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The Latest Breaking News from fintech

Small loans: microcredit means more people can borrow money – but more scrutiny is also needed

Undoubtedly, financial technology (fintech) is driving greater financial inclusion. Innovations are giving people more access to financial services through mobile and computing services, the internet, and payment cards. One of these services is microcredit: small loans for individuals and informal businesses.

The Conversation

London fintech Updraft raises £108 million to grow lending business

Lending firm Updraft today became the latest London fintech to ramp up its expansion plans after it completed a £108 million debt and equity raise to scale up operations.

Evening Standard

‘Tarabut Gateway’ CEO: Open Banking Has Tripled in The Middle East

Abdulla Al-Moayed, CEO and founder of the Dubai-based fintech company Tarabut Gateway, revealed that open banking has become a strategic option for growing digital transformation in regional countries as they move towards digital payments and cashless societies. Banking through fintech in the Middle East has tripled at a time when…

Asharq Al-Awsat

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London fintech Checkout.com sees valuation plunge to $11 billion

The Shoreditch-based business had been valued at as much as $40 billion in January

Evening Standard

Congress Has a New Scapegoat for COVID Fraud: Banking Apps

Fintech platforms facilitated fraud in the Paycheck Protection Program, according to a new congressional report.

Reason

FTX collapse shakes up Chicago crypto market, where its US trading platform was going to be the next big thing

CHICAGO — When the FTX.US headquarters opened in a gleaming new Fulton Market tower in May, Mayor Lori Lightfoot and her retinue stopped by to officially welcome the cryptocurrency exchange to Chicago, a city positioning itself as a financial center for the booming digital assets.

Chicago Tribune

The Standard View: Averting the rail strike would be a Christmas miracle

Passengers have already been advised to organise travel plans well in advance of Christmas. Now it’s a necessity. The RMT union has announced a further wave of strike action from Christmas Eve to December 27. This is in addition to walkouts throughout the month and into January.

Evening Standard

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London overtakes New York and San Francisco for fintech funding

The capital has combined its strengths in financial services and tech to become a world powerhouse in fast growing areas such as payment processing and online banking

Evening Standard

A congressional report says financial technology companies fueled rampant PPP fraud

Fraud in the Paycheck Protection Program, which gave potentially forgivable loans to small businesses during the pandemic, was largely due to financial technology companies, according to a new report.

WEKU

London fintech Zopa bucks layoff trend with new hiring and pay hike

The firm is set to raise minimum salaries more than 20% to £27,000 to attract and retain top tech talent

Evening Standard

PPP firms gave selves loans, bought Porsche, $8M home, says report on COVID loan fraud

WASHINGTON — Some of the most prolific online lenders in the federal Paycheck Protection Program had remarkably lax fraud protection controls even as they approved billions of dollars worth of loans in the COVID-19 small business relief program.

McClatchy Washington Bureau

London’s race to the fintech frontier puts it in pole position for attracting start-ups

Survey among ‘unicorn’ firms shows the capital is doing well in the battle for talent

Evening Standard

London fintech Wise recruits over 1,000 new employees as sales boom

The firm plans to recruit a further 300 roles, of which 100 are London-based

Evening Standard

Trade department announces first Scottish 'export champions'

The 13 business leaders have been chosen from key sectors, including energy, food and drink and fintech

Insider UK

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The News Lens

Taipei Entrepreneurs Hub Demo Day 2.0 Debuts at the Taipei Expo with Over Ten International Startups in Four Innovative Sectors SPONSORED

"Taipei Entrepreneurs Hub Demo Day 2.0," the annual industrial talent exchange program consisting of a demo day and a matchmaking event, debuted at the "2022 Taipei International Startup Week," where 10 overseas startup teams, the winners of twoonline pitch contests, met with 3 native startups from Taipei. These teams have…

Birmingham Post

Nine Northern Ireland names make it onto list of fastest growing tech companies on the island

Belfast-based fintech company Lightyear, which appears in the Deloitte Fast 50 for the first time, is the highest ranked Northern Ireland business

Chicago Sun-Times

Closed accounts, no money: Chime app users complain they were suddenly shut out of their online accounts

Consumers have filed hundreds of complaints saying accounts with the popular fintech app were closed without warning. The company says it can close them “for any reason or no reason.”

Evening Standard

London fintech unicorn Zilch poised to begin wave of layoffs as downturn hits buy now pay later sector

Zilch joins rival Klarna in making a series of layoffs in a bid to cut costs as investors weigh the prospects for BNPL firms after higher borrowing costs squeeze profits

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Birmingham Post

Fintech startup makes move to Cardiff following equity investment

The company recently closed a pre-seed round of £520,000 led by the Development Bank

The Street

How Has Fintech Affected Unbanked Populations?

Digital financial solutions have steadily increased global access to banking. Here are the benefits and drawbacks.

The Conversation

Dramatic collapse of the cryptocurrency exchange FTX contains lessons for investors but won't affect most people

In the fast-paced world of cryptocurrency, vast sums of money can be made or lost in the blink of an eye. In early November 2022, the second-largest cryptocurrency exchange, FTX, was valued at more than US$30 billion. By Nov. 14, FTX was in bankruptcy proceedings along with more than 100…

Birmingham Post

Fintech start-up Agam relocating to Wales following latest investment round

Investors in the round include the Development Bank of Wales

Fortune

“This is fraud:” Coinbase CFO says of FTX as more crypto fintechs get caught in contagion

Alesia Haas is trying to assure consumers that FTX was merely a bad actor and is not representative of the whole industry.

Benzinga

10 Maryland Fintechs Aiming To Make Your Financial Life Easier

If you’re into fintech, you’ll want to join the more than 1,000 attendees expected at this year’s Benzinga Fintech Deal Day & Awards. Make critical connections with successful fintech leaders, and meet more fintech business leaders in one day than you would in a year.

StockNews.com

3 Fintech Stocks to Avoid Into the End of 2022

The pandemic brought massive growth opportunities for the fintech industry as investments in the sector boomed. However, the deteriorating macroeconomic conditions have dampened investors’ faith in the industry’s prospects. Amid this backdrop, it could be wise to steer clear of fundamentally weak fintech stocks Block (SQ), Marathon Digital Holdings (MARA),…

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