News Briefing - Crowdfunding, SME And Alternative Finance

statue of Atlas seen from below

1.UK – FinTech

AltFi reports:

Yolt has launched a new API connection with American Express, with its users with an American Express card can now see their spending and balance directly within the Yolt app. 

This latest integration means that Yolt now has live API connections with over 90 per cent of UK consumer accounts, it says, including connections with all of the nine largest high street banks and challengers such as Monzo and Starling. 

Yolt also launched an integration with digital wealth manager Nutmeg this week, showing how it is expanding beyond bank current accounts to other financial channels.

2. UK – FinTech

AI-powered savings app Chip today announced the completion of a £2.6m private crowdfunding round on Crowdcube, according to AltFi.

“Over 4,000 investors took part in the raise and the initial £1m target was reached in just a few hours.

Chip claims its fundraising effort is the largest equity crowdfund to be completed in the UK since the lockdown began over a month ago (although Freetrade looks poised to challenge that next month).

The money will be used to help Chip continue its growth, as well as launch an FSCS-supported savings account through a partner bank.

According to the fintech, Chip’s customer numbers have increased by 40 per cent in the first three months of 2020 alone.”

 

3. UK – AltFi

Business Leader looks at alternative investments for times of crisis.

4. International – AltFi

EY identifies Covid consumer trends.

 

“The COVID-19 crisis is being defined by four distinct consumer behavior segments, according to the first edition of the EYFuture Consumer Index, a survey of 4,859 people tracking consumer sentiment and behavior across the US, Canada, the UK, France and Germany.1 These are “Cut deep,””Stay calm, carry on,””Save and stockpile” and “Hibernate and spend”.” 1 These are “Cut deep,””Stay calm, carry on,””Save and stockpile” and “Hibernate and spend”. […] Indeed, the EY Future Consumer Index finds that 54% of consumers would make their personal data more available if it helped to monitor and track an infection cluster. […] Over the coming months, the EY Future Consumer Index will provide regular longitudinal indicators and perspectives on which changes are likely to be temporary reactions to the COVID-19 crisis, and which point to more fundamental shifts. […] About the EY Future Consumer Index The EY Future Consumer Index tracks changing consumer sentiment and behaviors across time horizons and global markets, identifying the new consumer segments that are emerging.”

 

5. International – FinTech

 

China is trying to do what it stopped Facebook doing. This could turn into a massive story. BTW, the UK government has Britcoin, but has done nothing with it for years.

Crowdfundinsider reports:

“China has long been expected to become the first nation to launch a Central Bank Digital Currency (CBDC). Periodically, reports have popped up regarding the development of the digital currency and today we have another glimmer on the progress driven by the People’s Bank of China.

According to a report in SCMP that was originally sourced from Sina, China’s digital currency will enlist the assistance of several, well-known US brands including Starbucks, McDonald’s, and more. These big brands will be joined by hotels and other small stores in the “new” city Xiong’an as a test market south of Beijing.

Several other cities are in the test queue including Shenzhen, Suzhou, and Chengdu with future locations added going forward.”