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The Latest Breaking News from fintech

Cardiff fintech Sonovate surpasses £3.5bn in business lending

The lender provided more than £1bn to firms in 2022 as rising costs forced firms to seek finance to manage cash flow

Birmingham Post

Beleaguered London fintech Railsr agrees rescue sale in bid to avoid collapse

Struggling fintech Railsr is set to be rescued from collapse after it agreed a sale to a consortium of investors.

Evening Standard

Cathie Wood Growth Stock Takes Off With Strong Earnings, Can Take On Amazon

Growth stock MercadoLibre has risen over 40% this year, outperforming the S&P 500 and peer e-commerce giant Amazon. Nears buy point.

Investors Business Daily

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East Midlands tech start-ups on the rise

RSM says 'region has always benefitted from a thriving technology sector, particularly in fintech and medtech'

Birmingham Post

Revolut report shines spotlight on other London fintechs with missing accounts

While Revolut has its accounts finalised, the Evening Standard has found there are at least three other major London-based fintechs that still haven’t filed their annual report with Companies House

Evening Standard

Fintech firm Revolut moves closer to UK banking licence after first annual profit

Company criticised for late filing of accounts made profit of £26.3m in year to December 2021

The Guardian - UK

Leeds chosen to launch national fintech quango that aims to scale up firms

The Centre for Finance, Innovation and Technology (CFIT) is backed by £5.5m of Treasury and City of London Corporation funding

Birmingham Post

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Layoffs cloud UK fintech prospects

While London-based Revolut is set to hire at least 1700 staff over the next year, many of its peers have been less fortuitous, with the likes of Railsbank, Zilch, Zego and TrueLayer all shedding at least 10% of staff

Evening Standard

Who will be PayPal’s next CEO? Here are the 7 leading contenders according to fintech experts

PayPal's retiring CEO is sticking around till December, but there's already chatter about who might be qualified to step into the role.

Fortune

Pliant raises $28 million in Series A funding round

Pliant announces another significant milestone with the successful completion of its Series A financing round, securing $28 million in capital from existing and new investors

Dublin Live

IKEA investment arm takes €9 million stake in DirectID

Edinburgh-based fintech firm will now expand into new markets and develop its credit data product

Insider UK

Revolut: can the chancellor’s fintech favourite fix its image problem?

The UK’s would-be ‘Amazon of banking’ run by Nikolay Storonsky has raised alarm over delayed accounts, EU regulatory fines, its co-founder’s Russian ties and issues with staff

The Guardian - UK

NatWest to acquire 85% stake in pensions fintech Cushon

Bank will pay £144 million for majority shareholding in the pensions and savings business

Evening Standard

Payday Friday is becoming payday Wednesday, thanks to banks and credit unions

Payday Friday is increasingly coming one or two days early — on Wednesday or sometimes Thursday.

Tribune News Service

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Dublin Live

PayPal to lay off 2,000 employees in global job cuts

The fintech company employs over 2,000 people in Ireland and slashed around 300 job from its Irish operations last year

Fortune

Fintech Moov just raised $45 million in a ‘very difficult’ environment. Here’s how

Moov Financial spent three months raising its latest round that saw Visa investing for the first time.

Evening Standard

Revolut to hire 1,700 more staff as London fintechs defy global jobs cull

While the layoff headlines might be gloomy, recruitment is continuing in London’s world leading fintech sector, which appears to be remarkably resilient

Fortune

Startup founders turn to these networking groups to rub shoulders with their peers

These are the most sought-after networking groups for founders looking to build out their Rolodex.

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Caixin Global

Following the startling suspension of its would-be record-setting $34.5 billion IPO in November 2020, the fintech company was plunged into an extensive restructuring that has been ongoing for the past two years as regulators clamp down on misconduct in the industry

Chicago Sun-Times

Clusters of pandemic relief loans went to the same Chicago addresses, including homeless shelters, Sun-Times finds

One Paycheck Protection Program loan recipient who used a Salvation Army address said he was a farmer. A dozen others said they operated barber shops or beauty salons. Most got loans of about $20,000, the maximum based on a yearly income of at least $100,000.

The Guardian - UK

UK fintech firm Wise accused of stifling competition by rival startup

Atlantic Money writes to CMA to raise concerns about being blocked from Wise price comparison sites

Evening Standard

Wise under fire as London fintech accused of hiding prices of cheaper rivals

Competitor Atlantic Money is understood to have written to regulators to express its concerns

Fortune

America’s biggest banks are teaming up to take on Apple Pay and PayPal with a new digital wallet. Analysts think it could flop

The company behind the popular payment service, Zelle, is launching a new wallet to compete with payment behemoths PayPal and Apple Pay.

Evening Standard

Buy now, pay later could change your credit score under plans by London fintech Zilch

The London fintech is set to begin sharing customer data with credit ratings agencies

Tribune News Service

This fintech company lost $1B in value as investors fled the sector. Here's what it did next

For months, the recriminations for investors have been everywhere. We had a tech bubble burst 20 years ago. How did we let it happen again?

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