News Briefing - Crowdfunding, SME And Alternative Finance

Income Tax square on Monopoly board, with dice.

1.UK – FinTech

AltFi reports on the digital sandbox of our dreams…

“Credit Kudos, the ‘challenger credit bureau’, has today revealed it is working with PwC to build its digital banking “ecosystem sandbox”.

The term ‘sandbox’ originates from the idea of children playing in a controlled environment. In the world of fintech, it means a place for emerging fintechs to test their new models without fear of violating financial regulation.

The FCA-regulated fintech offers an alternative way to measure creditworthiness using open banking data instead of historical borrowing information. Through using Credit Kudos’ platform banks and financial institutions can redefine their overall lending strategies and approaches with new decisioning models and products.”

 

2. UK – FinTech

P2P Finance News reports:

“Investors are still willing to invest in peer-to-peer loans, a new funding round has shown.

Property-backed P2P lender Blend Network revealed today that it has just funded its second-ever largest loan, despite the economic uncertainty caused by the Covid-19 pandemic.

114 investors funded a £700,000 loan for the redevelopment of a Stafford-based office building into an apartment complex. It is the first tranche of a £1,950,000 total loan facility.

Yann Murciano, founder and chief executive of Blend Network, said that the loan proved that investors  still want to put their money in P2P.

Murciano added that family offices are particularly keen to invest in private debt at this time, while retail investors are seeking the inflation-beating returns that property-backed P2P lending can offer.”

3. UK - FinTech

From office attendance to app presence… UKTech News reports:

“New smart employee app Blink has officially launched today. Blink has already raised £8.2million in capital, led by Paris and San Francisco based venture capital firm Partech, alongside a roster of high profile Angel Investors (see below).

Over the past 15 months, Blink has been developed and deployed in partnership with leading organisations including Stagecoach, Domino’s and the NHS to empower and protect frontline and key workers inside their organisations.

The company, founded by CEO Sean Nolan, designed the app to empower key workers on the frontline. It provides them with a single app to access all important information and systems and the ability to connect with their colleagues.

For the past year, Blink has been partnering with frontline organisations to solve real-life problems for their workers. The first major rollout in January 2019 was for 22,000 employees at transport company Stagecoach.”

 

4. UK – FinTech

Moves at Monzo. AltFi reports:

Tom Blomfield will step aside from day to day executive leadership of digital challenger bank Monzo, becoming its president. 

The digital bank's newly minted US CEO TS Anil will take over from Blomfield running day to day operations, Techcrunch first reported. 

Anil joined Monzo from Visa at the end of 2019, where he was latterly Global Head of Products and Platforms at the US financial services company.

Anil has over 25 years’ experience in payments, credit cards and banking, working globally across EMEA, APAC and Americas.

The news comes just days after the departure of Monzo's chief credit officer, Tim Trailor, who joined the business from Klarna in August 2018 and moved on to alternative lender Capital On Tap. Also, at the same time that Monzo is reportedly heading for a new fundraising round aimed at shoring up finances, albeit at a 40 per cent lower valuation than at its last round in 2019.”

5. International – FinTech

 

Société Générale, a top French bank, has completed the first central bank digital currency (CBDC) transaction, reports Crowdfundinsider.

“According to a statement by Societe Generale SFH, a subsidiary of Société Générale, the company has issued 40 million euros in covered bonds in the form of “security tokens” on a public blockchain. The issuance of these securities, which were rated by Moody’s and Fitch (Aaa/AAA) were fully subscribed by Société Générale and simultaneously paid to the issuer using digital euros issued by the Banque of France.

The “experiment” was completed entirely on blockchain thus demonstrating the feasibility of settlement and delivery of digital securities using a CBDC for interbank transfers.

Société Générale said the challenge of this experiment is to identify how innovative technologies may improve the efficiency of payment systems and financial infrastructures.”