News Briefing - Crowdfunding, SME And Alternative Finance

Laptop and cup of coffee


1. UK – FinTech 


The Fintech Times reports: 

The GDPR (General Data Protection Regulation) came into effect in 2018, and in that time, a large number of organisations have fallen foul of its rules. In fact, over 650 fines have been issued relating to GDPR violations, totalling more than €280million in just over three years. New research from cybersecurity specialists ESET has revealed the countries that have handed out the biggest GDPR related fines, where it was found the UK has only issued five since 2018.” 



2. International – FinTech 

Altfi reports: 

“Digital consumer lender Auxmoney has placed a debut €250m securitisation, made up of 30,000 unsecured consumer loans, with one of the first social bond transactions in Europe.  

The transaction is labelled "Fortuna 2021 - STS German Consumer ABS".  

With this first deal, Auxmoney says it is serving the high demand for ESG investments to institutions.  

Proceeds from the issuance are used to provide credit to people who are underserved by banks, it adds. 

Daniel Drummer, CFO at Auxmoney, said the demand from investors for ESG-compliant assets is very high.  

“With social bonds, Auxmoney offers institutional investors the opportunity to promote financial inclusion and invest according to social values."  


3. International – FinTech 

Crowdfundinsider reports: 

“BitPay, an established provider of cryptocurrency payment services, and Verifone, an international Fintech platform and payment solution provider to major retail brands, have announced the extension of BitPay’s blockchain payment tech to enable consumer crypto  payments on Verifone’s in-store and eCommerce Cloud Services platforms in the US. 

The solution enables merchants to broaden their client base and promote crypto acceptance while being “protected from the price volatility of the cryptocurrency markets.” Merchants will “begin rolling out the solution later this year,” according to a release. 

The solution is easy for merchants to implement and “intuitive” for consumers. Merchants will be able to “accept crypto payments directly from Verifone without the need for an account with BitPay,” the announcement explained.” 


4. US – FinTech 

Finextra reports: 

“Ripple is creating a $250 million fund to provide financial and technical support to developers looking to craft premium NFT projects issued on the XRP Ledger (XRPL). 

Ripple first dipped its toes into the nascent NFT space in July, joining a a $13 million funding round in Mintable, an NFT marketplace that enables users to create, buy, and sell digital items using fiat or cryptocurrency.

The new Creator Fund will work with Mintable and other partners, including creative design agency VSA and NFT marketplace mintNFT, to help businesses and developers build compelling propositions and enable longtail use cases for tokenization — for example, interactive experiences and fractional ownership.” 



5. US – FinTech 


Finextra reports: 


“Robo advisor Betterment has reached a Unicorn-level valuation of $1.3 billion after securing $160 million in growth capital comprised of a $60 million Series F equity round and a $100 million credit facility. 

The Series F round was led by Treasury, with participation from existing investors, including Kinnevik, Bessemer Venture Partners, Francisco Partners, Menlo Ventures, Anthemis Group, Globespan Capital Partners, Citi Ventures, and The Private Shares Fund, as well as new investors Aflac Ventures and ID8 Investments.

The $100 million credit facility was established with ORIX Corporation USA's Growth Capital group and Runway Growth Capital. ORIX's Growth Capital group acted as lead arranger and agent.

Founded over a decade ago, the independent digital advisor offers a suite of automated investing and retirement solutions alongside everyday services for spending and saving.”