Raisin, a leading German provider of open banking for savings and investment products, says it now has more than €25bn in assets under management (AUM) in savings products.
According to data from the Bank of England, unsecured consumer credit in the UK increased to 1.9 billion British pounds ($2.34 billion) in November and reported its highest level since March 2005; experts believe UK consumers have been increasing debt to take advantage of the market's low interest rates; P2P lenders have benefited from the increased demand for debt, reporting the highest growth rate in unsecured lending over the past five years, according to a November 2016 PwC survey; in the corporate market, businesses reported lower demand for credit with bank lending to non-financial businesses down 767 billion British pounds ($945 billion) in November. Source
Firm says the platform is the first to introduce hire purchase loans for businesses; the firm has developed the product in collaboration with former wholesale lending partner Corporate Asset Solutions who will serve as a distribution channel; RateSetter will take full security over the specified asset and the platform says its hire purchase agreements will range up to GBP750,000 ($993,000). Source
In an interview with AltFi, Mambu CEO Eugene Danilkis explained he thinks the UK is the fintech hub of Europe; the digital banking platform sees this as the case partly because the UK government has done a great deal on bring more competition into the banking system; with the government support you have seen dozens of banking applications submitted and new entrants like Starling Bank, Atom and OakNorth have success; Mambu provides software to incumbents and startups, telling AltFi, “Incumbents will have to think like fintechs in order to develop channels of servicing clients quickly, seamlessly and creatively.” Source.
In Plend's recent Report, solving the ongoing cost of living crisis was considered critical as the situation deteriorates further.
The Sunset Card- co-designed between Payne and Revolut- follows other similar-type Revolut limited edition card collaborations which include one with Anthony Joshua.
The fruits of Auxmoney’s shift towards institutional investors.
Chris Skinner’s new book called Digital Human will be launching this month; he sat down with Ashok Vaswani, CEO of Barclays Bank UK, and Li Wang, Head of Alipay and Ant Financial for EMEA at his London book launch; in this blog post he shares video of the panel which took place; some of the highlights include Ashok sharing how Barclays has been able to adapt over the 300 years it has been in business and the certainty he has that they will be able to adapt going forward; Li shares how each employee at Ant generates RMB100 million or over £10 million in revenue per year, a stark contrast to efficiency at banks. Source
The Central Bank of Ireland (CBI) has introduced a new crowdfunding regulatory regime, following a years-long campaign for regulatory recognition by Irish peer-to-peer lenders. The new regime requires all crowdfunding service providers to be authorised and subject to operational requirements and investor protection measures. They will also be required to incorporate appropriate warnings in their...
Head of the IMF, Christine Lagarde, said she thinks it is inevitable that global regulators come up with new regulations for cryptocurrencies; the IMF has been primarily focused on how the new currencies are being used for money laundering and funding illicit activities; this isn’t the first time the IMF has hinted at and discussed cryptocurrency regulations; trends in the direction of new legislation have been hinted at for some time though nothing widespread has occurred yet. Source.