April 3, 2023
FinTech Funding Declines After Two Weeks of High Investment # After two consecutive weeks of robust FinTech funding, the total amount raised in this week’s deals has experienced a noticeable decline. 30 FinTech deals were completed this week, raising a total of $479.4m. This marks a significant fall compared to the previous week when 25 deals garnered $1.1bn and two weeks ago when $7.2bn was raised.
The majority of funding came from the ten largest deals, which collectively pulled in $333m.
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April 3, 2023
UK Government urged to increase investment to boost economic growth # Concerns about the UK economy have been increasing in recent weeks, as the banking sector is threatened by the collapse of major financial institutions, resulting in reduced business confidence across various industries. The current low levels of confidence have impacted stock markets, causing instability, and making investors anxious. The number of Initial Public Offerings (IPOs) has been down globally by 70% in the past year, with only $20bn of deals being completed.
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March 31, 2023
Challenger fintech Penny launches embedded finance proposition to market # Penny, a leading digital lender, has launched Penny Connect, its partner integration solution that will allow small and owner-managed UK businesses to access tech-driven invoice finance via the Penny network through seamless integration with other platforms.
The move aims to address the increasing difficulty that UK SMEs face in obtaining funding, particularly as banks cut back on lending and alternative finance providers focus on traditional lending models.
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March 31, 2023
Discover the Disrupt 2023 Fintech Stage # TechCrunch Disrupt, the annual event for startup founders and investors, has announced its new format for the upcoming event to be held from September 19-21, 2023 at the Moscone Center in San Francisco.
The event will now feature six industry tracks, including fintech, AI, hardware, SaaS, security, and sustainability. In particular, the Fintech Stage will explore the latest trends and challenges in the fintech industry via panels and fireside chats featuring top executives in the field.
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March 31, 2023
Fintech firm Paytrix garners $18.3m in Series A round # The investment was led by Unusual Ventures, Motive Partners and Bain Capital Ventures, with participation from other firms including Hambro Perks, The Fintech Fund, and Better Tomorrow Ventures, among others.
The company plans to use the funds to develop new products and expand its global presence. The funding round comes after Paytrix recently secured a payments institution license in the UK.
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March 31, 2023
Major UK SME Concerns in 2023 Revealed in Report Released by European Fintech iwoca # iwoca, the European fintech, has released its SME Expert Index, highlighting that a third of experts surveyed named increased business running costs as small businesses' top concern.
The report is based on UK finance brokers who submit more than 2,000 SME finance applications per month. The index also reveals that over a tenth of experts were concerned about higher interest rates and having to close their business.
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March 31, 2023
Mass Fintech Hub extends membership # Mass Fintech Hub, a public-private partnership focused on promoting fintech in the Commonwealth, has announced an expansion of its membership. The Hub, which had a successful year of launching event programming to promote fintech, is dedicated to making Massachusetts a global leader in the sector. Led by M&T Bank, the newest members include academic institutions and emerging fintech startups driving innovation in various industries.
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March 31, 2023
Scallop partners with tell.money for open banking compliance # Blockchain-based Banking-as-a-Service (BaaS) platform, Scallop, has partnered with tell.money, a UK-based developer of open banking services for banks and other account providers, to ensure compliance with the Payment Services Directive (PSD2) open banking legislation. Scallop provides licensed financial infrastructure that allows retail and institutional investors to access digital assets through traditional banking accounts.
Meanwhile, tell.money has deployed its gateway service to enable PSD2 open banking compliance.
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March 31, 2023
UK fintech Finverity raises $5 million to ‘immediately increase headcount’ # London-based fintech Finverity has raised $5 million in a recent round of equity funding, with the intention of using the funds to immediately increase its headcount from 40 to 60 employees. The trade and supply chain finance firm experienced a successful 2022 and has recently expanded into Eastern Europe. The oversubscribed round of funding included investors such as Outward VC, Acrobator Ventures, s16vc, B&Y Venture Partners, and private individuals.
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March 21, 2023
AGAM International Partners with SSL to Revolutionize Lending Experience for Bangladesh Merchant and Partner Network # AGAM International, a UK-based fintech, has teamed up with Software Shop Limited (SSL), a Bangladeshi payments gateway system, to transform the lending experience within its merchant and partner network. The partnership will enable instant, end-to-end digital lending through partner banks, ranging from nano loans to BNPL (buy now pay later), and EWA (earned wage access), each powered by AGAM International’s credit scoring system.
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