News Briefing - Crowdfunding, SME And Alternative Finance

Investors meet entreprenurs and a deal is struck with a handhake

1.UK – FinTech / Real Estate

 AltFi News offers a guide to investing in property platforms. 

2. UK – P2P

Peer2Peer Finance News reports:

“GROWTH Street has closed a £10m institutional funding round and said it will use the proceeds to improve its credit decision systems and expand its sales team.

The peer-to-peer business lender’s latest funding round was led by existing investors Merian Chrysalis Investment Company, advised by Merian Global Investors, and Arts Alliance.

Growth Street announced a £7.5m round of funding led by Merian Chrysalis in January 2019 and said this latest fundraise values the firm at £47.5m, up from £27.5m last winter.”

Crowdfund Insider reports:

"Alex Sobel, Labour and Cooperative MP for Northern English district of Leeds North West, has called Bitcoin, “…a right-wing nightmare which facilitates tax evasion, money laundering and environmental degradation.”

He has also warned that, “…the Left has continuously failed to engage with questions of finance, technology, and business…(and) Getting wise to the con-artistry and grift of the crypto movement, and countering its ideological appeal, is necessary…to deal with the inevitable crypto crisis that is lurking around the corner.”

Sobel, who sits on the Environmental Audit Committee, the Backbench Business Committee and who previously ran Social Enterprise Yorkshire, made the comments in an article called “The Bitcoin Scam” he penned for Tribune Magazine in late May.

In the article, Sobel says that, though neoliberalism and nationalism are commonly understood to be the “primary ideological opponent(s) of socialism,” “anarcho-capitalist” ideology has been boosted by the advent of Bitcoin:

“…(L)ibertarians or anarcho-capitalists…believe that the state should be abolished and replaced with a world of pure property rights…For much of its existence this ideology was relegated to subcultures and the political fringe. But, in 2009, it had a major breakthrough: Bitcoin…a digital cash or commodity system whose adherents promise an escape from banking surveillance, fiat currency, inflationary monetary policy, and taxation.”

4. UK – SMEs

 AltFi News on a British Business Bank co-operation:

“Simply, a non-bank lender, focused on SME asset financing has scored a a third financing tranche of £60m from the British Business Bank.

The firm, which recently rebranded from  Simply Asset Finance, received the largest total facility from the Bank’s Enable Funding programme to support more asset finance for smaller businesses

Simply, launched in April 2017 and has now arranged more than £180m of funding to smaller businesses.”

5. UK – AltFi

Finance Feeds on an answer to a question about LCF:

“In the face of the set of inquiries launched into the circumstances around the demise of London Capital & Finance, questions about the entity and its failure continue to pile up. The answers, however, are rare and are far from definite.

On Monday, June 17, 2019, John Glen, Economic Secretary to the Treasury, gave yet another evasive answer when asked about possible ways of compensation of clients of LCF.

Gordon Marsden asked the Chancellor of the Exchequer, whether he plans to establish an ad hoc compensation scheme for people affected by the collapse of London Capital and Finance.”

 

6. US – FinTech

 

Crowdfund Insider runs an announcement from Ripple.

Ripple, a provider of enterprise blockchain solutions for payments, announced on Monday it has formed a new strategic partnership with money transfer service, MoneyGram. Ripple reported that through the new collaboration, which will have an initial term of two years, it will become MoneyGram’s “key partner” for cross-border payment and foreign exchange settlement using digital assets.”

7. International – FinTech

 

A potentially massive move from Facebook is widely covered. Here’s the Daily Mail:

 

“Facebook's ambitious plan for a virtual currency has the potential to disrupt the way people store, spend and send money and open up new business opportunities for the world's leading social network.

The Libra cryptocurrency unveiled Tuesday by Facebook with two dozen partners aims to bring financial services and online commerce to more than a billion "unbanked" people.

Facebook's plan could potentially be as disruptive as its original mission of connecting the planet, and puts the company on a new track as it shifts its emphasis away from being the world's "town square."