumers across the UK, US, Australia, Japan and Brazil.
Posted: 29/01/2021
Nubank has attracted $400 million in a new round of investments, which will support the company’s international growth. The funding makes it one of top five most valuable FinTechs in Latin America.
Posted: 29/1/2021
Buy now, pay later business Scalapay has raised €40 million ($48 million) in funding. The money will be used to rollout the company’s service across Europe, further develop its technology, and also begin plans to expand to the US.
Posted: 29/1/2021
Dutch financial organisation ING has launched online shopping platform DealWise in Germany. New features include the latest shopping deals and personalised offers based on customer behaviour.
Posted: 28/1/2021
ClearBank, the cloud-based clearing platform, is helping challenger bank Dozens upgrade its current account offering. Dozens provides its customers with a current account, saving tools and investments all in one app.
Posted: 28/1/2021
Starling Bank has linked its sole trader and self-employed accounts to the PensionBee offering so customers can set up a pension directly from their bank accounts. PensionBee has been added to Starling's Business Marketplace where customers can link to third-party products and services.
Posted: 28/1/2021
If digital currencies are needed, central banks should be the ones to issue them, the Bank for International Settlements (BIS) said on Wednesday. In a speech at the Hoover Institution policy seminar, BIS general manager Agustín Carstens warned of “serious governance concerns” around private entities issuing cryptocurrencies like Bitcoin and Stablecoin.
Posted: 28/1/2021
JP Morgan is set to launch a new digital bank in the UK, challenging the dominance of established high street lenders. The venture will operate under its consumer brand, Chase, one of the largest consumer banks in the US.
Posted: 28/01/2021
Online money transfer service TransferWise has announced a global partnership with Visa. The partnership will facilitate the expansion of TransferWise’s multi-currency debit cards across Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, U.K. and U.S.
Posted: 27/1/2021
Open Banking payments platform Token has secured $15 million in Series B funding to support its direct account-to-account payments growth among large merchants and banking-as-a-service platforms. The new funding came from SBI Investment and Sony Innovation Fund by IGV, as well as from existing investors Octopus Ventures, EQT Ventures and the venture arm of BNP Paribas, Opera Tech Ventures.
Posted: 27/1/2021
Digital bank Zopa is now offering app users the chance to compare energy offers. The feature comes as result of Zopa partnering with Decision Tech, part of the MoneySuperMarket Group.
Posted: 27/01/2021
Former EU finance commissioner Jonathan Hill has said it’s unlikely Brussels will give UK financial services companies the “highly prized” access to European markets that they hope for, The Financial Times (FT) reported on Tuesday. Hill said that Brussels is targeting London’s position as a global centre for financial services, according to the newspaper.
Posted: 27/1/2021
The Association of British Insurers (ABI) has defended including ransomware payments in first-party cyber-insurance policies. It highlighted that although firms face financial ruin without cover, insurance is not a replacement for taking every step to prevent the spread of ransomware.
Posted: 27/01/2021
The use of ATMs declined by 30 per cent in 2020, with £81 billion withdrawn in total compared to £116 billion the previous year. According to data from LINK, when the UK entered its first national lockdown in April, cash withdrawals fell on average by 60 per cent.
Posted: 27/1/2021
FinTech Scotland and FinTech Wales have proposed increased research and innovation (R&I) to accelerate FinTech development across the UK and support national, regional and job growth. The report, Research and Innovation for UK FinTech, provides recommendations to increase the pace of R&I.
Posted: 27/01/2021
Marqeta is partnering with London-based credit card provider Tymit. The global card issuer’s open API platform will underpin Tymit’s processing function, which will enable instantly issued virtual cards, as well as bespoke spending limits.
Posted: 26/1/2021
Existing cryptocurrencies do not have a structure that is likely to work as a payment alternative over the long term, said Bank of England (BoE) Governor Andrew Bailey. At an online forum hosted by the World Economic Forum, he said:“Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.”
