1.UK – P2P
“P2P GLOBAL Investments has blamed writedowns in the value of two equity stakes and bad debts from Funding Circle for a “disappointing” performance in July.
The alternative finance-focused investment trust delivered a 0.33 per cent NAV return for the month of July, down from 0.48 per cent the previous month. This brought the trust’s year to date return to 2.88 per cent, and 23.93 per cent since inception.”
2. UK – P2P
“Small business lender Ultimate Finance said it will pull out of the unsecured loans market allowing it to remain “responsive to market conditions”, amid anaemic UK economic conditions.
The Bristol-based alternative credit firm said its new move will begin immediately, allowing it to focus on other loan products such as invoice finance, asset finance and bridging loans.
Ultimate Finance, formed in 2002, is part of the Tavistock investment group, owned by British-Bahamas-based billionaire Joe Lewis, who also owns London football club Tottenham Hotspur.
The small business finance firm’s move comes after a weaker pound, caused by heightened Brexit uncertainty, helped the UK’s dominant services sector unexpectedly improve in July, according to a survey of business executives.”
3. UK – FinTech/Equity
“Curve, the over-the-top banking platform which consolidates multiple cards and accounts into one smart card and one even smarter app, has smashed records by raising £4million just minutes after launching its first ever crowdfunding campaign, making it the fastest startup to reach the figure in history.”
4. UK – AltFi
“The Solicitors Regulation Authority has warned investors in the stricken Allansons litigation funding investment scheme that an individual is falsely purporting to represent the SRA as part of a recovery fraud.
Allansons LLP ran a litigation funding scheme offering returns of up to 50% over a 6-18 month term, which third-party introducers claimed was “low risk” and “100% secure”. By September 2018 investors were complaining about the lack of any returns, and in May 2019 the SRA shut Allansons down.”