1.UK – FinTech
“The peer to peer lending platform Huddle Capital deployed Ablrate’s latest version of their software today in the first move towards integration with ASMX, the blockchain based secondary market being developed in partnership with Ablrate.
CEO of Ablrate, David Bradley-Ward explains “Our continuous mission with our software is to develop its speed, functionality and usability for lenders and those updates are applied to our white label partners. This upgrade is a significant one which also moves the Huddle Capital platform into the cloud”.
New developments available to Huddle are the new user interface including the Portfolio Loan function and a much broader administrative and reporting system. The tax reporting system and better discovery of data in the financial records has gone down well with Ablrate users and will now be available to Huddle users. The platform is now in the cloud, as opposed to being on a dedicated server, which makes the platform much quicker and more easily scalable.”
2. UK – FinTech
“HSBC and Goldman Sachs are among the City heavyweights that have taken part in a $20m (£15m) funding round for money management app Bud.
The fintech firm, which was already backed by HSBC, said on Monday that it would use the proceeds from its Series A fundraise to move ahead with its growth plans. This will include hiring new staff and investing in Open Banking technology.
Other investors in this latest funding round include ANZ, Banco Sabadell and Investec, as well as Lord Fink, the former chief executive of hedge fund Man Group, and 9yards Capital.
Bud’s chief executive Edward Maslaveckas said that he hopes to double the firm’s workforce from 70 to 140 people by the end of 2019.”
3. US – FinTech
Crowdfund Insider reports:
“The board at beleaguered Canadian crypto exchange QuadrigaCX has issued a notice on the exchange’s website stating that the company has filed for credit protection and is struggling to “…locate and secure our very significant cryptocurrency reserves held in cold wallets…(which) are required to satisfy customer cryptocurrency balances on deposit…”
The Vancouver-based crypto exchange has been in hot water for some time.
Quadriga users communicating on forums have long complained about very long fiat withdrawal times at the exchange.
According to the the Globe and Mail, Quadriga has sent emails to users explaining the delays as resulting from the “Canadian banking cartel…conspiring” against the industry to “stifle bitcoin adoption” in Canada.
QuadrigaCX has also been defending itself in court this year for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January.”
4. International – FinTech
The Daily Hodl reports on Ripple’s plans to open an office in Shanghai.
“Ripple is looking for a country manager to launch a new office in Shanghai, China. The San Francisco-based fintech startup says the new tech savvy leader with entrepreneurial energy will spearhead efforts to bring the new international office online, broadening Ripple’s reach in Asia.
The new hire will help shape Ripple China to expand RippleNet’s growing list of 200 banks and financial institutions. To penetrate the Chinese market, Ripple is looking for a seasoned professional with a proven track record and a network of contacts. Candidates will need to be “deeply familiar with the payments landscape (across commercial banks, central banks, payment providers, regulators, etc.) and how it works not just in mainland China but also Greater China.”
China is second in the world in remittances at $67 billion a year, according to the World Bank.
The company currently has offices in San Francisco, New York, London, Mumbai, Sao Paulo and Sydney. Its reach into China is part of long-term strategy to build RippleNet as the global leader in cross-border payments, rivaling incumbent Swift, the global messaging network for over 11,000 banks and financial institutions.”
5. International – SMEs
“Ireland's pillar banks have lost sight of small and medium business and gifted a marketplace to alternative lenders, according to the head of specialist lender CapitalFlow.
Chief executive Ronan Horgan said that the likes of AIB and Bank of Ireland are more interested in "vanilla-style" residential mortgages, car loans, and large-scale corporate facilities.
His business has lent around €260m to smaller companies across the country since establishing here three years ago. The company has also announced plans to lend more than €300m in 2019 and add an extra 20 staff.”
6. International – SMEs
Singapore’s The Independent looks at non-traditional funding sources for local SMEs.