Posted: 26/1/2021
Luminor Bank is migrating its IT infrastructure to the IBM Cloud for Financial Services platform, as part of a five-year agreement which will see IBM Services help Luminor meet security and regulatory compliance requirements.The Estonia-headquartered bank says the move will “deliver better outcomes” across business processes, enable “faster” application deployments and “bring agility” to operations.
Posted: 26/1/2021
Open Banking platform TrueLayer has launched PayDirect, a new payments method enabling firms to create onboarding and payments processes. The new service seeks to deliver a higher-converting, lower-fraud payments approach when compared to card and bank transfer.
Posted: 26/01/2021
64 per cent of UK consumers are willing to share data on their health and other lifestyle habits to reduce their insurance premium, according to research by Accenture. This represents a 6 per cent increase compared to 2019 figures, when only 48 per cent of Brits said they were willing to share this type of data with insurers.
Posted: 26/1/2021
UK FinTech Bud has signed a deal with Farpoint Labs, creators of the Winston personal finance app, to help the platform’s users save for a first home. Bud will connect users’ bank accounts with credit reference agencies, sharing rent payment data via Open Banking.
Posted: 25/1/2021
Peer-to-peer lending platform JustUs has announced its ongoing second round of Crowdcube funding reached its £1.3 million target after three days. The company previously raised £1.2 million after securing £600,000 through crowdfunding from private investors, which was then matched in convertible loan notes from the British Business Bank through its future fund initiative.
Posted: 25/1/2021
Mastercard is increasing the interchange fees that can be charged by banks on e-commerce merchants by five times, when UK shoppers buy from merchants in the European Economic Area (EEA) following Brexit. The increase in fees on merchants may result in higher prices for shoppers if the fees increase is passed onto them. After Brexit, online UK buyers are already subject to new import duties when they buy direct from European merchants and those costs are not absorbed by the merchants themselves.
Posted: 25/1/2021
UK InsurTech start-up Nayms has received £1.5 million in an investment lead by XBTO. The InsurTech uses smart contracts to collateralise cryptocurrency risk with matching crypto-assets, with the aim of bringing insurance with no FX-risk to a space that is 96 per cent uninsured.
Posted: 25/1/2021
Fundraising platform TapSimple has raised £900,000 in an investment round to support charitable fundraising activity in an increasingly cashless society.The funding round brings its total funding to date to £2m.
Posted: 25/01/2021
The European Central Bank (ECB) is to launch a climate change centre early this year. The centre will help bring together work on climate issues in different parts of the bank.
Posted: 25/1/2021
Plaid has introduced a FinTech programme to support early-stage entrepreneurs who are Black, Indigenous, and People of Colour (BIPOC) in launching their businesses. Minority-owned companies are often denied access to some of the most basic resources necessary to set up and grow a successful business.
Posted: 22/1/2021
TransferWise has reportedly chosen Goldman Sachs and Morgan Stanley to lead its initial public offering (IPO.)The move, first revealed by Sky News, is expected to take place in London later this year.
Posted: 22/1/2021
Almost 90 per cent of UK card transactions made in-store were contactless last year, according to data from Barclaycard. With the total value of contactless growing by 7 per cent compared to the previous year, it looks like the pandemic has cemented this type of transaction as the UK’s preferred payment method.
Posted: 22/1/2021
Monzo founder Tom Blomfield is leaving the digital bank at the end of the month, partly due to mental health reasons. In an interview with TechCrunch, Blomfield said that he had stopped enjoying his role at the challenger bank around two years ago and that the pandemic had “exacerbated pressures placed on his own mental well-being.”
Posted: 21/1/2021
Over half (51 per cent) of consumers say they would change banks for the ability to use a biometric payment card. With biometric cards, consumers authenticate themselves with their fingerprint on the card when they make a contactless payment.
Posted: 21/1/2021
Investment management firm BlackRock has granted two of its funds the ability to invest in Bitcoin futures. Prospectus documents filed with the US Securities and Exchange Commission yesterday show that the BlackRock Global Allocation Fund and BlackRock Funds V are now looking at Bitcoin opportunities.
Posted: 21/1/2021
For the first time, ONS will publish credit and debit card transaction data from the Bank of England. The data will reveal more detailed information on how the UK has been spending money over the past year.
