News Briefing - Crowdfunding, SME And Alternative Finance

a panel of experts at Another Crowd

1.UK – AltFi

Revolut launches a product aimed at younger consumers.

“Later this year parents using Revolut will be able to issue “Revolut Youth” cards for their 7-18-year-olds, with controlled spending tied to the adult’s account.

Early next year the digital bank plans to launch an entire Revolut Youth app frontend for children to manage their limited accounts from a smartphone.

The move, first reported by Sifted, swings Revolut into competition with the likes of GoHenry and Osper which have focused on building digital banking platforms for Gen Z.

It’s also reported that Revolut Youth users will be automatically converted into full Revolut account holders upon turning 18, further driving the digital bank’s overall growth.”

2. UK - AltFi

AltFi reports:

“Online savings and investments platform Smarterly has partnered with OakNorth Bank to launch a range of Cash Individual Savings Accounts (ISAs). 

The product range includes five Cash ISA Notice accounts, exclusive to Smarterly, ranging from 35 days at 1.05 per cent to one year at 1.25 per cent.

OakNorh,  which earlier this year secured $440m from Softbank's Vision Fund, has cut something of a dash as fintech Cash ISA provider with partnerships now with Moneybox and Monzo.

Similarly with Monzo, it is still preferable - on a purely interest-rate basis - to go directy to OakNorth. Smarterly’s 35 day Notice account has 1.05 per cent annual rate of interest while OakNorth’s own is 1.36 per cent, a 29 basis points difference.”

3. UK - AltFi

The Trading Standards watchdog has been prevented from investigating frauds for more than two years because Action Fraud has failed to pass on intelligence from victims, The Times reports.

“Lord Harris of Haringey, chairman of National Trading Standards, wrote to colleagues last month informing them that the organisation was still “not receiving any referrals from Action Fraud” despite repeated complaints to the police, the Home Office and ministers.

“This is extremely frustrating for all of us,” he wrote. “I believe that consumers and legitimate businesses are being let down.”

4. UK - AltFi

CONRAD Ford, founder and chief executive of Funding Options, is stepping down after eight years of leadership, reports P2P Finance News.

“Funding Options said on Thursday that Ford will remain involved with the business finance marketplace, both as a shareholder and founder.

The firm did not make an announcement regarding Ford’s successor.”

5. International - AltFi

The Cambridge Centre for Alternative Finance (CCAF) has published its 2nd Global Enterprise Blockchain Benchmarking Study. CCAF is the leading Fintech research in the world. The Centre has published multiple reports on the global alternative finance market which are frequently referenced by policymakers and industry participants, reports Crowdfundinsider.

CCAF’s first blockchain report was highly regarded and well-received by industry followers.

This newest report on blockchain “delves into the granular detail of how the enterprise blockchain ecosystem has evolved” since the publication CCAF’s first report in 2017. Between July and November 2018, the Centre collected data from more than 160 entities and 67 live networks. This data was augmented with data collected between April and June 2019 from 67 live enterprise blockchain networks

The research notes that adoption of enterprise blockchains within the private sector has been increasing with several networks moving from ideation to production but the technology is “not a panacea.” Additionally, much of the progress in live projects is via permissioned blockchain networks and not the widely promoted permissionless iterations.