1. UK – FinTech
The business banking service launched three years ago and is available for businesses with a physical presence in the European Economic Area and Switzerland.
To mark the occasion Revolut launched a redesigned interface for the service, and said that expansion to the US and Australia will be coming soon.
“We’re delighted to be helping businesses save money and time—and we felt that the milestone called for us to celebrate with a fresh look,” said Nik Storonsky, Revolut’s CEO and founder.
“The new structure of our Revolut Business web and mobile apps paves the way for some really exciting products we have in the pipeline. We can’t wait to take business accounts to the next level.”
In recent months Revolut Business has added a host of new features including direct debits, expense management, open banking for SMEs to add other accounts, and more.”
2. UK – FinTech
“Know Your Money, a leading UK price comparison site, today announced plans to be acquired by NerdWallet, a US-based website and app that provides financial guidance to more than 160 million consumers every year.
Through the acquisition, Know Your Money and NerdWallet together will provide the most comprehensive financial comparison website in the UK, delivering industry-leading financial content, tools and independent reviews to help consumers make better financial decisions.
Founded in 2008 and headquartered in San Francisco, NerdWallet is a consumer finance website and app that helps people improve their finances by offering actionable insights and tailored recommendations. More than 160 million consumers turn to NerdWallet’s financial guidance every year to help navigate financial decisions across a variety of topics, including credit and debt, home and auto loans, and wealth.”
3. UK – FinTech
“The UK tax authority has put out a £3 million tender for the provision of an Open Banking-based Payment Initiation and Account Information Service.
Her majesty's Revenue and Customs (HMRC) has worked with the Open Banking Implementation Entity (OBIE) on the procurement exercise, which is seen as a significant boost to the wider uptake of Open Banking services in the UK.
HMRC says the aim of the project is to make it easy for taxpayers to submit payments direct from their bank accounts, rather than through debit or credit card.
"Currently, our bank transfer journey is non-automated which can result in a high volume of customer errors which are resource intensive to rectify," states the body. "By providing an innovative, well designed journey that can be populated with our numerous reference formats and HMRC bank accounts, with little effort from our customers, we believe we can encourage card payers to move to this more cost-effective method and subsequently reduce our payment associated costs significantly."
4. UK – FinTech
The trend to asset-backed loans continues. AltFi reports:
“Listed lending fund Honeycomb has disposed of £44.6m of consumer unsecured whole loans to Tandem Bank in August, according to a stock market update.
Honeycomb says the sale “is in line with the Company’s strategy of focusing on secured credit assets with first loss protection from the borrower.”
The bank recently announced the closing of its latest £60m funding round, which in part funded the acquisition of Allium which it says will make the UK's first 'green' digital bank.
Honeycomb invests in a variety of different loans, mostly in the property sector, as well as providing funding lines to nonbank lenders.”
5. US – FinTech
“Its official, the “accredited investor” definition, which has not changed significantly since its enactment almost 40 years ago, has been massively upgraded. On August 26, 2020, the Securities and Exchange Commission (“SEC”) adopted final amendments to the “accredited investor” definition which fundamentally change and broaden the qualification standards and increase access to investments in the private capital markets. These amendments are game-changing and include both new, non-wealth based, categories for individuals as well as several new entity categories. Corresponding changes are also made to the “qualified institutional buyer” definition in Rule 144A.”