March 21, 2023
Alloy teams up with Kyckr to simplify KYB checks for global firms # Alloy, the Identity Decisioning Platform that serves banks and fintech firms, has announced a collaboration with Kyckr, a corporate KYC provider that offers real-time data on prospective and current customers and suppliers. This partnership offers Alloy’s 350+ clients a potent tool to streamline their KYB checks for firms situated outside the US, such as Carta, Ramp, and Brex.
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March 21, 2023
Bluestone Group to Sell UK Mortgage Lending and Portfolio Servicing Operations to Shawbrook Group # Bluestone Group, a specialist mortgage lender in the UK, has agreed to sell its mortgage lending and portfolio servicing operations to Shawbrook Group in a cash and shares transaction. The deal is expected to close in Q2 2023, and the business will continue to trade under the Bluestone Mortgages (BML) brand with day-to-day operations to be led by existing management.
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March 21, 2023
Challenging Times Lead to Hiring Freeze for Half of Fintech Firms # The current economic climate has led to half of all fintech firms freezing hiring in 2023, with over 4,000 fintech employees losing their jobs in the first half of 2022 alone. The impact of challenging financial times on the sector is further highlighted in a new report by leading technology experts Erlang Solutions.
The report, Exploring Fintech in 2023, examines the industry trends that are set to impact the year ahead.
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March 21, 2023
Fintel hikes dividend by 8% as regulatory compliance boosts growth # Fintech firm Fintel has raised its dividend by 8%, driven by the demand for financial intermediaries to comply with stricter regulations.
Fintel provides compliance, business, and technology services to these intermediaries and has seen strong progress across all its core businesses. Its acquisition of Defaqto for £74.2m in 2019 has doubled its profit contribution and led to a repayment of all borrowings.
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March 21, 2023
HSBC Acquires UK Arm of Silicon Valley Bank for £1 to Save UK Tech Startups # HSBC Holdings has acquired the UK arm of the Silicon Valley Bank (SVB) for £1 ($1.21 USD) to save UK tech startups from a potential collapse. The acquisition came after the California-based SVB could not meet withdrawal demands in the US, raising fears for the UK’s tech and life sciences industries.
The Bank of England released a statement on March 10 about its readiness to place SVB UK into a Bank Insolvency Procedure if there was no significant intervention.
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March 21, 2023
Industry leaders defend the future of fintech at Parliamentary summit # Fintech is here to stay, according to industry leaders who recently spoke at the Parliamentary fintech summit. Despite recent challenges, including the collapses of Silicon Valley Bank and Credit Suisse, a panel of experts defended the sector and outlined their vision for its future.
Regulation was a key topic of discussion, with MP Dean Russell noting that regulating too soon could stifle innovation, while regulating too late or incorrectly could create loopholes.
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March 21, 2023
Sequoia-backed fintech Two raises €18m Series A # Norwegian fintech startup Two has raised €18m in a Series A funding round led by Shine Capital and Antler, with participation from Sequoia Capital, Day One Ventures, and LocalGlobe, among others.
Two offers a B2B buy now, pay later (BNPL) solution to businesses, enabling them to spread costs over 14 days to 12 months across all B2B sales channels. The company’s quarterly growth in the Nordics and UK was 243%, while it captured 58% of the B2B payments through the online channels of its nearly 200 active merchants.
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March 21, 2023
SumUp launches new Kiosk solution to support fast order processing for merchants # SumUp, a fintech company, has launched its new Kiosk solution, aimed at improving the speed of order processing for small restaurants and stadiums. The solution allows customers to order, pay and collect their orders via self-service kiosks, freeing up merchants to focus on other business operations. The Kiosk is fully customisable and has integration options for payments and Point of Sale, as well as support for complex product categories and dynamic price books.
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March 21, 2023
UK Tech Sector Concerned Over Government’s Lack of Support for Start-ups and Scaling-up Companies # The UK tech sector is worried that the government’s lack of support for start-ups and scaling-up companies could see London lose its position as a European tech hub. Although London has a dominant position in terms of the number of tech companies and unicorns, investors and founders fear that the UK capital could lose its edge, as other cities across Europe, such as Paris and Milan, are catching up.
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March 21, 2023
Wenalyze and FintechOS partner on advanced risk analysis and digital capabilities for insurers # Wenalyze and FintechOS have joined forces to provide insurers with advanced risk analysis and digital capabilities that enable them to better understand customer risk profiles, price policies more accurately, and create personalized and relevant insurance products.
The partnership will bring together Wenalyze’s Open Data analytics software with FintechOS’s fintech enablement platform, giving insurers a more comprehensive view of risk.
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