February 13, 2023
‘Buy Now Pay Later’ services gravitated 12% of the UK online spending in January, 2023 # UK online spending amounted to £8bn total in January, while according to Adobe Analytics ‘Buy Now Pay Later’ services accounted for £1bn.
According to the analysis, the number was 10.7% higher than it was last year. BNPL services are offered by a large number of fintech providers, and in 2023 users are more likely to finance more costly purchases since the average order value grew 18% higher than it was in January 2022.
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February 12, 2023
Cashflows partners with with Shawbrook Bank, the UK commercial bank # Shawbrook Bank selected Cashflows as their payment solution provider to process its business finance payments from Feb 1, 2023.
Cashflows is a platform that simplifies payment processing and is now partnering with Shawbrook bank, that delivers personalised , practical lending and saving products. Now, Shawbrook has over 300,000 customers.
The main goal of the partnership is to enhance Shawbrook Bank’s customer experience with Cashflows virtual terminal for over-the-phone payments.
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February 12, 2023
Frasers Group is set to launch new BNPL this year # Frasers Group, a UK retail, sport and intellectual property group, will be launching new financial services. They plan to enable customers to borrow up to £2,000 and buy goods on credit.
Under the new credit product Frasers Plus, customers will be able to defer and split payments or take a loan through the Frasers Group’s application. The BPNL will most likely engage more retailers like Sports Direct, House of Fraser, Jack Wills, and more.
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February 7, 2023
Tech Nation to close down as Barclays capitalises with after securing £12m funding # The Government-backed startup network is to close down for good on March 31, after being present on the market for over a decade.
Tech Nation has announced its plans to permanently close after its government’s Digital Growth Grand being seized in favour of Barclays Eagle Labs.
After serving the startup ecosystem for over a decade, the company that stands behind helping Monzo Bank, Revoult, Just Eat Ocado, and others has announced that it is not an option for them to function without the core government grant funding.
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February 7, 2023
TrueLayer launched an automated onboarding product called Signup+ # The European open banking platform TrueLayer has launched an automated onboarding product using OpenAPI.
Signup+ is focused at solving inefficient registration and account signup processes for business with required verification for onboarding new customers. The team believes that insufficient processes can affect drop-off rates, making them higher than needed.
Usually, onboarding takes a lot of time and manual effort on gathering vans verifying personal information and establishing proof of address.
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January 26, 2023
FIS reveals top investment priorities for 2023 in their new research # FIS, a global fintech company, in their new global innovation report reveal key areas of fintech investment. For this, they studied 2,000 executives at companies across the market to find out their investment plans
FIS completed their research to discover how innovations can affect businesses in 2023 and what payoff awaits for those who submit to an immediate action this year.
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January 25, 2023
Fintech lenders call on UK government to boost SME credit access # A group of fintech lenders including Funding Circle have written an open letter to the government, urging them to improve small businesses’ access to finance.
The letter was signed by the Federation of Small Businesses. The fintech lenders that also co-signed the letter are Codat, Atom Bank, Funding Circle, Iwoca, Allica Bank, SPRK Capital, Recognise Bank, Plaid, Player, OakNOrth, Wiserfunding and TrueLayer.
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January 25, 2023
The UK government is looking for a CBDC Head for Treasury team # The UK Treasury is looking for a CBDC new lead as their LinkedIn post reads. The candidate is expected to work on the Treasury’s potential digital pound.
The job was posted on LinkedIN on January 24, 2023. The potential candidate is expected to lead a Payments and Fintech team composed of 20 people. Among the key accountabilities for this role are determining and delivering the strategic direction for Treasury’s work on a potential UK CBDC, as well as steering the Treasury’s project management and approach to CBDC.
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January 25, 2023
Wahed, Aramco-backed fintech, launches a physical bank in London # Aramco is backing Wahed fintech company as it launches a physical bank in London, UK despite the concerns of a high street bank exodus.
Wahed’s first physical bank in the UK opened on Jan 24th, 2023 on Baker Street. The company is backed by Saudi Arabian oil giant. Among its investors are Kube VC, Paul Pogba, French football star, Cue Ball Rasameel Investment Company and others.
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January 23, 2023
Cambridge is the city with the most entry-level finance job openings # According to CMC Markets, Cambridge beat London to the title of the city with the most entry-level finance job openings with around 13.5 per 100.000 people.
The financial services provider created a rating based on major job search websites research, where Oxford followed Cambridge with 5.55 jobs per 100.000 people. Next is Norwich which closes the TOP-3 cities with the most entry-level finance jobs, reaching 5.
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