News Briefing - Crowdfunding, SME And Alternative Finance

Pink lightning in a black sky

1.UK  - FinTech

AltFi reports:

“Cardiff-based robo adviser Wealthify has been fully acquired by financial services giant Aviva.

In 2018 Wealthify became majority-owned by Aviva but following a new transaction - from an option for the founders to sell their remaining shares to Aviva - has brought it fully under the control of the multinational listed insurance firm.

Wealthify says it has grown significantly since its launch in 2016, expanding its original offering of Stocks and Shares ISAs and General Investment Accounts to now include Ethical Investments, Junior Stocks and Shares ISAs, and more recently Self-Invested Personal Pensions (SIPPs).   

The Cardiff based firm has 40 staff and manages the investments of 30,000 customers.

Co-founder and CEO, Dr Richard Theo, will leave the business. Richard Avery-Wright will stand down as chairman and member of the Investment Committee

Andrew Russell has been appointed as its new CEO.  Andrew has worked for Aviva for eleven years and has over 20 years’ experience in financial services.”

2. UK – FinTech

The FinTech Times reports on Fintechs that people have “flocked to” during the lockdown.

“As the UK gradually starts to ease trading regulations from lockdown, now is perhaps the time to recognise the impact that fintech applications have had on consumers. From adapting industries to home-schooling and dealing with chat-bots.”

There’s more here.

 

3. International – FinTech

UK Tech News reports:

“OurCrowd, the world’s largest crowdfunded-venture investment platform has announced the launch of its Pandemic Innovation Fund. The Fund plans to raise $100 million for investment in urgent technological solutions for the medical, business, educational and social needs triggered by global pandemics and other health emergencies.

“The rapid spread of the coronavirus has validated our vision of a connected digital world poised to solve any crisis through global communication and rapid response,” said OurCrowd CEO Jon Medved.

“To ensure that we get the world back on track, there is now an urgent need for innovation. Technology can help us overcome many of the problems resulting from the crisis. It’s time for tech to move fast and fix things.”

4. International – FinTech

 

FICO or French-ICO has commenced trading on the Toulouse, France based cryptocurrency exchange ZebitexCrowdfundinsider reports:

“French-ICO is a primary issuance platform for firms interested in raising capital via a digital asset offering.

FICO was the very first initial coin offering (ICO) to complete the process instituted by the French Autorité des Marchés Financiers (AMF) – the leading securities regulator in France. FICO completed its ICO on June 1st raising approximately € 123,047 in ETH.

By quickly listing the utility token, investors may gain access to immediate liquidity – the characteristic of the once-hot global ICO market that was driven by speculation. In France, an issuer may receive a Visa from the AMF following a review of the company and its White Paper. While somewhat similar to the process of issuing a security these digital assets are not regulated as such.

While a second ICO issuer has been approved by the AMF it is not yet clear as to what type of demand the ICO market will experience in France.”

5. International – FinTech

 

Commission-free trading app Bux is expanding its Zero stock trading service to two new European markets, according to AltFi.

“Germany and Austria mark the second and third countries for Bux Zero outside of its home market in the Netherlands.

“With the introduction of BUX Zero in Germany and Austria, we are offering a simplified investing experience for a new generation of investors who are looking for a convenient, inexpensive solution to put their money to work,” said Bux CEO and founder Nick Bortot.

“As the economic landscape continues to change across Europe, and it becomes more difficult for younger generations to prepare for their financial future, young Europeans need better options to help them build wealth.”

Over the last year Bux has raised $12.5m, built its own full-fledged back-end broker and trading engine (akin to what Freetrade did recently), and launched its commission-free trading app.

Bux started out with its CFD trading app Bux X in 2014, later adding share trading with Bux Zero in 2019 and crypto trading in 2020 with Bux Crypto.”