Posted: 21/1/2021
A third of UK businesses expect employees to pay for business purchases leading to “greater financial stress” and a “loss of company trust”, according to research among over 3,000 business professionals across Europe. The UK falls behind European businesses in expenses, as 32 per cent of UK employees are expected to pay for business purchases with their own money, against just 7 per cent in Germany and 10 per cent in Spain.
Posted: 20/1/2021
The UK has once again been named the top destination for capital in Europe, hitting $4.1 billion (£2.9 billion) total investment across 408 deals, according to 2020 figures from Innovate Finance. Although globally the UK came second to only the US in total capital raised, investment in British FinTech dropped 9 per cent, perhaps an expected outcome given the impact of the coronavirus pandemic.
Posted: 20/1/2021
Santander UK has appointed Rakshit Kapoor as chief data officer in the UK and head of data transformation for Europe. He has over 20 years’ experience in senior data roles, having recently been group chief data officer at HSBC, where he took charge of the development and implementation of the bank’s group-wide data and analytics strategy.
Posted: 20/1/2021
Capital One has been given a $390 million penalty by the US Financial Crimes Enforcement Unit (FinCEN) over violations of the Bank Secrecy Act (BSA)The bank holding business admitted to wilfully failing to implement and maintain an effective anti-money laundering programme.
Posted: 20/1/2021
HSBC UK is set to close 82 branches across the UK as a result of the consumer shift to digital and online banking. The UK division of the global banking group said that the closures, which are scheduled to take place throughout 2021, will reduce the total number of branches to 511.
Posted: 19/01/2021
The government of Gibraltar is aiming to strengthen its bespoke Distributed Ledger Technology (DLT) regulatory framework, while becoming a standard-setter for other countries.It has brought together an international working group responsible for defining the appropriate market standards for exchanges operating in the digital asset space.
Posted: 19/01/2021
Investment management firm BlackRock has taken a minority investment in Clarity AI, a sustainability analytics and data science platform. BlackRock will integrate Clarity AI’s capabilities with its own Aladdin offering, an end-to-end operating system for investment professionals.
Posted: 19/1/2021
€272 million (£245.3 million) worth of fines have been dished out by regulators under Europe’s tough data protection laws, according to research by DLA Piper. According to the law firm’s annual fines and data breach report, Italy has had to pay €69.3 million (£62.4 million) in fines since General Data Protection Regulation (GDPR) was established in 2018, topping the rankings for Europe.
Posted: 19/1/2021
The government has voted down a bill to regulate Buy Now, Pay Later (BNPL) companies like Klarna and Clearpay. Labour MP for Walthamstow Stella Creasy, who describes BNPL as the “next Wonga,” originally put forward the motion to amend the financial services bill.
Posted: 18/1/2021
London FinTech Perenna has completed its latest funding round, raising £7.3 million ($10 million) as part of its plan to obtain a banking licence and bring its fixed-for-life mortgages to the UK housing market this summer. The latest investment in Perenna has been raised from a group of investors including former Deutsche Bank structured product syndicate head Kevin Flaherty, Capdesk founder Casper Arboll and Star Capital managing partner Tony Mallin, among others.
Posted: 18/1/2021
General Motors (GM), The Goldman Sachs Group, and Mastercard will work together to deliver co-branded credit cards. Goldman Sachs will be the issuing bank for GM’s credit card programmes as of September.
Posted: 18/1/2021
Blockchain hackers stole nearly $3.78 billion in 122 attacks in 2020, but the number of attacks actually fell for the first time in five years. Last year's attacks accounted for almost a third (33 per cent) of the all-time number of successful hacks aimed at the fledgling technology, according to the numbers collected by Slowmist Hacked, which aggregates information about disclosed attacks aimed at blockchain projects, apps and tokens.
Posted: 18/1/2021
Konsentus has bought Open Banking Europe (OBE) from PRETA. OBE is an initiative which aims to bring leaders in the Open Banking market together to transform regulatory requirements into operational reality.
