News Briefing - Crowdfunding, SME And Alternative Finance

Gaalloping racehorses used as a metaphor for investment crowdfunding.

1.UK – AltFi

The Telegraph reports:

“Monzo customers have hit out at chaos over refunds after the online lender cancelled a monthly subscription service.

The bank is scrapping a £6-a-month service which gives customers perks including travel insurance and special bank card designs known as “Monzo Plus,” and said it would issue refunds to some customers.

But savers have complained that Monzo is not being clear about who will get a refund – and blasted the bank for a lack of communication.

Monzo users described the confusion around the changes as a “debacle” and “fiasco” as some customers were able to get their money back from the business, while others were not.”

2. UK – AltFi

UKTech News reports on unicorns.

“New analysis by crowd-funding platform Crowdcube has shown that the platform has helped fuel the growth of three out of 16 of the UK’s active unicorns – or 19% of the herd.

The three big unicorns here are BrewDog, Revolut and Monzo. Harnessing their customer-facing brands, the craft beer, money transfer and challenger bank have built huge campaigns with Crowdcube’s fundraising platform so customers could take a stake in the businesses.”

3. UK – AltFi

Administrators overseeing Glint emailed customers last night to confirm that cash deposits have all been reconciled and are accounted for, although withdrawals are still frozen, reports AltFi.

“We are pleased to update that the Administrators have not identified any reason to believe there are any deficiencies or inaccuracies in the Customer Funds held,” Glint wrote in its email to customers.

Unfortunately Glint’s bank froze its safeguarded accounts on Friday as per its insolvency procedure, and the administrators have yet to secure its unlocking.

As for Glint’s gold supplies, the Administrators at FRP Advisory LLP have requested an independent statement from Glint’s Gold Liquidity provider and vault (Brinks) to confirm these match Glint’s records.

Gold trading is still currently frozen while this happens, but the Administrators say they are looking into a workaround “which will allow sales of gold held to recommence this week”. 

4. International – FinTech

Revolut produces new figures – more growth, greater losses.

“Revenues more than quadrupled to £58.2m at Revolut in the year ending December 2018 but losses more than doubled to £32.8m, according to its latest financial figures.

The challenger bank said it expects revenues to triple this financial year, as it looks to up the ante against established banks.

Revolut said growth would be driven by customer growth, new product launches, making more money from existing products, along with market expansion.”

5. International – FinTech

Crowdfund Insider reports:

“B21 has been granted a DLT license, in principle, from the Gibraltar Financial Services Commission (GFSC). B21 is a developer of an App to purchase, trade and manage digital assets, according to a release.

B21 is now the first regulated cryptocurrency investment app.

The app will be available in Europe and Asia at launch in Q4 2019, with plans to enter the U.S. market in 2020.

As a regulated service provider and custodian, B21 states that it will protect investors while simplifying the process of managing digital assets.”