Finbee currently offers consumer loans and has announced expansion into business loans for small and medium-sized enterprises (SMEs); the expansion follows a new law enacted by the government to support online lending and a license obtained by Finbee for the service; the SME loans will be sourced from a separate website; Finbee will offer SME loans for up to 15,000 euros ($15,911) with a 12 month duration; different from the consumer loans, Finbee will not be covering defaults from SME loans with its compensation fund. Source
The UK’s Financial Conduct Authority found that the number of crypto and forex fraud claims tripled in the last year...
Estateguru now operates in eight other markets across Europe including Finland, Spain, Portugal, Estonia and Germany....
Georg Ludviksson, the head of Meniga, a digital bank that was started in Finland back in 2009, says that banks are at risk of losing the top spot among their customer base; tech giants like Google, Facebook and Alibaba are placing themselves between banks, and their customers are no longer seeing their traditional bank as the go to place for financial services; Georg Ludviksson also points out that the coming PSD2 regulation will shift the balance of power from banks to the customer and that the regulation has the potential to transform banking in Europe. Source
ClearBank, a cloud-based clearing bank, said on Tuesday that it’s providing agency banking services to Ziglu.
TransferWise sold $319mn worth of shares to early investors and employees that valued the fintech at $5bn; the company’s valuation...
Monzo has set a new Crowdcube record with fundraising from over 6,800 investors in its current fundraising campaign; firm has raised of 2.46 million British pounds ($3.06 million) and is targeting 2.47 million British pounds ($3.07 million); the crowdfunding campaign is part of a broader Series C funding round for 22 million British pounds ($27.37 million) which includes a 19.5 million British pounds ($24.26 million) investment from Thrive Capital, 5 million British pounds ($6.22 million) from Passion Capital and 1.5 million British pounds ($1.87 million) from Orange Digital Ventures; the firm has raised a total of 35 million British pounds ($43.54 million) in growth capital including a funding of 1 million British pounds ($1.24 million) in March of 2016 on Crowdcube. Source
in3 provides more than 1,500 online and offline merchants with ‘Buy Now Pay Later’ payment solutions.
A comparison of bank, credit union and digital bank overdraft policies provides a resource for institutions planning their next move.
Just two peer-to-peer lenders have been authorised to offer the recovery loan scheme (RLS). Funding Circle and Assetz Capital are the only two P2P platforms accredited to offer funding under the government-backed scheme, out of 74 approved firms. In contrast, the coronavirus business interruption scheme – which preceded the RLS – included more P2P platforms...