The Peer-to-Peer Finance Association (P2PFA) is a trade body representing three quarters of the P2P lending market in the UK; RateSetter has breached rules set by the P2PFA; according to RateSetter, "No customer has experienced any loss from our actions but we recognize that our actions breached the principles of the Association."; recently the company has been in the news with regards to their wholesale lending business that it has been winding down. Source
A new approach to the FCA focuses on fostering innovation, being intelligence-led, and preparing for the future. ...
The company passed £1bn in 2016 after 5 years and booked another £1bn in just 14 months; part of their success in increasing originations has been due to two new products, confidential invoice discounting and business loans; their larger institutional investor base has also allowed them to fund larger businesses with bigger funding requirements; in 2017 the firm lent £714.2m to businesses. Source
In episode 365 we talk with Mike Tuchen, CEO of Onfido, as he discusses identity verification and how financial institutions are balancing the need for ease of use and fraud prevention.
German digital banking start-up Penta is in talks with potential investors to raise fresh funding, Bloomberg reported citing sources.
The saga of embattled German fintech Wirecard has entered a predictable new phase; the digital payments company has filed for...
The British High Court ruled on Thursday that Parliament must give its approval for Brexit, creating uncertainty on whether or not the UK will leave the European Union; plans for exiting the EU were to begin in March; the government now has appealed the High Court's decision to the Supreme Court which will consider the appeal in December; if the ruling is upheld speculators believe Parliament would continue with the same sentiment that its voters reported in June. Source
Standard and Poor’s released a report this week said that the UK peer to peer lending sector is poised for...
Globally, investigation into how CBDCs will be designed is being done. With Web3 development in the sidelines, banks could be affected.
The challenger bank is working to add bitcoin, litecoin and ethereum; Revolut customers will also be able to transfer cryptocurrencies to others; what makes what they’re working on unique is allowing an instant conversion to happen within the app; typically users must have an account on a crypto exchange where funds are transferred between accounts; the firm is currently testing features with 3,000 customers. Source