News Briefing - Crowdfunding, SME And Alternative Finance

crowd of women talking at a business event

1.UK – P2P

AltFi reports:

“ ThinCats has appointed Amany Attia as its new Chief Executive Officer (CEO).

Attia most recently ran The Northview Group, a UK mortgage lender and servicer with more than £10 billion in balance sheet and serviced assets. Previously she ran Lehman Brothers’ securitisation business in Europe from 2001 to the banks collapse on the eve of the financial crisis in 2008.”

2. UK – Equity

City A.M. runs a feature by Luke Lang of CrowdCube.

“Monzo crashed our servers in 2016 when it raised £1m in 96 seconds. Last December, the now-serial crowdfunding neobank raised £20m from retail investors.

The staggering thing about Monzo’s raise — and it speaks volumes about where both crowdfunding and fintech have reached — is that it did not need to raise the £20m from any of us on the street. In October — i.e. just two months shy of the raise — the bank had closed an £85m round led by venture capital firm Accel.

Raising £20m is no walk in the park: you need to build a prospectus, a lengthy and expensive process. Monzo’s crowdfunding raise capped all investments at £2,000, meaning the team chose to have more investors to look after.”

3. UK – FinTech

The Mail has more Monzo-related news.

  • RBS made an informal approach for the challenger bank two years ago
  • Executives baulked at the asking price of 'a very big number'
  • Instead, it poured £5m into failed start-up Loot and built its own digital bank, due to launch next month.”

 

 

4. UK – AltFi

 

Bond Review offers a story of the failure of a company “providing ISA wrappers to unregulated bonds”.  The administrators appointed are the same as those appointed to sort out the mess at LCF.

 

5. UK – AltFi

 

The Mail on lessons to be learned from the Woodford income fund debacle.

“The only good thing to jump out from this episode is that British investors have had the most powerful of lessons in the need to diversify their assets and it seems far fewer will ever throw all or most of their money behind one person again, regardless of how well he has done in the past.”