1.UK - FinTech
Augmentum will be added to the constituents of the FTSE SmallCap Index, which counts the 351st to the 619th largest-listed LSE companies, and by extension it’ll be added to the FTSE AllShare Index.
“Since our IPO just over two years ago we have built a balanced portfolio of diversified and differentiated fintech companies,” said CEO Tim Levene.
“Our ambition remains to grow the fund to enable us to continue investing across our portfolio companies, and to seek out other exceptional fintech opportunities in both the UK and the wider European market”.
In recent months Augmentum’s share price has quickly recovered to its pre-coronavirus levels, giving the fund a market capitalisation of around £121m.
2. UK – FinTech
UK Tech News runs something that looks very like a press release. The news is a raise for a management data analytics platform.
“UK tech startup Temporall, founded by a former Google global director, has developed a world class AI and analytics-based platform to give key performance insights to leadership teams. The company has announced a £1m seed+ funding round from UK-based VC Luminous Ventures today.
Temporall’s recent momentum has been exceptional considering the current climate, with two new premium partnerships announced last month, along with two new senior tech hires. Temporall is forecasting 900% revenue growth FY20 – FY22. Customers include Google, Blue Prism, Rakuten, Dyson, Anthony Nolan and XL Media.”
3. UK – FinTech
An AI savings app, Chip, offers a wholly unconvincing explanation as to why those who save more using its product will be charged a fee. The moral seems to be: “Don’t save too much.”
“AI-powered savings app Chip has begun charging both new and existing customers £1 if the fintech saves you more than £100 in a 28-day period.
Currently, users aren’t charged anything to use the money-saving app but from this week, if they set aside more than £100 over four weeks users of the app will be charged a £1 fee, up to a maximum of £13 per year.
If users don’t save more than £100 then they won’t be charged and can still manage their savings for free.
Users will be able to see how close they are to the £100 limit and will be able to track their saving and moderate it accordingly.
“We wanted to do things differently and make it totally fair for all our savers. This small charge means Chip will be free for our more vulnerable customers, whilst not charging anything for storing your money.”
Latham went on to say that the money collected from the £1 fee will cover Chip’s costs and help the fintech realise its global expansion plans.”
4. UK – AltFi
5. US – FinTech
“California-based Fintech Wealthfront, a Robo-Advisor that had been focused on becoming a digital bank, has revealed that its checking account features are now live for the Wealthfront Cash Account.
In statements shared with Crowdfund Insider, Wealthfront’s management noted that they’re on track to deliver what they had promised their customers. The company recently began emailing Wealthfront clients to inform them that they can upgrade their accounts.
Wealthfront clients will now be able to set up direct deposits for their paychecks and may get paid two days early. They can also set up direct deposits for tax refunds, company reimbursements, and other payments.”