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The Latest Breaking News from fintech

200% jump in funding for Scotland’s fintech cluster

On the fifth anniversary of its founding, FinTech Scotland notes significant growth at the SME end of the sector

Insider UK

Goldman Sachs To Unveil 3,200 Job Cuts Ahead of Muted Q4 Earnings

A collapse in global deal-making, and a likely hit to its new fintech division will keep Goldman's Q4 earnings in check as it unveils sweeping job cuts.

The Street

Billionaire Jack Ma to cede control of China’s Ant Group

Business magnate Jack Ma who controlled over 50 percent of the fintech giant’s shares will now hold just 6.2 percent.

Al Jazeera

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Jack Ma to cede control of China's Ant Group

Beijing (AFP) - Jack Ma will cede control of Chinese fintech giant Ant Group, the company announced Saturday, following a Communist Party crackdown on the nation's tech sector that targeted the charismatic billionaire.

AFP

FinTech West appoints senior Natwest and PwC leaders to board

The Bristol-based organisation was founded by firms operating in the city to bring together companies in the South West’s growing financial tech sector

Birmingham Post

EY to establish fintech research and technology hub in Bristol

The aim of the hub is to help "ramp up" capabilities in financial services design, data analytics and engineering

Birmingham Post

Is SOFI a Penny Stock You Should Want to Buy?

Financial services company SoFi Technologies (SOFI) recorded impressive growth across its business segments. However, the company’s losses widened, and analysts seem bearish about its earnings growth prospects due to its bleak fundamentals and the potential recessionary pressures. Thus, is it wise to buy this under $5 fintech stock? Read more…

StockNews.com

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8 venture investors predict the top trends in fintech for 2023

Top VCs think that while valuations might have gotten overblown in 2022, there’s still plenty of opportunity to invest going forward. Here are the trends and companies they’re most excited about.

Fortune

Small loans: microcredit means more people can borrow money – but more scrutiny is also needed

Undoubtedly, financial technology (fintech) is driving greater financial inclusion. Innovations are giving people more access to financial services through mobile and computing services, the internet, and payment cards. One of these services is microcredit: small loans for individuals and informal businesses.

The Conversation

London fintech Updraft raises £108 million to grow lending business

Lending firm Updraft today became the latest London fintech to ramp up its expansion plans after it completed a £108 million debt and equity raise to scale up operations.

Evening Standard

‘Tarabut Gateway’ CEO: Open Banking Has Tripled in The Middle East

Abdulla Al-Moayed, CEO and founder of the Dubai-based fintech company Tarabut Gateway, revealed that open banking has become a strategic option for growing digital transformation in regional countries as they move towards digital payments and cashless societies. Banking through fintech in the Middle East has tripled at a time when…

Asharq Al-Awsat

London fintech Checkout.com sees valuation plunge to $11 billion

The Shoreditch-based business had been valued at as much as $40 billion in January

Evening Standard

Congress Has a New Scapegoat for COVID Fraud: Banking Apps

Fintech platforms facilitated fraud in the Paycheck Protection Program, according to a new congressional report.

Reason

FTX collapse shakes up Chicago crypto market, where its US trading platform was going to be the next big thing

CHICAGO — When the FTX.US headquarters opened in a gleaming new Fulton Market tower in May, Mayor Lori Lightfoot and her retinue stopped by to officially welcome the cryptocurrency exchange to Chicago, a city positioning itself as a financial center for the booming digital assets.

Chicago Tribune

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AFP

Surveillance, hacking: whistleblower recalls Wirecard nightmare

Frankfurt (Germany) (AFP) - When short seller Matthew Earl anonymously co-authored a report detailing explosive allegations of wrongdoing at German fintech champion Wirecard, his life was turned upside down.

Evening Standard

The Standard View: Averting the rail strike would be a Christmas miracle

Passengers have already been advised to organise travel plans well in advance of Christmas. Now it’s a necessity. The RMT union has announced a further wave of strike action from Christmas Eve to December 27. This is in addition to walkouts throughout the month and into January.

Evening Standard

London overtakes New York and San Francisco for fintech funding

The capital has combined its strengths in financial services and tech to become a world powerhouse in fast growing areas such as payment processing and online banking

WEKU

A congressional report says financial technology companies fueled rampant PPP fraud

Fraud in the Paycheck Protection Program, which gave potentially forgivable loans to small businesses during the pandemic, was largely due to financial technology companies, according to a new report.

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Evening Standard

London fintech Zopa bucks layoff trend with new hiring and pay hike

The firm is set to raise minimum salaries more than 20% to £27,000 to attract and retain top tech talent

McClatchy Washington Bureau

PPP firms gave selves loans, bought Porsche, $8M home, says report on COVID loan fraud

WASHINGTON — Some of the most prolific online lenders in the federal Paycheck Protection Program had remarkably lax fraud protection controls even as they approved billions of dollars worth of loans in the COVID-19 small business relief program.

Evening Standard

London’s race to the fintech frontier puts it in pole position for attracting start-ups

Survey among ‘unicorn’ firms shows the capital is doing well in the battle for talent

Evening Standard

London fintech Wise recruits over 1,000 new employees as sales boom

The firm plans to recruit a further 300 roles, of which 100 are London-based

Insider UK

Trade department announces first Scottish 'export champions'

The 13 business leaders have been chosen from key sectors, including energy, food and drink and fintech

The News Lens

Taipei Entrepreneurs Hub Demo Day 2.0 Debuts at the Taipei Expo with Over Ten International Startups in Four Innovative Sectors SPONSORED

"Taipei Entrepreneurs Hub Demo Day 2.0," the annual industrial talent exchange program consisting of a demo day and a matchmaking event, debuted at the "2022 Taipei International Startup Week," where 10 overseas startup teams, the winners of twoonline pitch contests, met with 3 native startups from Taipei. These teams have…

Birmingham Post

Nine Northern Ireland names make it onto list of fastest growing tech companies on the island

Belfast-based fintech company Lightyear, which appears in the Deloitte Fast 50 for the first time, is the highest ranked Northern Ireland business

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