Posted: 18/1/2021
In its ninth year, Accenture’s FinTech Innovation Lab London has welcomed a new cohort of 20 FinTechs, with a number offering solutions to tackle societal and sustainability challenges. During a three-month accelerator programme - which runs from 11 January to 31 March - the FinTechs will be partnered with senior executives from over 40 of the top UK financial institutions, industry leader mentors and Accenture’s own subject-matter experts.
Posted: 15/1/2021
The Cambridge Building Society has migrated to DPR's cloud-hosted mortgages and savings software platform using the Microsoft Azure cloud, to improve its operational efficiency. The enhanced infrastructure was delivered to The Cambridge in just four months, while meeting strong compliance and governance demands with “rigorous testing”.
Posted: 15/1/2021
Directors and compliance officers at enterprises, banks, insurance firms and FinTechs say they are faced with increased criminal activity, with 74 per cent of them filing more suspicious activity reports (SARs) in 2020 than the previous year, according to global research. Cyber security and third party risk management were the biggest compliance-related challenges, with over half of the respondents (54 per cent) ranking cyber security as a top pain point, according to the research from risks platform ComplyAdvantage.
Posted: 15/1/2021
Global FinTech Rapyd has announced £200 million ($300 million) in Series D funding. The London-headquartered business said the money will be spent on doubling the engineering and product teams, as well as expanding the self-service element of the company’s platform.
Posted: 15/1/2021
Goldman Sachs has chosen card issuing platform Marqeta to help deliver its new digital chequing accounts, which will launch this year. Marcus by Goldman Sachs is a digital chequing product that will utilise Marqeta’s APIs and webhooks.
Posted: 14/1/2021
After a year of financial uncertainty, more than a quarter (28 per cent) of UK consumers want to improve their financial know-how in 2021, according to research from Santander. The commissioned research among 2,000 UK adults follows the launch of Santander’s My Money Manager functionality within its mobile banking app, to help customers “get on the front foot” with their finances, said the bank.
Posted: 14/1/2021
Customer subscription management tool Minna Technologies has raised €15.5 million (£14m) in a Series B funding round to expand its Open Banking technology to banks across the world. Founded in Gothenburg, Sweden in 2016, Minna enables customers to manage subscription services via their bank’s app.
Posted: 14/1/2021
The purpose of budgeting apps is to reduce spending, but they can actually have the opposite impact, research has shown. Traditional budgeting apps can increase spending by almost a third (26 per cent to 33 per cent), according to research by Think Forward Initiative and Eller College of Management, University of Arizona.
Posted: 14/1/2021
The European Central Bank (ECB) has concluded its public consultation on the potential for a digital euro currency after record numbers of submissions. The ECB said it would now analyse in detail responses from the 8,221 citizens, firms and industry associations who have completed an online questionnaire since the consultation launched in October last year.
Posted: 14/01/2021
Despite a significant shift to online, 66 per cent of the UK population do not trust that they are safe to conduct all their banking needs online. Since January 2015, UK banks and building societies have closed around 3,770 branches, according to SmartSearch.
Posted: 13/1/2021
Digital asset management platform Carne Group has received a $100 million investment. The money will be spent on expanding the Group’s proprietary Compliance Oversight Risk & Reporting (CORR) technology and will see investor Vitruvian Partners take a minority stake in the businesses.
Posted: 13/1/2021
Over a quarter of Brits say they have at least one bank account with a digital-only bank.
Posted: 13/1/2021
Visa and Plaid have today announced the termination of their merger agreement after the US Department of Justice filed a suit to block the partnership. The department filed a civil antitrust lawsuit in November, alleging that Visa is a “monopolist in online debit” and that the partnership with the FinTech would have enabled the business to eliminate a competitive threat to its online debit business “before Plaid had a chance to succeed.”
Posted: 13/1/2021
Walmart has announced it will establish a new FinTech start-up which will offer modern and affordable financial solutions. The new company will be part of a strategic partnership with FinTech investment firm Ribbit Capital.
Posted: 12/1/2021
Revolut has launched Confirmation of Payee as part of Pay UK’s anti-fraud initiative.
The feature, which will be available for its three million UK retail customers, will give users more confidence that their payments are reaching the correct recipient.
