News Briefing - Crowdfunding, SME And Alternative Finance

Young woman whispers in friend's ear

1. UK – SME Finance

UKTech news reports SME cash flow issues: 

“Cashflow, the net amount of money coming into and out of a business, is an essential sign in establishing the health of many organisations. 

This is particularly true of small and medium sized enterprises (SMEs), which typically lack the cash reserves of larger companies. Instead, they rely on predictable monthly turnover to ensure operations run smoothly. By extension, cashflow issues can be extremely serious for smaller businesses that have little buffer to account for a sudden drop in incoming cash, or indeed a sudden rise in expenditure. 

However, the coronavirus pandemic has had – and is continuing to have – a damaging effect on the UK’s private sector, with businesses of all sizes and sectors facing significant challenges. And cashflow issues have been chief among these.” 

2. UK – Technology

Fifth-generation telecoms (5G) is predicted to transform financial services with faster speeds and better customer speeds. But some (remember David Icke?) still claim  mobile phones are killing us.  Totaltele.com reports: 

“The Action Against 5G group has managed to cobble together £105,000 to hire barrister Michael Mansfield QC with the aim of taking the government to court 

While 5G conspiracy theories have become less prominent in the news of late, the sad reality is that they are still worryingly prevalent. Attacks on 5G infrastructure continue, with social media sites continuing to allow the spread of misinformation despite crackdowns on its proliferation. 

  

Just how prominent the conspiracy theories surrounding 5G are in the UK has become evident over the weekend, when the Action Against 5G group – which believes 5G deployment is in breach of their human rights due to (completely unfounded) healthcare concerns – announced that it had managed to crowd-source £105,000 to hire high-profile barrister Michael Mansfield QC to fight the government.” 

 

3. US – FinTech 

Finextra reports: 

“Moov Financial, the US startup behind an open source embedded banking platform, has raised $5.5 million in a seed funding round led by Bain Capital Ventures. 

Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, and a slew of angel investors joined the round along with Veridian Credit Union which has also inked a partnership deal with Moov.

Founded by fintech veterans Wade Arnold and Bob Smith in 2018, Iowa-based Moov creates open-source infrastructure that makes is easier for businesses to send, receive and store money for their customers.

The firm says it is rebuilding banking infrastructure for a cloud-native world without any legacy technology dependencies. Its banking-as-a-service platform takes a developer-first approach of being open source, portable to cloud providers or on-premises, modular for customisation, and decoupled from any single bank program.” 

 

4. US – FinTech 

Crowdfundinsider reports: 

“IRISnet, which aims to serve as an interchain service hub for next-generation distributed applications, has teamed up with MYKEY, in order to bring MYKEY’s core technologies, including its Smart Wallet and digital identity, and also MYKEY’s ecosystem to IRISnet’s “internet of blockchains.” 

Through the partnership, IRISnet and MKEY aim to further facilitate the development of innovative distributed applications and application blockchains.” 

 

5. International – FinTech 

 

Curve, the all-your-cards-in-one fintech, has partnered with technology giant Samsung to release the Samsung Pay Card. AltFi reports:  

“Samsung’s new card, first reported to be in development with Curve in June, is backed by Mastercard and uses Curve’s technology to let users use all their Visa and Mastercard banking cards in one place.  

Samsung Pay Card customers will also be able to ‘go back in time,’ a signature Curve feature, on their payments and claim cashback and rewards from several brands, including 5 per cent cashback on purchases at Samsung.com.  

Shachar Bialick, CEO and founder of Curve, said: “By bringing Curve’s unique technology to Samsung devices it empowers millions of Samsung customers to take control of their money, access more choice, and enjoy a banking experience like never before, across all their accounts, without the need to switch banks or limit themselves to only one bank, all from the palm of their hand.”