1. UK – AltFi / SMEs
2. UK – FinTech
Holvi pulls out of the UK, citing Brexit and Covid. Finextra reports:
“Holvi, the BBVA-backed fintech offering banking accounts for sole traders and small businesses, is pulling out of the UK just six months after launch.
Citing Brexit and Covid complications, the Finnish fintech says all Holvi accounts in the UK will expire on 31 October 2020.
"The UK is a challenging market - and at the beginning of the year we were ready to meet this challenge head on," says the firm in a statement. "But the world has changed a lot in 2020, and with change come shifting priorities. Coronavirus has disrupted market conditions and added a new layer of complexity. When you factor in the UK's uncertain regulatory landscape, the waters become even less clear."
While the Coronavirus pandemic disrupts business as usual, the prospect of facing a no-deal Brexit - and the added burden of getting a UK banking licence - forced the issue to the fore as Holvi weighed its options.”
3. UK – FinTech
As Monzo’s annual losses show, the gaps between challenger banks are beginning to widen, reports the FinTech Times.
“If Monzo and Revolut’s annual results have shown one thing this week, it is the importance for these, and other challenger banks, to develop more lucrative revenue streams. At Revolut, revenue is up but losses have tripled. At Monzo, similarly, revenue is up and customers have nearly doubled their deposits with the bank. Yet, still, losses have doubled to £115m.
Clearly, the problem, faced by all challengers, was how to generate more income. The solution? Its paid-for account, Monzo Plus, was pulled out of early retirement and sent into the fray.”
4. UK – FinTech
Waterfall Asset Management has been granted a sixth deadline extension to consider making a cash offer for the Pollen Street Secured Lending investment trust.
5. International – FinTech
New FinTech Deel, which hopes to streamline the work from home process through its simple-to-use online platform, is today launching across Europe, according to AtFi.
“Deel’s platform enables employers to hire and pay remote workers in over 100 currencies from anywhere in the world.
The new platform removes the often-expensive legal fees and hours of due diligence that companies go through when hiring staff from other countries.
Deel works with local laws, complex tax systems and international payroll processes.”