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Hidden Costs of Legacy Tech: UK Banks Shelling Out £3.3bn Annually on Managing Core Systems Extend Secures $20 Million in New Capital and Hires Seasoned CFO Bivial AG launches Instant 24/7 Swiss Franc (CHF) Payments New Economist Impact Report Finds AI is Reshaping Insurance – Gradually VoPay Expands Embedded Payments Offering with Real-Time PayPal and Venmo Payouts Bolt Launches Activate, a Founder-First Program to Accelerate Growth in Digital Commerce UPI Launches Program to Extend Payment Network for International Students FintechOS and Tech Mahindra Partner to Modernize Core Systems for Financial Institutions Globally Over 270,000 Motorists to Receive £200 Million in Motor Insurance Compensation After Insurers Improve Their Claims Processes Cross River Redefines Real-Time Card Transaction Approvals with its Advanced Authorization Offering Kamel Pay Wins In-Principal Approval From UAE Central Bank MCO Strengthens Compliance Oversight for Financial Services Firms and Banks Fintech Innovator PaySelect Launches New Platform Set to Revolutionise the Payment Industry Branch Launches “Branch Embedded” to Power Fast, Flexible Worker Payments Directly Within Platforms Auquan Releases First Purpose-Built AI Agent for Financial Credit and Deal Analysis

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Tom Bentley and Anthony Jenkins of 10x Banking announce partnership with The Co-operative Bank of New Zealand

EXCLUSIVE: The 10x Technology Supporting ‘Life’s Ledger’ for 180,000 Community-Minded Kiwis

Chase, the UK mobile-only challenger spun out by US giant JP Morgan in 2021, and […]

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Fintech TV

The Fiftieth Fintech Fix from Fintech Finance

In today’s milestone episode, Doug Mackenzie finds out about subscription services, how you can use […]

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Response to the Latest ONS Fraud Statistics

Josh Gunnell, head of fraud & ID pre-sales at TransUnion in the UK, comments on the latest fraud statistics from the Office for National Statistics

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Non-profit fintech to take on high cost credit industry starting with Gov’t-backed investment Non-profit responsible credit provider Fair for You (FfY) is ready to scale up and take the fight to predatory lenders, thanks to a new £7.5 million investment from some of the country’s biggest social investors and foundations. The investment, which includes £5 million in dormant assets funding from the Government-backed Fair4All Finance, gives further firepower to the social enterprise, whose loans allow customers unable to access mainstream credit to buy essential household items from retail partners including Whirlpool, Dunelm, Argos and Carpetright. Independent impact data shows that the majority of FfY customers are able to stop using high-cost providers as a result. Seven social investors have pulled together into a perpetual bond providing quasi capital of £7.5m which secures FfY’s balance sheet and allows it to leverage commercial funding to take on the high cost credit sector. Alongside Fair4All, the investment comes from six of FfY’s existing social investors: Joseph Rowntree Foundation, Esmee Fairbairn, Tudor Trust, Barrow Cadbury Trust, Robertson Trust and Ignite. This is the first time a perpetual bond has been used to fund affordable credit – with £4.35m upfront rising to £7.5m when fully drawn down from Fair4All. Tenfold growth This investment round alone will allow the social enterprise to lend to many more families in need, rising from 25,000 loans last year to 250,000 loans per year in five years’ time. This will deliver at least £58m in cost savings to these customers each year through avoidance of high-cost short term credit. Following the successful completion of the first phase of the perpetual bond, FfY has appointed Sarah Gardiner, formerly head of investor relations at Nationwide to lead on commercial fundraising. Sarah Gardiner, head of growth strategy at FfY, said: “I’m very excited to have joined Fair for You at a pivotal time. By lending responsibly and sustainably to tens of thousands of lower income households, Fair for You has demonstrated the huge opportunity to fill this much needed gap in the market. We are growing and diversifying our investor base to further boost our rapid growth and broaden the proposition.” Howard Bell, Chair of Fair for You, said: “There are around 15 million people in the UK struggling to access affordable credit who are just one unexpected bill or bit of bad luck away from a crisis. Lockdown has made it harder for families to live without basic items such as cookers and washing machines. The need for Fair for You to scale rapidly has never been clearer. We are delighted to be the first genuine not for profit to use the dormant assets funding and ongoing support from social investors to leverage commercial funding and push out firms that take advantage of financially vulnerable customers.” Sacha Romanovitch, Fair4All Finance CEO, said: “Anyone who meets the team at Fair for You will experience their commitment and passion to make a difference to the lives of the people they serve. “The investment they have already made in tracking their social impact has made this a natural area for them to build on as we develop tools and resources that can be shared with the wider sector. Their key challenge was restructuring their balance sheet to allow them to secure further lending capital alongside support to continue innovation in product design and impact reporting. We are confident that the learning from them will create significant value for the sector as a whole.” Lockdown loans During lockdown, the ethical lender has made around twice as many loans as it did in the same period last year reflecting increased social need and the collapse of high-cost rent-to-own retailer BrightHouse. This current exceptional period of growth exceeds the steady, background growth of around 60% year-on-year. Under lockdown, loans for washing machines have doubled, with applications reflecting the closure of launderettes. The feedback of two recent customers highlight the life-changing impact of a washing machine for those who have been living without: “My mental health has been improved as I am no longer stressed about not having a working washer. I don’t have to wash clothes in the sink by hand.” “We had to wash clothes in the bath which was causing back pain. It’s just a washer dryer to most but to me it’s a miracle.” ENDS

