News Briefing - Crowdfunding, SME And Alternative Finance

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1. UK – FinTech 


Finextra reports: 


“Funding Circle CEO Samir Desai is stepping down, to be replaced by the small business lender's UK managing director Lisa Jacobs. 

After 12 years in charge, co-founder Desai will move to a non-executive director role at the end of the year.

Jacobs joined Funding Circle in 2012 as chief strategy officer before moving to her current role. Previously, she was a financial services consultant at the Boston Consulting Group.

The transition comes as Funding Circle posts record first half numbers, with total income of £120.6 million and operating profit of £35.5 million, a swing from a £113.5 million loss for the same period the previous year.” 


2. UK - FinTech 


Altfi reports: 


“Financial API provider TrueLayer has joined forces with online car retailer Cazoo to improve its payment and refunds platform, using the power of open banking. 

Under the new partnership, TrueLayer will help Cazoo streamline its services, making it easier for customers to order and pay for products online and for Cazoo to issue refunds. 

“With refunds there is a high level of financial anxiety if you don’t get thousands back in your bank account right away,” Jonathan Howell, chief technology officer at Cazoo said. 

“The ability to return that money in a quick, transparent and frictionless way creates a superior customer experience. Open banking, delivered by TrueLayer’s technology, provides us with that.” 

TrueLayer is helping Cazoo to overcome costly issues most commonly associated with traditional card payments—with customers no longer needing to worry about issues like payment limits, fraud and slow refunds.” 

3. International – FinTech 

Finextra reports: 

“Mastercard continues to strengthen its digital asset capabilities, buying cryptocurrency intelligence outfit CipherTrace. Financial terms were not disclosed. 

CipherTrace analyses massive amounts of validated blockchain transaction attribution to build up insight on more than 900 cryptocurrencies. This intelligence is ten used by clients, including some of the biggest banks and exchanges in the world, for security and fraud monitoring. 

Mastercard says that by integrating this with its own cybersecurity technology, it can give businesses greater transparency into the crypto space, helping them understand risks and manage their digital asset regulatory and compliance obligations.” 



4. International – FinTech 


Crowdfundinsider reports: 


“Online capital formation is one of the earliest sectors of Fintech. Platforms exist around the world to match investors with debt, equity and other securities to raise capital to finance a  firm, back a real estate project, or simply to provide capital to those in need. So how is crowdfunding doing in the time of COVID? A report created by the CrowdfundingHub in Europe has created an interesting snapshot into the European crowdfunding industry.” 


5. International - FinTech 


Altfi reports: 

“Four of the world’s largest banks have partnered up to launch a global open finance challenge, inviting developers to build digital banking concept services on top of their data APIs. 

NatWest, National Australia Bank, Brazil’s Itaú Unibanco, Canadian bank CIBC along with Amazon Web Services and VC Motive Partners, are collaborating on the challenge, which was announced late last month. 

The banks involved are offering up access to private open finance and experimental APIs, which developers will access as part of a competition sandbox run by infrastructure provider Oolys. 

Later this year, the top 12 teams will be invited to present their ideas to the CEOs of all four banks, along with Amazon’s chief technology officer Werner Vogels and VC Rob Heyvaert.”