News Briefing - Crowdfunding, SME And Alternative Finance

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1.UK  - FinTech

UKTech News reports:

“Starling, the leading UK digital bank, has raised £40 million, in a funding round led by JTC and Merian Chrysalis Investment Company Limited.

The investment from Starling’s existing investors follows a £60 million investment in February, bringing the total raised by Starling in 2020 to £100 million. Since its launch in 2014, the bank has raised £363 million.

Starling now has more than 1.4 million current accounts, including 155,000 business accounts, since launching its banking app in May 2017. Its deposit base has more than doubled in the last six months and it now holds more than £2.4 billion on deposit.

Starling is the fastest-growing bank for small and medium-sized enterprises (SMEs) in Europe and now holds a 2.6% share of the UK’s SME banking market. It has almost £500 million of SME lending on its balance sheet, with further commitments raising the total to almost £1 billion.”

2.  UK - FinTech

 

AltFi reports:

 

Metro Bank has just become the latest to offer the UK’s SME Bounce Back Loans.

The high street bank will be able to offer SMEs loans from £2,000 up to £50,000 following its accreditation by the British Business Bank today.

Metro Bank joins the ever-growing list of 17 other lenders, which includes fintechs such as Starling Bank and Tide. 

A spokesperson for the bank said: “We will use the scheme as widely as we can to support our customers and will let customers know as soon as we’re open for applications.”

“Due to the expected level of demand, when we open for applications we will carefully manage the flow so we can maintain our normal high standard of service.”

3. International – FinTech

 

Crowdfund insider reports:

 

“The Office of the Financial Stability Development Committee of the State Council issued a press release that the Development and Reform Commission, the Ministry of Finance, People’s Bank of China, China Banking & Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange and other financial commission members would soon launch 11 financial reform measures.”

 

The full article is available here.

 

 

4. International – FinTech

Dutch challenger bank bunq has updated its app to allow users to not only donate to a charity of their choice but also create their own charity fundraising pages as part of its latest update, according to AltFi.

“Through the app, ‘bunqers’ will now be able to create their own local charitable fundraisers and invite others to support them, such as donating to a local school for extra equipment or supporting local businesses that are unable to open during Covid-19. 

If this doesn’t interest users, they will now also be able to give back to their chosen causes and charities through the app.”

5. International – FinTech

 

Belvo has raised $10m to further grow its developer-first financial API platform across Latin America, according to AltFi. 

“The round was led by Founders Fund (an early backer of Facebook, SpaceX, Stripe, Airbnb, Spotify and Twilio) and Kaszek Ventures (an early backer of Nubank, Konfio, QuintoAndar, Creditas, Kavak and NotCo).

Currently live in Mexico and Colombia, Belvo works with fintechs in the region across all verticals, including neobanks, credit providers and personal finance.

Belvo says its API platform can be used to access and interpret end-user financial data to build financial products that can be more inclusive as well as more efficient via Open Banking.

With the new funding, the company says it will invest in product development in order to expand coverage of its API as well as develop new verticals and developer tools.”