1.UK – P2P
P2P Finance News reports a new industry alliance.
“MARKETINVOICE, the peer-to-peer invoice finance and business loans platform, has partnered with trade credit insurance provider Euler Hermes to help customers safeguard themselves against bad debt.
MarketInvoice customers who use invoice finance solutions will be offered credit insurance which protects them if their customer becomes insolvent or fails to pay within the agreed terms.
The policy includes a risk prevention tool that monitors a company’s financials, giving customers a forward view on their debtors.
2. UK – P2P
CHRISTINE Farnish is to step down as chair of the Peer-to-Peer Finance Association (P2PFA) after five years in the role, reports P2P Finance News.
“Farnish was appointed chair of the self-regulatory trade body in December 2012, replacing Zopa founder Giles Andrews, and took on the role during the following year.
P2PFA rules state that a chair serves a three-year term that can be renewed once.
She will be replaced in March by Paul Smee, who is currently head of mortgages at banking trade body UK Finance.”
3. UK – FinTech
“A payment pioneer who launched the first chain of restaurants in Europe to drop cash completely has put his money where his mouth is by backing Thyngs’ crowdfunding campaign.
The Future50 member has already hit £218,000 of its £300,000 target to fund the next stage of its growth, as it moves from the charity sector into powering mainstream transactions.
It’s now won support and investment from the founder of salad chain Tossed, Vincent McKevitt, and the company’s financial director Neil Sebba, who became interested in the company as a possible solution to the over-supply of payment apps on offer to retailers and consumers. Mr McKevitt said: “Tossed was the first hospitality business in Europe to go completely cashless, swapping tills for self-service kiosks to support our proposition, simplify operations and increase service.
4. US – FinTech/ICOs
“Naturally, one of the greatest concerns an entrepreneur interested in blockchain fundraising would have is whether anybody even uses this method in the first place. CoinStarter currently boasts over 170,000 members who use the platform’s proprietary StarterCoin currency, with over 3,600 Initial Coin Offerings (ICOs) that have been submitted thus far.
Impressively, CoinStarter has achieved these membership numbers after three months while still in beta — indicating a massive amount of interest in this niche.
By using this secure cryptocurrency platform, blockchain creators don’t have to worry about the inefficiencies that so often arise by using different financial institutions.
Better yet, the use of cryptocurrency provides access to a global group of backers spread across over 200 countries. Rather than being limited to individuals within their own country, entrepreneurs can truly reach the entire world with their great idea — and get support from a global audience. Users can even create their own coins for a particular campaign.
Of course, with past stories of cryptocurrency being used for illegal purposes, some entrepreneurs may be understandably wary of what else might show up on the same platform as their crowdfunding project. Understanding this concern, CoinStarter prohibits any project related to unlawful activities in an effort to maintain the standards of its online community.”
5. International – FinTech