UBS closes robo-advisor Smartwealth after less than two years August 29, 2018 Swiss banking giant UBS has closed its robo-advice service Smartwealth less than two years after its UK launch. The platform, which was established in November 2016, had satisfactory commercial progress, UBS said in a statement, but was shut down after the "near-term potential" was judged to be limited. Customers were told that money will continue to [...]
DEBATE: As UBS factors in Instagram influence, should investors value a brand’s social media presence? August 28, 2018 As UBS factors in Instagram influence, should investors value a brand’s social media presence? YES, says Rashid Ajami, founder of Connectt. Social media engagement has changed dramatically in recent years, moving from a more traditional form of display advertising that is pushed directly into people’s newsfeeds towards a more considered strategy where brands engage in real-time interactions [...]
Crowdfunding goes stateside: Seedrs strikes deal with Angelist’s Republic August 28, 2018 London-based equity crowdfunding platform Seedrs has landed a strategic partnership with US site Republic, pushing its expansion stateside. The deal means UK startups will be able to run joint crowdfunding campaigns in both countries, targeting investors on either side of the Atlantic. Republic, which is the sister company to well-known individual investor site Angelist, said the relationship [...]
Exclusive: Monzo plans to crowdfund £20m as it chases coveted ‘unicorn’ status August 23, 2018 Digital bank Monzo is planning an equity crowdfunding round to raise £20m from its customers as it gears up to receive a $1bn valuation from new investors later this year, Morning Wire has learned. The round will be one of the UK’s largest crowdfunding round to date, rivalled only by Scottish craft beer maker BrewDog, [...]
Revolut’s Metal card offers customers cryptocurrency cashback August 22, 2018 Fintech darling Revolut today offered customers cashback in the form of cryptocurrency if they sign up to its new Metal account tier, as it aims to generate more revenue from its 2.5m customers. Those who adopt the steel card can get up to one per cent cashback in either fiat or digital currency on transactions made [...]
Halal digital investment platform gets FCO approval August 21, 2018 The UK's first digital Halal investment platform has been approved by the Financial Conduct Authority. New York-based Wahed will invest in a global portfolio of ethically responsible stocks, Islamic bonds and gold, which will be assessed by a full time ethical review board. The board will screen against funds related to excess debt, tobacco, alcohol, firearms, gambling, adult [...]
Financial Conduct Authority launches ‘global fintech sandbox’ August 7, 2018 The Financial Conduct Authority (FCA) has joined financial regulators from around the world to create a new global network to boost fintech innovation. The Global Finance Innovation Network (GFIN) will aim to provide a more efficient method for innovative fintech firms to interact with regulators. The City watchdog has launched a consultation on the main [...]
London fintech serves up UK-wide partnership with sushi chain Itsu August 7, 2018 London-based fintech firm Flux will roll out a UK-wide deal with sushi chain Itsu that could see users receive nutritional information sent straight to their phones. Starting today, users who have opted in with Flux's banking partners will receive an itemised digital receipt inside their banking app when they pay with their card at any [...]
Going for gold: London fintech Glint is heading to the US and Japan, and will be raising £15m to do it July 12, 2018 Glint, a London startup that lets you spend and save in physical gold, is looking to raise a £15m Series A to help bolster its target of launching in the US and Japan by the end of the year. First launched in the UK in November last year, Glint offers its users a pre-paid Mastercard [...]
Mastercard is in talks with UK banks to take biometric technology to the forefront of payments security July 8, 2018 Mastercard is exploring the possibility of trialling its fingerprint-scanning cards in the UK, as the second Payment Services Directive (PSD2) rears its head on financial fraud. Currently under trial in South Africa, Mastercard's biometric card combines chip technology with a fingerprint scanner on the card's top right corner to verify the cardholder's identity when making [...]