Fintech

Fintech Allica Bank takes on AIB SME lending portfolio

Allica Bank is to acquire around 2,000 SME customers and some £600 million of associated lending from AIB Group (UK) Plc following AIB’s exit from the SME market in Great Britain. The deal is the first major transaction for the fintech challenger bank since its launch in March 2020 and the acquisition brings forward Allica’s target profitability date to the middle of 2022, with the total combined lending book forecast to be over £1 billion, based on continued organic growth combined with the quality of the AIB SME lending portfolio.

Fintech Allica Bank takes on AIB SME lending portfolio

Nov 24, 2021

Allica Bank is to acquire around 2,000 SME customers and some £600 million of associated lending from AIB Group (UK) Plc following AIB’s exit from the SME market in Great Britain. The deal is the first major transaction for the fintech challenger bank since its launch in March 2020 and the acquisition brings forward Allica’s target profitability date to the middle of 2022, with the total combined lending book forecast to be over £1 billion, based on continued organic growth combined with the quality of the AIB SME lending portfolio.

Open Banking’s potential to enhance consumer access to credit hampered by lack of knowledge

Consumer understanding of the potential offered by Open Banking remains low, but there is substantial untapped demand for Open Banking to provide improved access to credit during and post the Covid-19 pandemic, according to research from digital bank Zopa.

Open Banking’s potential to enhance consumer access to credit hampered by lack of knowledge

Sep 22, 2021

Consumer understanding of the potential offered by Open Banking remains low, but there is substantial untapped demand for Open Banking to provide improved access to credit during and post the Covid-19 pandemic, according to research from digital bank Zopa.

Fintechs turn attention to India to drive growth

India is emerging as a major global driver of post-pandemic growth with one of the fastest growing fintech markets in the world, driven by rapid changes in access to digital banking services among the population. Overall transaction values through fintech platforms are expected to nearly triple in the next three years to $102 billion as several factors accelerate market development.

Fintechs turn attention to India to drive growth

Feb 18, 2021

India is emerging as a major global driver of post-pandemic growth with one of the fastest growing fintech markets in the world, driven by rapid changes in access to digital banking services among the population. Overall transaction values through fintech platforms are expected to nearly triple in the next three years to $102 billion as several factors accelerate market development.

New tech-based partnership for Propel Finance with high-street giant Barclays

Propel Finance, a UK-based specialist asset finance lender, has announced its first high-street bank collaboration with Barclays in an effort to significantly expand its reach across the UK small business landscape. The partnership will see Barclays’ one million SME customers gain access to an online platform for asset financing solutions through its UK Business Banking Network – of which Propel is now a part – and is aimed at SME clients with up to £6.5 million turnover and agriculture clients with up to £25 million turnover.

New tech-based partnership for Propel Finance with high-street giant Barclays

Dec 02, 2020

Propel Finance, a UK-based specialist asset finance lender, has announced its first high-street bank collaboration with Barclays in an effort to significantly expand its reach across the UK small business landscape. The partnership will see Barclays’ one million SME customers gain access to an online platform for asset financing solutions through its UK Business Banking Network – of which Propel is now a part – and is aimed at SME clients with up to £6.5 million turnover and agriculture clients with up to £25 million turnover.

Pandemic sparks efficiency surge for finance professionals, says new research by Onguard

Some 66% of financial professionals reported working more efficiently since March due to home working and the rapid digitisation that became necessary as the lockdown went on, according to new research by fintech company Onguard. The survey into the impact of the pandemic on the finance sector revealed that the pandemic was the primary factor that sparked this surge in efficiency. However, it was not the only factor. Some 71% of respondents agreed that their department was able to adjust to home working within just a few days.

Pandemic sparks efficiency surge for finance professionals, says new research by Onguard

Sep 29, 2020

Some 66% of financial professionals reported working more efficiently since March due to home working and the rapid digitisation that became necessary as the lockdown went on, according to new research by fintech company Onguard. The survey into the impact of the pandemic on the finance sector revealed that the pandemic was the primary factor that sparked this surge in efficiency. However, it was not the only factor. Some 71% of respondents agreed that their department was able to adjust to home working within just a few days.