Posted: 12/1/2021
UK-headquartered payments platform Checkout.com has closed a $450 million Series C funding round, tripling its market valuation to $15 billion. The investment, said Checkout.com, makes it the fourth largest FinTech globally and EMEA’s most valuable venture-backed business.
Posted: 12/01/2021
London-based FinTech Curve has secured £70 million ($95 million) funding from international investors. Curve, which combines multiple cards and accounts into one smart card and app, said that it will use the investment to expand further into international markets.
Posted: 12/1/2021
Orange Ventures has become a separate legal entity from its Orange parent and entered into the top ten corporate venture capital funds in Europe through increased funding. Orange has been given an increased allocation of €350 million, “empowering” it to be more “agile and competitive” in seeking out and supporting start-up talent worldwide, said Orange.
Posted: 11/1/2020
Almost two-thirds (62 per cent) of UK citizens say they are in “better control” of their money now than before COVID, according to research. Global software consultancy ThoughtWorks commissioned research among over 2,000 UK adults about how technology had changed their banking habits during the pandemic.
Posted: 11/1/2020
While talent attraction remains a significant priority in the FinTech and payment industry, it’s unlikely salaries will increase significantly for the time being, according to new research by Headcount. The FinTech & Payments survey said that even though demand remains high, salaries may have “peaked.”
Posted: 11/1/2020
Revolut has submitted its application for a UK banking licence to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The FinTech challenger, which is currently valued at $5.5 billion, said the move marked the next important step in its plans to “create a financial super app.”
Posted: 11/02/2021
Payment processing business Stripe has banned all donations to the Trump campaign in response to violence that took place in Capitol Hill last week. Last Wednesday pro-trump rioters stormed the Capitol building in Washington, resulting in the deaths of at least five people.
Posted: 11/12/2020
The Financial Conduct Authority (FCA) has issued a warning to consumers over firms advertising high returns based on cryptoassets, highlighting the risks that they should be prepared to “lose all their money.” The regulator has issued the alert after a surge in the value of cryptocurrencies in recent weeks, with Bitcoin hitting record highs of $41,000 over the weekend before falling sharply this morning (Monday).
Posted: 11/01/2021
Starling Bank’s Anne Boden has said she is “disappointed” by the government’s decision to omit online fraud from the Online Harms Bill. The chief executive and founder of the challenger bank said that she hoped it was “not too late” to change the bill to include online fraud.
Posted: 8/1/2021
TaxBit, which offers cryptocurrency tax automation software to crypto users, exchanges and merchants, has announced new investments from PayPal Ventures, Coinbase Ventures and existing investor Winklevoss Capital. The solution automates all aspects of cryptocurrency tax compliance for consumers, businesses and exchanges.
Posted: 8/1/2021
Financial services platform Social Finance (SoFi) is going public through a deal with Social Capital Hedosophia Holdings, which is listed on the New York Stock Exchange as a special purpose acquisition company (SPAC). The SoFi consumer-focused financial technology business will come to the public market with an equity value of $8.65 billion.
Posted: 8/1/2021
The government could change visa rules to support fast growing companies post-Brexit, The Financial Times reported on Friday. The Independent FinTech Strategic Review, launched last year by chancellor Rishi Sunak, will recommend special visas for skilled workers, as well as changes to the UK's listing rules, the newspaper said.
Posted: 8/1/2021
Agricultural neobank Oxbury will open next Monday (11 January) after being in stealth mode since 2018, and having just raised £15m in a funding round. Cloud-based Oxbury bills itself as the first agricultural bank to open in nearly 100 years.
Posted: 07/01/2021
Orange Bank has acquired Anytime, a French neobank dedicated to independent professionals, small businesses and associations. Orange Bank launched three years ago to initially offer mobile banking services to the general public, and it is now looking to scale up its business services to SMEs and SoHos, which Anytime will support.
Posted: 07/01/2021
NatWest has issued an urgent scam warning following the implementation of national COVID-19 restrictions, with vaccination scams emerging as a top threat. According to the retail bank, a phone call, email, or text message is sent in an attempt to steal personal and financial details.
