Travelex owner Finablr reveals $1bn hidden debt
Finablr’s debt sits at $1.3 billion, compared to the $334 million it reported.
UK
UK fintech Fintuity offers free financial advice to NHS staff
The NHS will have access to the fintech’s online platform and financial advisers.
UK banks see surge of interest in Bounce Back Loans Scheme
In the first minute after 9am, Barclays had received 200 applications.
IHS Markit acquires Singapore-based Catena Technologies
Previously a fintech consultancy, Catena was overhauled in 2014.
COVID-19: Highlight of the week
We focus one particular coronavirus news item affecting the fintech industry.
Mastercard promotes UK president Barnett to EU role
Barnett is expected to join the management committee on 1 June.
NatWest extends 7-year Artesian contract
The vendor will continue to provide its customer insights and relationship systems.
Embark buys Zurich’s UK retail and investment management business
The move is part of Embark’s effort to build its presence in the UK retirement/savings sector.
FCA extends SCA deadline for merchants by six months
The new timeline is 14 September 2021.
RBS closes digital bank Bó six months after launch
Customers will be given a notice of “at least” 60 days before their accounts are closed.
TransFICC lands £5.75m from AlbionVC, ING and HSBC
Existing backers inlude Citi and Commerzbank.
Car service financing fintech ASF lands £14m despite production slow down
The investment comes after UK car production dipped by more than a third last month.
Contactless payments are up but UK still withdrawing £1bn a week from ATMs
The average value being withdrawn has gone up from £65 to £82.
Tide picks Mambu to power credit facilities and overdrafts
Tide is revamping its customer offerings and adding new functionality with Mambu.
UK fintech Cash Coach set to gamify savings launches on app stores
The fintech will now look to raise up to £400,000 on Crowdcube.
Revolut seeks help applying for UK banking licence & loses four more execs
Revolut’s goals remain the same, despite coronavirus.
Hanley Economic Building Society seeks technology refresh with DPR
The building society refits 25-year-old core systems.
NatWest Markets selects Dataiku for self-service analytics and machine learning
Investment banking firm seeks to improve customer experience and improve efficiency.
Bankers blindsided by £50K loan limit under UK bounce back scheme
Senior bankers had worked over the weekend on the basis that the ceiling would be £25k.
Travelex founder invests £3m in ex-Virgin Money exec venture Snoop
Dorfman joins fellow shareholder in Snoop, Salesforce Ventures.
Open banking will rival the spreadsheet in accountancy, says roundtable
“It will give firms what they’ve longed for – real-time understanding of the figures.”
UK offers 100% government backed loans, but alternative lenders still fenced out
Funding Options says HM Treasury should “embrace the full ecosystem of lenders” in the SME sector.
Iress integrates with Knowledge Bank’s mortgage criteria search engine
Brokers will be able to access lender criteria all in one place.
Paysafe partners with Gala Technology to open SOTpay channel
The two firms will work on enabling more transactions for merchants.
NatWest taps Lloyds exec Jen Tippin for chief transformation role
The new hire is set to go through in late 2020 following regulatory approval.
British Business Bank approves another four lenders for CBILS
These new joiners can lend between £10,000 and £5 million to small businesses.
Revolut loses two more financial execs a month after losing CFO
Both leave the bank after 12-month tenures.
Tradeteq to develop quantum-based credit scoring with Singapore university
The project is backed by the Monetary Authority of Singapore (MAS).
Chip raises UK’s ‘largest’ lockdown equity crowdfund on Crowdcube
Chip managed to raise £2.6 million from 4,240 investors.
Currencycloud among first non-bank firms to offer Swift gpi payments tracking
TransferGo, Penta and Money Mover were early participants in the pilot programme.
Capitalising on the insurance tech trend
Exposure to a range of risks is driving demand for predictive data analytics in the insurance sector.
UK trading app Freetrade to launch sixth crowdfunding campaign
Last year saw the fintech raise £1 million in just 77 seconds.
ING-backed Yolt app plugs into American Express
YTS said it was processing 14 million API calls on average per week.
Barclays launches CLBIL scheme amid coronavirus
Barclays is extending its support to businesses not covered by CBILS or CFF.
University of Oxford & Mastercard team up on cyber skills programme
It will feature research, content and data from renowned academics and industry leaders.
UK lenders call on government for £5bn to help SMEs before month end
The group is welcoming all UK lenders to join the effort to keep British SMEs afloat.
Tech for good
Highlighting how tech companies have come to the rescue during the COVID-19 crisis.
The Inclusion Foundation launches to tackle financial exclusion
#FinancialInclusionMatters has been created to show support for TIF’s work and spread the word.
Monzo applies for US banking licence
Monzo applied to the US OCC for the licence on Monday.
Swedish fintech Bokio lands $8m and merges with competitor Red Flag
The fintechs will have a combined user base of more than 80,000 customers.