Onguard supports finance industry to drive cashflow that will underpin future growth

As economies restart following global lockdowns caused by Coronavirus, cashflow will be vital for many businesses. The finance industry faces a delicate balancing act; long-term growth will depend on answering the funding requirements of customers who need finance, but payments need to resume from current customers emerging from a payment freeze, who may need ongoing help in the face of the ongoing business disruption caused by the pandemic. Executives at Onguard, the fintech specialising in the order to cash payment process, believe their business has a critical role to play in helping the industry return to normal by driving the cashflow that will support future growth.

Onguard supports finance industry to drive cashflow that will underpin future growth

Jul 13, 2020

As economies restart following global lockdowns caused by Coronavirus, cashflow will be vital for many businesses. The finance industry faces a delicate balancing act; long-term growth will depend on answering the funding requirements of customers who need finance, but payments need to resume from current customers emerging from a payment freeze, who may need ongoing help in the face of the ongoing business disruption caused by the pandemic. Executives at Onguard, the fintech specialising in the order to cash payment process, believe their business has a critical role to play in helping the industry return to normal by driving the cashflow that will support future growth.

Close Brothers Asset Finance combines tradition and technology as it builds a platform for growth

The Coronavirus epidemic has thrown into sharp focus the vital importance of businesses being agile and able to adapt to change in both the long and short-term. Business leaders have had to respond quickly and think differently about how they run their operations and, for the most innovative companies, this has played to their strengths. At Close Brothers Asset Finance, adapting to change is part of the culture; the business prioritises close industry relationships so it can respond as markets develop and change, ensuring its products and services meet customer needs and the business remains resilient. Asset Finance International caught up with chief executive officer Neil Davies (pictured) as the business engaged new working methods in response to the virus by getting employees to work from home, where possible, increasing video and telephone conferencing, and limiting travel between the offices that remain open, while maintaining high service levels in response to customer needs.

Close Brothers Asset Finance combines tradition and technology as it builds a platform for growth

Mar 24, 2020

The Coronavirus epidemic has thrown into sharp focus the vital importance of businesses being agile and able to adapt to change in both the long and short-term. Business leaders have had to respond quickly and think differently about how they run their operations and, for the most innovative companies, this has played to their strengths. At Close Brothers Asset Finance, adapting to change is part of the culture; the business prioritises close industry relationships so it can respond as markets develop and change, ensuring its products and services meet customer needs and the business remains resilient. Asset Finance International caught up with chief executive officer Neil Davies (pictured) as the business engaged new working methods in response to the virus by getting employees to work from home, where possible, increasing video and telephone conferencing, and limiting travel between the offices that remain open, while maintaining high service levels in response to customer needs.

Liberis’ unique small business card-sales model set for European growth

In January, Liberis successfully completed a £32 million investment round from FTV Capital. This latest funding round enabled the London-based fintech to continue its expansion plans of its unique small business funding model and “reshape small business finance for good”. The financial crisis of 2007-2008 had many knock-on effects, but particularly hard hit were small businesses and their access to funding. The crisis was also the turbulent and uncertain birthplace of Liberis – a company “born out of necessity”.

Liberis’ unique small business card-sales model set for European growth

Mar 04, 2020

In January, Liberis successfully completed a £32 million investment round from FTV Capital. This latest funding round enabled the London-based fintech to continue its expansion plans of its unique small business funding model and “reshape small business finance for good”. The financial crisis of 2007-2008 had many knock-on effects, but particularly hard hit were small businesses and their access to funding. The crisis was also the turbulent and uncertain birthplace of Liberis – a company “born out of necessity”.

Metro Bank targets SME growth with launch of direct debits for business customers

Metro Bank is introducing direct debit origination for business customers in a partnership with Bottomline Technologies. The new direct debit service for SMEs will be launched in the coming months, allowing business customers to create, automatically collect and manage payments via direct debit. Around 76% of regular payments are made by direct debit and more than 15% of small and 30% of medium-sized businesses accept direct debit as a payment method.

