News Briefing - Crowdfunding, SME And Alternative Finance

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1.UK – AltFi

A merger among leading media players in the sector. Here’s the release.

 

“ETF Stream, the leading media brand for everything ETF-related in Europe, Australia and Asia has merged with AltFi, the foremost fintech media brand for the rapidly growing alternative finance and fintech community. ETFS Capital, an active strategic investor, provided the funding and support to implement this merger.

The merger creates a single specialist financial media firm focused on the two hottest topics across the investment and fintech industries. Building on the existing strength of ETF Stream, writing about investment and asset management, while incorporating AltFi’s fintech focus will bring both publications to a wider audience and allow the combined business to cover new disruptive trends in global finance. Sam Ridley will lead the merged business with Daniel Lanyon as Editor-in-Chief of AltFi and Oliver Smith the Managing Editor of AltFi. David Stevenson, AltFi’s founder and well-known investment journalist, will remain involved as a strategic adviser to the merged business.”

2. UK – AltFi

Professional Adviser reports:

“The FSCS will start issuing decisions on London Capital and Finance (LCF) claims relating to misleading advice given to investors before the end of the month.”

 

3. UK – FinTech

AltFi reports:

“Financial consultancy 11:FS has launched a swathe of cost-cutting measures amid growing financial difficulties.

Several former employees described measures to AltFi that included a regressive blanket salary cut of 15 per cent across the company, the furloughing of dozens of 11:FS’s most junior employees, and a "steady drumbeat" of people being laid off.

The former employees, who asked not to be named, all described concern among 11:FS senior leadership that banking clients were cancelling projects and reigning in their spending on consulting.”

 


4. UK – FinTech/P2P

Business Live reports:

“A Cornwall-based peer-to-peer lending platform has become one of the few in the world to have made a profit – but on the back of slashing costs.

Folk2Folk has reported a £198,000 profit for the 2019/20 financial year, compared to a £535,000 loss in the previous year.

The company’s annual report and financial statement said the turnaround was mostly the result of “stringent cost-cutting exercises” introduced by managing director Roy Warren.

But it warned that a projected increase in profits for the 2020/21 financial year would be unlikely due to the coronavirus upheaval.”


5. International – FinTech

Crowdfundinsider reports:

“London-based IHS Markit, a global information provider established in 2016 with the merger of IHS Inc. and Markit Ltd., has acquired Catena Technologies, a Singapore-based regulatory trade reporting company.

Financial terms of the acquisition have not been shared publicly.

Founded in 2002, Catena served as a Fintech consultancy and evolved (in 2014) into a software-as-a-service (SaaS) provider of trade reporting software.

The company’s Trace Reporting platform automates the trade reporting process. It’s used to manage a platform that offers cross-asset coverage, valuation and collateral reporting, and reconciliation. The platform is available to entities operating in the G20 community and jurisdictions.”