News Briefing - Crowdfunding, SME And Alternative Finance

hand with pen, writing a list

 

1. UK – FinTech 

 

Altfi reports: 

 

“Action is required to avoid the UK falling behind other open banking regimes like Australia and South Korea, according to policy group Coadec. 

The UK’s open banking industry, which has been a standout leader in the trend, needs to be refined in order to further its potential, the group says.  

This includes removing the 90-day re-authentication requirement and more proactive enforcement by the FCA. 

Nearly four million UK consumers have used open banking solutions over the last three years but the potential of open finance will only be realised with a Smart Data Right, with consumers limited in what they can currently consent to share securely. 

In total 24 fintechs and other industry bodies have also signed an open letter to Paul Scully, Minister responsible for Smart Data, and John Glen, Economic Secretary to the Treasury, advocating for a Smart Data Right in the 2022 Queen's Speech.  

Signatories to the letter include: Coadec, Aire, Butter, Chip, Codat, Crezco, Fluidly, Fronted, Innovate Finance, iSpent19, Klarna, LoyalBe, Monzo, PensionBee, Plaid, Plend, Plum, Revolut, Snoop, Tomato Pay, Truelayer, Untied, Wise, Yapily and Youtility.” 

 

2. UK- FinTech 

 

Finextra reports: 

 

“Harit Talwar, the man who has led Goldman Sachs' foray into consumer banking as the head of Marcus, is retiring. 

Talwar joined Goldman Sachs from Discover Financial Services in 2015 as the first employee of the consumer business later called Marcus, charged with helping the investment bank find new revenue sources.

Six years on, Marcus has eight million customers, $100 billion in deposits and nearly $10 billion in loans and card balances. It has also struck partnerships with the likes of Apple, Amazon and Walmart.” 

 

 

3. UK – FinTech 

 

Crowdfundinsider reports: 

 

ekko, the transformative app, debit card and ecosystem which aims to make it “effortless to turn the tide on climate change,” has secured 114% (£342,825) of its £300,000 fundraising target via Seedrs with 18 days left in its sale. 

Based in London, the company is focused on the Finance & Payments Mixed Digital/Non-Digital and Mixed B2B/B2C sector. ekko reports a £2.8M pre-money valuation, offering 10.9% equity, a £25 share price, tax relief, EIS. 

The key business highlights shared by the ekko team are as follows: 

  • Proven entrepreneurial fintech founding team 
  • Signed five year strategic partnership with Mastercard 
  • Over 2,500 on the waitlist in under 3 months’ 

     

4. International - FinTech

 

Altfi reports: 


“Alternative lending having a boost over the last year and a half is not new news, but that won’t stop us from celebrating when it breaks new barriers. 

Tallinn-based property lending platform EstateGuru has just celebrated its first year in Finland, with the fintech shouting about its successes. 

In just a year in the country, EstateGuru has attracted more than 1,100 Finnish investors and funded 137 properties with over €43m worth of loans. 

The lucky fintech investors have seen returns of 11.33 per cent on average for their investments in Finnish real estate through the platform.” 

 

5. International – FinTech 

 

Finextra reports: 

 

“Twitter is rolling out its tipping feature to all users and letting some people tip their favourite tweeters using bitcoin. 

First unveiled in May, Tips is designed to help users earn money from their feed. It is now available to all iOS users, with Android to follow in the next few weeks.

Tweeters can add a link in their profile to a host of payment options, including the Cash App, Patreon, Venmo, Wealthsimple Cash and PicPay.

Now, people in the US (excluding Hawaii and New York) and El Salvador can also get tipped with bitcoin using Strike - a payments application built on the Bitcoin Lightning Network. Users can also add a bitcoin address to their profile.”