Deposit Marketplace Raisin has seen their investor count top 100,000, bank partners top 40 and deposits cross $4.5bn; the bank partners are in 18 different european countries and customers hail from 32 different countries; with interest rates so low their deposit marketplace offers savers a significant boost in interest and they have seen customers earn more than $41mn in excess interest thus far. Source.
Goldman Sachs Shares Move Higher As Earnings Top Expectations, Marcus Adds More Than 3 Million Users
Goldman Sachs (NYSE:GS), the words most prominent investment bank and aspiring global Fintech, announced Q1 earnings today that topped estimates.
The pandemic has helped to accelerate a number of changes in financial services as banks have been forced to shift...
Revolut continues to add functionality to their accounts as they apply for their banking license; while Revolut customers have access to card payments, in Europe many utilities require that you pay phone and electricity bills with direct debits. Source
Cboe Proposes Plan That Could Curb Advantages of Fast Traders European banking needs a Big Bang Hong Kong-based EMQ raises...
On episode 50 I talk with Chris Peacock of Aquaoso, a climate fintech providing data, analytics, and risk reports to financial institutions.
Innovate Finance published their annual list of women in fintech and while progress has been made, more work is needed; Innovate Finance CEO Charlotte Crosswell said "We’ve still got work to be done. When you look at statistics of women in fintech — it’s not there yet.”; other leaders like Anne Boden of Starling Bank said we all need to try harder; studies also show that the more diverse a team the better they perform. Source.
Some UK fintech firms are beginning to look at opening offices in other locations across Europe to appeal to young software engineers; Brexit has hurt the market for software engineers in the UK; while the initial evidence is anecdotal UK fintech companies like Curerencycloud are beginning to feel the pressure; Mike Laven, chief executive of Currencycloud, tells the FT, “We understand passporting, regulation and compliance and it will cost us money, but we will sort that out. To me, the London fintech issue is more around having the right people and having very easy access to that.” Source.
Gabriella Kinder, head of alternative credit at NN Investment Partners, writes a piece in AltFi focusing on where the lending gap is since the end of the financial crisis; she explains that the lending gap has been reduced and alternative lending has opened up opportunities; while banks are in better shape they still face challenges on the digital front and credit has been increasing since the start of 2015; overall the gap has reduced and new opportunities have opened up as finance has become more diversified and digital in recent years. Source.
The Financial Conduct Authority's P2P lending standards have caused only 40% of P2P loans to be covered under the HM Treasury's 36H regulation; 36H regulation is a compliance factor that P2P firms are concerned with; the differing definitions involve the matching of the loans; the complex process of institutional pre-funding and subsequent loan matching has been a factor resulting in discrepancies between the loan matching definitions from the 36H regulation and the Financial Conduct Authority's definition. Source