London-based Fintech company TransferWise continues to go from strength to strength, posting record post-tax profits for the third year in a row. By the end of its current financial year, the company posted £10.3 million in net profit, increasing last year’s strong performance by 66%. At £179 million, turnover has risen by some 53%. CNBC.
All in one infrastructure service providers have made it easier than ever to launch your own Fintech startup. The ease with which the necessary infrastructure can be put in place is also likely to impact on financial services technology. Together, they are probably the leading trends in starting up any Fintech business. Forbes.
Early-stage Fintech investors Anthemis, in conjunction with Barclays Bank, have set up the New York-based Female Innovators Lab. The vehicle is based on a studio model to encourage Fintech startups by women through initial, pre-seeding investment. Fast Company.
Credit card giants Visa and MasterCard seem poised to make an entrance into the world of Fintech banking. The two card issuers have a joint value of around $700 billion. Their size, standing and reputation are certain to boost the fortunes of Plain – an operating system for digital banking – in which they have just invested. Yahoo Finance.
Crypto-currency service provider BitPay is striking partnerships with dealers in precious metals to allow customers to pay for orders of between $100 and $250,000 in Bitcoin. Dealers who have so far signed up to such payments include JM Bullion and APMEX in the United States and BitGild in Holland. Visionary Finance.
A recent report by the World Economic Forum reveals that more than 40 central banks in different parts of the world are readying themselves for transactions involving digital currencies and blockchain technology. Their use may have particular appeal in countries with currently undeveloped banking systems and many residents still without access to banks. Fintech News.
Digital bank Monzo is keen to establish its credentials as a socially responsible Fintech company. Having already introduced a block on accounts to curb spending on gambling, it is now introducing a similar feature to block spending in high street shops chosen by customers – such as fast-food chains. Wired.
Research suggests that the fast-growing use of digital banking services offered by alternative Fintechs could result in losses to traditional banks of some £8 billion by the year 2025 – undercutting their revenue from payments by more than 18%. FN London.
Australia is proving an exception to an otherwise global decline in investment in Fintech companies. Along with other notable exceptions such as the UK and US, Australian Fintech startups received $400 million in new funding in the past 6 months alone. Fintech Business.
Life Leadership is a loyalty program for shops and stores with a difference – it’s based on the use of crypto-currencies. As a regular loyalty scheme, it hopes to address some of the shortcomings in the use of crypto-currencies – few users, high fees, price volatility, slow speed of transactions, and lack of customer awareness. Visionary Finance.