Days after the chaos, newly appointed CEO of the SVB bridge bank urges customers to hold deposits. Meanwhile regulators investigate the fall.
F-Prime's latest state of fintech report shows a sector being refined towards genuine disruption. Valuations are down, but not all is lost.
Finnovista is a leading market advocate for fintech in Latin America and Spain; looking ahead to 2017 the organization thinks fintech will be important in promoting financial inclusion specifically with 40% of the fintech services in Latin America focused on unbanked and underbanked consumers and businesses; Finnovista's Fermin Bueno says Latin America has the ecosystem, venture capital and government support for fintech growth and financial inclusion improvements; Bueno also predicts growth in fintech will increase competition for traditional providers with 30% of traditional industry income at risk from fintech companies. Source
Announced today, the MasterCard Foundation is partnering with the Center for Financial Inclusion (CFI) at Accion on a $4.4 million initiative to promote more robust consumer financial protection laws around the world; CFI's Smart Campaign has existed since 2009 and has certified the consumer protection practices of 68 financial institutions to-date; the MasterCard Foundation contribution will support involvement of more parties (such as regulators, non-bank financial institutions and fintech platforms) and more countries; a particular focus will be on sub-Saharan Africa. Source
Dealmakers West is an all-meetings event happening in Laguna Beach on Aug. 30-31.
Earlier this week, the UK launched its bank referral scheme to help extend credit to small businesses not funded by nine of the UK's largest banks; it seems that UK banks outside of the UK consortium are also increasing their efforts to provide alternative options for business borrowers; this week NatWest announced it has added iwoca to its alternative lending panel, Capital Connections. Source
The UK has launched their borrower referral scheme which came about as a government initiative; businesses who apply for loans at the nine largest UK banks and are rejected will be referred to aggregator platforms Funding Xchange, Business Finance Compared and Funding Options; the aggregators will pass information to alternative finance providers who will be able to provide quotes to the business. Source
When designing an intelligent budget-tracking app, Piere founder and CEO Yuval Shmul Shuminer prioritized functionality, integrations, and meeting the evolving needs of emerging generations. Billed as the“intelligent budget tracker app that’s ready in just two taps,” Piere offers quick functionality and automatic reconciliations and updating.
Pemberton has received investment of 1.2 billion euros for its European mid-market debt fund; the fund will invest in private debt of European companies with a turnover between €75 million and 1 billion euros; investors in the fund include insurance companies, pension funds, family offices and foundations from Europe, Asia and the US; strategy was launched due to high demand from European mid-market companies seeking financing; Keith Jones, chairman of Pemberton, says, "As the private debt market matures, we are very well-placed to play a significant role in this increasingly important asset class." Source
A week on from Silicon Valley Bank's fall, Fintech Nexus hosted a webinar to discuss what happened and what's next for the institution.