News Briefing - Crowdfunding, SME And Alternative Finance

an umbrella getting pelted by rain

1.UK – FinTech        

 

 Altfi reports: 


“Payments giant Stripe is launching a new bank transfer proposition in the UK and other markets, which it says will erase  “the operational pain of receiving and manually reconciling transfers” for businesses. 

Bank transfers, which have been in existence since 1871 when Western Union added money transfers to its telegram service, are still one of the most common ways to send money today. 

According to Stripe, in Europe more than $4trillion in bank transfers is processed each year. 

But the current process, says Stripe, is filled with “friction”- pointing to businesses losing hundreds of hours on confirming transfers, reconciliation and accounting, and refunds.  

StrIpe’s new offering, already launched in Japan, is now being rolled out in the  UK, EU and Mexico.” 

 

2. UK – FinTech 


Altfi reports: 


GoCardless is launching two open banking features in Germany, its one-of-payments offering and an anti-fraud feature, amid the projected rising adoption of open banking in Europe. 

Instant Bank Pay, which is already available in the UK, allows merchants to handle one-off bank-to-bank payments. 

For GoCardless merchants who use its direct debit service, Instant Bank Pay offers them an alternative to handling single non-recurring payments. 

The payments fintech said its research showed that in Germany 88 per cent of merchants with recurring revenues needed to collect extra one-off payments. 

GoCardless pointed to examples like purchasing extra goods or services or topping up an account outside of a customer’s regular payment schedule. It says by using Instant Bank Pay, merchants in Germany will be able to future-proof their businesses. 

Secondly, it is also rolling out Verified Mandates, an anti-fraud feature, which has already been launched in the UK, that combines open banking with direct debit. The fintech says the tool can stop payment fraud before it happens.” 

 

3. International – FinTech 


Finextra reports: 


“Canadian bank TD is open-sourcing its Equity Resource Hub, a digital platform that helps integrate diversity, equity and inclusion into all stages of product and service design. 

Rolled out by TD Lab for internal use earlier this year, the hub offers steps that guides teams throughout the development process to ensure they take into consideration aspects of diversity, such as race, gender identity, sexual orientation, and ability.

The bank is now making the hub accessible for any individual or business.” 

 

 

4. International – FinTech 

 

Crowdfundinsider reports: 

 

Steven, which keeps track of costs shared between friends and family, and are on a mission be the “number 1 solution” for controlling your personal finances in Sweden and in their target markets, has secured 114% (€685,470) of its €600,000 target (at the time of writing) from 245 investors via Crowdcube (with 11 days left in the sale). 

As noted in the update, there’s an option where “rather than investing and immediately receiving shares, in this round payments will be transferred directly to the company and shares issued at a future date.” 

As explained by the firm, the convertible “allows a company to raise funds without having to agree a valuation.” 

 

5. International - FinTech 

 

Finextra reports: 

 

“Swedish bank SEB is buying a stake in Leneo, a tech firm that helps companies shift to 'circular business models'. Terms of the deal were not disclosed. 

Danish firm Leneo specialises in Asset-as-a-Service, developing a platform that helps manufacturing companies shift from selling machinery, equipment or other products to instead offer them as a service.

This model sees the product and related services offered to customers, which are charged for how they are used and what value they create.

In addition to the investment, SEB and Leneo have agreed to refer customers to each other, although the agreement is not exclusive.”