Bank of London retains $1.1bn value with new investment # Bank of London, the fintech clearing bank that only received its banking licence last month, said today that it has received an additional $40 million in cash as it prepares to go live. In a funding round led by Mangrove Capital Partners and 14W Venture Capital, the London-based clearing bank said it has kept its “unicorn” value of $1.1 billion. ...
Fraud-fighting US unicorn Alloy opens in the UK # Digital startup Alloy is crossing the ocean to provide its services to the British. Founded in 2015 by CTO Charles Hearn, CEO Tommy Nicholas, and President Laura Spiekerman, the company works with 350 financial institutions and fintech companies across North America to fight fraud and financial crime. Alloy calls itself an “identity solutions platform” that makes it easier for fintech companies and their customers to work together. ...
London Bank raises $40M series C extension # The Bank of London’s Series C investment round has been increased by $40 million. Following the announcement of the new financing on February 8, the bank’s Series C financing now stands at $130 million, in line with the $1.1 billion valuation achieved during the first round of financing in 2021. Since that announcement, the company has raised a total of $160 million. ...
Merchant Money raises £115m # Barclays Bank and a new partner, Quilam Capital, have given £115 million to the UK business lender Merchant Money. Merchant Money will use the new senior financing facilities to add more secured and unsecured loans to its portfolio. Merchant Money thinks it is in a good position to increase its share of the small and medium-sized business (SME) finance market, even though “challenging market circumstances” have caused many traditional banks and alternative lenders to pull back. ...
UK blockchain carbon offset platform receives $45M startup investment # Carbonplace says it will use the money to improve its services and turn itself into the “Swift of Carbon Markets”. Carbonplace, a blockchain platform for carbon credit transactions, has raised $45 million from nine founding institutions that together control $9 trillion in assets, according to a press release issued on February 8. Among them are BBVA, BNP Paribas, CIBC, Ita Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC, or UBS. ...
Lending fintech Salad Money secures £40mn debt facility # Salad Money has raised £40 million in a new credit facility to help Britons avoid high-interest payday loans. Salad Money has gotten a £40 million credit line from a US-based lending fund. They did this by using open banking to get low-cost loans for their customers. Salad Money is an online lender that provides small loans to civil servants in the UK. ...
Revolut continues crypto push with ‘staking’ feature # Revolut now supports crypto staking, and customers who want to invest in crypto assets can take advantage of Revolut’s new crypto feature that allows them to lend their assets in exchange for rewards. Crypto staking is the practice of lending assets to maintain the integrity of the blockchain network. The bet is made for a certain period of time, during which the consumer has the right to receive more tokens or a portion of the transaction fee. ...
UK Fintech Nucleus365 Introduces European Instant Payments # Nucleus365 is a payment company based in the UK that offers a single platform for international payment processing, currency exchange, and connected banking. For its European customers, Nucleus365 has made Rapid Transfer available. Customers can use their bank details to make quick payments to retailers using Rapid Transfer, with money often being credited the same business day. The system offers a replacement for credit cards and is available to retailers around the world, making it easier for them to enter the European market. ...
Britcoin: UK government reveals ‘digital pound’ plans # The Treasury and the Bank of England are looking into the idea of making a central bank digital currency (CBDC). According to a recent study done by the UK Treasury and the Bank of England, it is likely that a digital pound will be needed in the future. The Bank of England will issue the digital pound and make it available through digital wallets. ...
Ceviant acquires PSSP licence from CBN # The Central Bank of Nigeria has given Ceviant, a UK-based financial technology company that helps businesses with treasury and trade solutions, a Payment Solutions Service Provider (PSSP) licence. With this licence, Ceviant is now legally able to help its customers in Nigeria send and receive money electronically and process payments. With the permissions given by this licence, organisations can centrally manage their banking operations, such as account balances, payments, transactions, etc. ...