Transferwise profit doubles as global expansion boosts revenue September 23, 2020 Profit at British fintech giant Transferwise more than doubled in the last 12 months, as investment in geographical expansion paid off. The London payments firm said profit for the year ending March 2020 was £21.3m, up from £10.3m a year earlier and marking its third straight year in the black. Meanwhile revenue jumped 70 per [...]
It is vital that lenders understand the personal impact of the coronavirus pandemic September 16, 2020 Our capital city is expensive. Many of us rely on credit to make ends meet here. We are also a city made up of renters, recent immigrants, gig workers and young professionals – many of whom will, through no fault of their own, struggle to access credit. They are invisible to lenders and therefore denied [...]
Klarna valued at $11bn after fresh fundraising round September 15, 2020 Swedish fintech Klarna is the highest-valued private fintech in Europe after a fresh funding round valued the group at $11bn (£8.54bn). The “buy now pay later” group secured $650m (£504.6m) in an equity funding round led by investment firm Silver Lake alongside Singapore’s sovereign wealth fund GIC and Blackrock. Concurrently, Merian Chrysalis, TCV, Northzone and [...]
Exclusive: David Blunkett becomes adviser to financial firm Elementary B September 15, 2020 Former Labour home secretary Lord David Blunkett has become a strategic adviser to financial services start-up Elementary B, City PM can reveal. Elementary B is a new financial services company that seeks to help medium-sized firms better manage their businesses by providing new technology and advice. Blunkett – also a former education and work and [...]
Santander spins out $400m fintech venture fund September 11, 2020 Santander is splitting off its fintech venture capital fund and doubling its funding, re-branding the formerly-known Innoventures as Mouro Capital. Mouro Capital will be independent from Santander and have $400m in allocated funds, the Spanish bank said today. It will take on the entirety of Innoventures’ current portfolio, which includes the likes of payments giant [...]
Credit Suisse to launch Revolut and N26 digital banking rival September 10, 2020 Credit Suisse is to launch a digital banking app to rival the likes of Revolut and N26, offering free foreign transactions and digital wealth management. The CSX app will challenge competitors on the Swiss bank’s home turf when it launches next month, before a potential expansion elsewhere. CSX will feature free online banking tools, including [...]
Exclusive: UK fintech sector launches initiative to end harassment September 8, 2020 Leading figures from the fintech industry have today launched an initiative aimed at tackling harassment and promoting diversity within the sector. The “Fintech for all charter” focuses on increasing diversity and inclusion across the industry. It is being led by data platform Inchorus and supported by Innovate Finance, the Fintech Alliance and Level39. The Financial [...]
Visa falls under scrutiny in Europe over fintech rules September 7, 2020 Visa is at the centre of a probe by the European Commission over its digital payments rules for fintech firms, following allegations of anti-competitive behaviour. The payments giant said in its most recent quarterly filing that the EU’s executive arm had opened a preliminary investigation into its rules at the end of June, asking Visa [...]
AI and Big Data: Can they guide investors through the pandemic? September 1, 2020 | City Talk The defeat of the top human Go player by the AlphaGo artificial intelligence (AI) in 2017 revealed to the public the world of possibilities that AI scientists had been quietly exploring for years. Driverless cars, AI doctors, and robo-advisers, among other innovations, all seemed within reach. Amid such promise and possibility, Roy Amara’s famous law was [...]
Monzo marketing chief steps down amid doubts over bank’s future August 19, 2020 Monzo’s long-standing head of marketing is stepping down as the challenger bank faces doubts over its future due to the coronavirus crisis. Tristan Thomas, who joined Monzo in its infancy in 2015, told staff he will leave the company at the end of the year. The move comes as the digital bank faces a fight [...]