Metro Bank targets SME growth with launch of direct debits for business customers

Feb 21, 2020

Metro Bank is introducing direct debit origination for business customers in a partnership with Bottomline Technologies. The new direct debit service for SMEs will be launched in the coming months, allowing business customers to create, automatically collect and manage payments via direct debit. Around 76% of regular payments are made by direct debit and more than 15% of small and 30% of medium-sized businesses accept direct debit as a payment method.

HTB chooses Ping Identity to improve security and customer experience

Hampshire Trust Bank (HTB) is partnering with Ping Identity to provide secure digital access to its products and services. The software will be rolled out across services throughout 2020. The Ping Intelligent Identity platform is used by major banks, building societies and financial service providers.

HTB chooses Ping Identity to improve security and customer experience

Feb 21, 2020

Hampshire Trust Bank (HTB) is partnering with Ping Identity to provide secure digital access to its products and services. The software will be rolled out across services throughout 2020. The Ping Intelligent Identity platform is used by major banks, building societies and financial service providers.

Ride-hailing giant Uber banned in Colombia in latest legal setback

Ride-hailing giant Uber has been forced to cease operating in Colombia after a legal ruling Following a lawsuit from taxi service platform Cotech, the country’s Superintendencia de Industria y Comercio (SIC) stated that Uber was competing unfairly and banned the platform from operating. The company has operated in Colombia since 2013 and before its departure at the end of January had 88,000 drivers and 2.3 million active users. It said damages resulting from its dispute with Colombia could exceed $250 million.

Ride-hailing giant Uber banned in Colombia in latest legal setback

Feb 05, 2020

Ride-hailing giant Uber has been forced to cease operating in Colombia after a legal ruling Following a lawsuit from taxi service platform Cotech, the country’s Superintendencia de Industria y Comercio (SIC) stated that Uber was competing unfairly and banned the platform from operating. The company has operated in Colombia since 2013 and before its departure at the end of January had 88,000 drivers and 2.3 million active users. It said damages resulting from its dispute with Colombia could exceed $250 million.

Dubai fintech partners with Bankable to disrupt European digital payments market

A Dubai-based fintech specialising in payment processing is set to launch a new digital banking solution in Europe as part of worldwide expansion. OG Bank and OG Pay includes a chat-based payment wallet and a digital point of sale (POS) that can be operated from mobile devices. OG Bank and OG Pay have signed an agreement with Bankable, the global designer of ‘Banking-as-a-Service’ solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany.

Dubai fintech partners with Bankable to disrupt European digital payments market

Jan 31, 2020

A Dubai-based fintech specialising in payment processing is set to launch a new digital banking solution in Europe as part of worldwide expansion. OG Bank and OG Pay includes a chat-based payment wallet and a digital point of sale (POS) that can be operated from mobile devices. OG Bank and OG Pay have signed an agreement with Bankable, the global designer of ‘Banking-as-a-Service’ solutions, to offer digital banking and digital payment solutions primarily in the UK and Germany.

Innovation Finance rolls out QuickFi mobile-first equipment finance solution to global acclaim

An industry-first smartphone-based equipment finance solution that can initiate and complete loans of up to $5 million in minutes has been launched. QuickFi has been developed by US-based Innovation Finance, which was started by chief executive officer Bill Verhelle, the former CEO and co-founder of First American Equipment Finance and a former chairman of the Equipment Leasing and Finance Association. Its digital-first approach led to QuickFi receiving the FinTech Innovator of the Year Award at the International Asset Finance Network awards ceremony in London in December 2019 and also receiving the PowerUP London Changemaker of the Year trophy.

Innovation Finance rolls out QuickFi mobile-first equipment finance solution to global acclaim

Jan 13, 2020

An industry-first smartphone-based equipment finance solution that can initiate and complete loans of up to $5 million in minutes has been launched. QuickFi has been developed by US-based Innovation Finance, which was started by chief executive officer Bill Verhelle, the former CEO and co-founder of First American Equipment Finance and a former chairman of the Equipment Leasing and Finance Association. Its digital-first approach led to QuickFi receiving the FinTech Innovator of the Year Award at the International Asset Finance Network awards ceremony in London in December 2019 and also receiving the PowerUP London Changemaker of the Year trophy.