News Briefing - Crowdfunding, SME And Alternative Finance

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1.UK - FinTech

AltFi reports: 

“It’s never easy to borrow money from friends or family, but that is the uncomfortable reality for millions of small businesses worldwide every year which get started by bootstrapping their early funding. 

MoneyTurtle is a new service aiming to formalise that process, streamlining the fundraising request, repayments and contracts through a mobile app and digital platform. 

Interestingly MoneyTurtle is a side-business of WeOwn, an SME financing platform. WeOwn operates both a peer-to-peer lending service and a software-as-a-service platform for businesses to build capital-raising systems. 

MoneyTurtle is aimed at the smaller end of WeOwn’s customers, those sole traders and smaller enterprises who most desperately need support in their fundraising.” 

 

 

2. UK – FinTech 

 

P2P Finance News reports: 

 

“RateSetter has outlined the benefits of a debt consolidation loan, such as reducing a borrower’s monthly payments. 

A debt consolidation loan rolls your existing borrowing into one loan so instead of paying monthly repayments for each of your debts, you pay a single monthly payment to one loan provider. 

Read more: RateSetter to stop receiving IFISA transfers 

RateSetter said a debt consolidation loan gives a borrower better control of their finances with one single monthly payment on the same date each month to the same lender. 

The platform added that it should allow borrowers to save money by paying off higher interest credit like credit cards with one lower rate of interest, depending on the total cost of the borrowing and any fees involved in paying off existing loans. 

The consumer lender said that a debt consolidation loan should allow a borrower to repay their debt sooner and reduce their monthly payment.” 


3. UK - FinTech 

 

New fintech on the block Quirk has scooped £300,000 in pre-seed funding for its unusual personality-based financial advice app, according to AltFi. 


“The round was led by SFC Capital, which has invested in fintechs including the likes of Onfido, now-shuttered Bean, freelancer-friendly pension app Sixty, and also included participation from angel investors. 

The fledgeling fintech will use the funding to espand its team and product offering as it gears up to bring its personality-driven financial wellbeing into the mainstream. 

Nafeesa Jafferjee, co-founder and chief of product at Quirk, said: “Quirk’s goal is to help young people improve their knowledge and understanding of their money from a new perspective: ‘There is no ‘one size fits all’ answer when it comes to managing your finances.’” 

“A lot of young people we talked to felt there was a lot of information out there but it lacked context on their financial situation and advice on what tangible actions they should take.” 

Quirk believes it can provide young professionals with better-tailored financial advice by using a personality test to determine how best they can use their hard-earned cash. 

With the help of psychologists, Quirk uses behavioural research to deliver bespoke financial advice and insights into customers’ spending habits.” 

 

4. International – FinTech 

 

Berlin-based WeathTech outfit Elinvar has secured €25 million in a funding round led by ToscaFund Asset Management, according to Finextra. 

“Existing shareholders Ampega Asset Management, finleap and Goldman Sachs - which already holds a 13.9% stake in the company - also participated in the round.

Spawned from the finleap fintech factory in Berlin in 2016, Elinvar operates a multi-tenanted, platform-as-a-service model that connects banks, discretionary portfolio managers, third party providers. The platform offers a suite of service packages for core processes like client relationship management, online onboarding, onsite advisory support, portfolio management, reporting, invoicing, online client access and communication as well as third party connections, for example to custodian banks, market data or KYC providers.

Several major German private banks, discretionary portfolio managers and Germany’s largest liability umbrella, Fondsdepot Bank, are already using the platform, typically in partnership with multiple players.” 

 

 

5. International – FinTech 

 

Interoperable programmable money, anyone? A think piece in Crowdfundinsider is over this one… 

 

“Money is the foundational layer of any economy. It provides a common means for payments, store of value and unit of account. These features allow all manner of transactions to take place and commercial activity to thrive. Money also underpins the ability to have financial instruments and financial services, including payment systems, lending and borrowing, and a fulsome capital stack, as well as insurance and derivatives. The ethos of Fintech is built on making all of these products and services more readily and easily available through technology. Money is the core technology here and it is ready for an upgrade so that it can operate directly on multiple platforms (interoperability) and become automated to a user’s specifications (programmability). As the many recent reports on central bank digital currencies (CBDCs) and stablecoins show, the capability to make interoperable and programmable money exists. There are of course many important issues to sort out, such as who controls the platform and how, what digital financial privacy looks like, whether monetary and fiscal policy will change, and whether to restructure payments and banking architecture. Nevertheless, the time for this evolution of money is now.”