Non-profit responsible credit provider Fair for You (FfY) is ready to scale up and take the fight […]

Everly.eu

Revolut finally extends cryptocurrency trading feature to the US

Revolut announced this Wednesday that it will start offering its cryptocurrency trading services in the U.S.

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HKEX hires top women managers to oversee IPO applications after bribery scandal taints world’s favourite market

Hong Kong Exchanges and Clearing has installed two senior executives to tighten its stock-listing process […]

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India, United States likely to partner on 5G: US-India Business Council chief

India and US are likely to partner on 5G network, US India Business Council (USIBC) […]

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Shanghai stocks set for worst week in 15 months on policy worries, foreign selling

Shanghai shares on Friday were set for their worst weekly drop in 15 months, as […]

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Moneybox secures £30 million in Series C funding and reveals milestone of £1bn in assets

Moneybox, the award-winning saving and investing app, today announces it has secured £30 million in […]

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London-based Private Real Estate Investment Firm Castleforge Partners Closes Fund III

Castleforge Partners, a leading UK-based real estate fund manager, today announced the final close of its third value-add commercial real estate fund at over £270m

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Minted brings gold standard of investing during crisis

As gold hits an all-time high since 2011, investment app Minted is giving millennial investors options through fractionalisation, making it […]

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 Harold Montgomery, Wirex USA | Fintech Finance

Wirex announced that Harold Montgomery has joined the company as Managing Director of Wirex USA.

Founded in 2014, Wirex is a leading mobile payments platform that allows customers to buy, […]

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FinTech Leaders: From investment opportunities to market leaders, what will be the emerging trends for 2021?

The Center for Financial Professionals (CeFPro) an international research, events and media company have launched the third annual FinTech Leaders survey.

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Barclaycard partners with FreedomPay to enhance customer offer

Barclaycard is a new acquiring partner of FreedomPay within the UK and Europe – a leading, global consumer-focused commerce platform

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ACI Worldwide Accelerates Real-Time Payments Modernization with New Digital Overlay Services

New services help banks realise the benefits of real-time payments investment through enhanced digital experiences for consumers, merchants and corporates

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UK fintech Fidel API expands North American presence with US move

Fidel’s financial API provides a single integration into the major card networks, enhancing the value of payment cards

  1. Hidden Costs of Legacy Tech: UK Banks Shelling Out £3.3bn Annually on Managing Core Systems

    Fintech

     Read more
  2. Extend Secures $20 Million in New Capital and Hires Seasoned CFO

    Funding

     Read more
  3. Bivial AG launches Instant 24/7 Swiss Franc (CHF) Payments

    News

     Read more
  4. New Economist Impact Report Finds AI is Reshaping Insurance – Gradually

    Insurtech

     Read more
  5. VoPay Expands Embedded Payments Offering with Real-Time PayPal and Venmo Payouts

    News

     Read more
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