Posted: 07/01/2021
DBS has launched an in-house digital training academy to keep its 5,000-strong tech workforce updated with the latest skills. The academy will cover three technology areas, including site reliability engineering, data processing and analytics, and application security.
Posted: 07/01/2021
4000 financial services companies are at risk of failure as a result of the pandemic, with the payments and e-money sector having the lowest proportion of profitable firms. These are predominantly small and medium sized firms and approximately 30 per cent have the potential to cause harm in failure, an FCA financial resilience survey has found.
Posted: 07/01/2021
Financially vulnerable consumers would benefit from more information and support to overcome negative associations with switching their bank accounts, according to research commissioned by the Current Account Switch Service (CASS). A study of 1,000 banking customers by Frontier Economics revealed the effect the Coronavirus pandemic on attitudes to bank accounts among those in CASS priority groups (financially vulnerable people, 18-24s and SMEs).
Posted: 6/01/2021
InsurTech company ThingCo has secured a further £3 million in investment from BHL (UK) holdings. The deal, which was completed on 31 December, comes after the company rolled out Theo, its solar powered, AI and Voice enabled, self-fit telematics device, through a growing number of broker partnerships and expanded its distribution centre in Newcastle.
Posted: 6/01/2021
Younger customers are most likely to stop using financial firms that suffer data breaches, according to research among over 2,000 UK adults. Cyber security services firm Predatech has released its British Cyber Security Survey 2021, which found that 68 per cent of customers aged 18-24 were “likely” to stop using a financial firm if it suffered a breach.
Posted: 6/01/2021
Mastercard has extended its partnership with Point of Sale software provider phos as part of efforts to grow coverage of contactless card transactions. The renewed collaboration will see phos, a FinTech which provides software-only Point of Sale (SoftPoS) solutions, and Mastercard extend coverage to support Tap on Phone, a Mastercard solution that turns phones into payment acceptance devices.
Posted: 6/01/2021
HSBC has signed a multi-year partnership with RegTech provider Silent Eight to bolster its financial crime operations. Under the terms of the agreement, Silent Eight will support HBSC’s compliance function with AI-based technology that will help to improve manual processes and existing statistical models to decrease risk while creating efficiencies.
Posted: 6/01/2021
Insurance group has Admiral has announced it will sell Penguin Portals, which runs Confused.com, along with its 50 per cent share of Comparison Holdings, to Zoopla-owner ZPG (RVU) for £508 million. Penguin Portals includes a number of other comparison websites, including Rastreator.com and LeLynx.fr, as well as the Group’s technology operation Admiral Technologies.
Posted: 05/01/2021
US banking regulator the Office of the Comptroller of the Currency (OCC) has approved the use of stablecoins for banking transactions, paving the way for more widespread uses of digital currencies. The OCC published a letter clarifying that national banks and federal savings associations now have authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions.
Posted: 5/01/2021
The billionaire owner of Chinese FinTech company Ant Group and co-founder of Alibaba has not been seen in public for several months. According to Reuters, Jack Ma has not been seen since October, when he criticised China’s regulatory system at a forum in Shanghai.
Posted: 05/01/2021
The Investing and Saving Alliance (TISA) has launched a blockchain-based data sharing platform for the European asset management market. The platform, called ‘TISA Universal Reporting Network’ (TURN), is designed to ease regulatory reporting requirements of MiFID II, alongside the collection and dissemination of European MiFID II Template (EMT) regulatory data.
Posted: 5/01/2021
The Bank for International Settlements (BIS) has announced it will develop an open-source code to help build a data monitoring tool for central banks. The tool is part of the organisation’s “Rio” project – Spanish for “River” – because it uses data-streaming tech, which was originally developed by social media platforms to analyse and respond to user traffic.
Posted: 04/01/2021
Bitcoin is consolidating its high worth after trading at $33,365 in Asia this morning, after reaching a record high of $34,800 on Sunday. The value of the cryptocurrency has gone up around 800 per cent since mid-March 2020, and hit the $20,000 mark in mid-December 2020.
Posted: 04/01/2021
The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.