EU banks take on Visa and Mastercard with ‘truly European’ payments system July 2, 2020 Some 16 banks from across the EU have said that they expect to have a “truly European” payments system up and running in 2022, to help digitise a region in which half of all retail payments are made in cash. European Union policymakers and central bankers have long sought to develop a home grown rival [...]
EXCLUSIVE: Dan Simerman talks Covid-19, Digital Assets and IOTA June 9, 2020 | City Talk Dan Simerman is an investor and technical product manager well versed in consumer psychology, digital assets and open source software development. Dan has a history of building software for Fortune 50 financial institutions, multinational media companies and strategic consulting firms. As Head of Financial Relations at the IOTA Foundation, Dan’s goal is to support technology [...]
Coronavirus: Monzo boss won’t take salary for year as staff offered furlough March 31, 2020 The chief executive of Monzo will not take a salary for a year as the digital challenger bank introduces pay cuts for executives and offers staff voluntary furlough amid the coronavirus crisis. In an internal memo, Tom Blomfield told Monzo’s 1,500 employees he would forgo a salary for the next 12 months, with the lender’s [...]
Revolut finance chief steps down after five months March 16, 2020 David MacLean is stepping down as chief financial officer of Revolut after just five months in the role. City PM understands that MacLean is leaving the company, which recently tied with Klarna as Europe’s most valuable fintech startup, for personal reasons. Revolut has appointed an interim chief financial officer, but has not yet appointed MacLean’s [...]
If cities like London and Cardiff collaborate, the whole UK will prosper March 9, 2020 Last week, digital bank Starling announced the creation of 400 new jobs in Cardiff. To anyone familiar with the thriving city, it should come as no surprise. The Welsh capital has cultivated an innovative digital and tech centre with particular specialities around life sciences and software technology, as well as fast-growing adjacent industries such as [...]
UK digital banks near 20m customers – but growth slows February 24, 2020 Digital banks operating in the UK edged towards 20 million customers in 2019, but slowing customer and deposit growth mean the lenders could face challenges on long term profitability, new figures show. Digital lenders including Monzo, Revolut and Starling gained over six million new customers in the second half of last year to reach a [...]
Tech leaders must adapt or risk obsolescence February 20, 2020 While it may not always have felt it, the tech sector has had a relatively easy path to growth over the last three decades. The fall of the Berlin Wall in 1989 ushered in a “peace dividend” which released swathes of public money that would otherwise have gone into national defence. Much of this spare [...]
Keep an eye on data: a chat with Duco’s founder about the future of fintech in Britain February 17, 2020 When asked to narrate their journeys from startup to scaleup, entrepreneurs tend to fall into two camps. There are those for whom the travails of growth are a badge of honour: no 20-hour day, unconquerable challenge or unfulfilled investment pledge has been forgotten. Others display an insouciance, as though turning a light-bulb moment into a [...]
Billionaire Icap founder Michael Spencer backs £100m fintech fund January 20, 2020 Michael Spencer, City grandee and founder of interdealer broker Icap, has become the cornerstone investor of a new UK fintech fund that is aiming to raise up to £100m. Spencer will contribute at least £25m to the new fund, Element Ventures, via his investment vehicle IPGL. The fintech fund will focus on emerging firms that [...]
Fintech can be the silver bullet to banking the UK’s unbanked January 15, 2020 Can new technology help the 1.23m people in the UK who don’t have a bank account? And could it improve the lives of the 10–12m who still struggle to access affordable loans? New research suggests that the answer to both those questions is yes. It is all thanks to London’s booming fintech sector — one [...]
