1.UK – FinTech
Chancellor Rishi Sunak’s much-anticipated bounce-back loans scheme is open for applications from 4thy May. The SME Web has detail.
“Delivered exclusively by lenders accredited by the British Business Bank, the scheme, announced on April 27, specifically targets small and micro businesses in all sectors, providing loans from £2,000 up to 25 per cent of their turnover with a maximum loan of £50,000.
The scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5 per cent a year, with the Government covering the interest in the first year.
It provides lenders with a 100 per cent government-backed guarantee and a simplified application process is expected to free up cash for many businesses within days.
The Government said earlier it was expecting a surge in applications for the new business loan scheme for the smallest companies when it opens on Monday.”
2. US – FinTech
“The round was led by existing investor Sequoia Capital, who has invested in the likes of PayPal, Apple, Google and Square with participation from NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.
Robinhood has said the funding will be used to invest in scaling its platform, launch new products as well as hiring more staff and opening its newest office in Denver.”
3. International – FinTech
The global economy will follow a us-shaped trajectory, according to am HSBC executive in CNBC.
“The global economy is most likely set for a U-shaped recovery with a “jagged bottom” after the coronavirus crisis, and will benefit currencies in countries with strong fiscal positions, according to HSBC.
Speaking to CNBC Monday, Head of Global Foreign Exchange Strategy David Bloom outlined the bank’s game plan in the event of L-, U- and V-shaped recoveries, emphasizing that analysts should be making plans for all eventualities.
In a U-shaped scenario, the economy fails to respond immediately to exits from lockdowns around the world, but the expectation for a delayed rebound remains in place with multiple “false dawns,” Bloom suggested, causing a “jagged bottom” to the U curve.”
4. International - FinTech
“Today’s additional $100m comes from all of the fintech’s existing major investors including Insight Venture Partners, GIC, Tencent, Allianz X and Peter Thiel’s Valar Ventures.
“With banking from home now more important than ever, we want to make sure that everyone can open a bank account in minutes to explore the freedom and safety of mobile banking,” said Valentin Stalf, CEO and co-founder of N26.
The news comes amidst a difficult time at many digital banking players, last week AltFi exclusively revealed that Monese is looking to shutter two of its offices with redundancy consultations underway with staff.
5. International – FinTech
“The Swiss Fintech Startup Ecosystem database includes all the FinTech startups based in Switzerland. They only include companies that were established less than ten years ago and focus on business model innovations and new technologies in the financial sector. They are always hunting for new startups and try to never miss one, but if you know of someone who’s missing, then let them know Submit a startup.”