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The Latest Breaking News from fintech

Millennial founder who sold her fintech to JPMorgan sued for inventing customers

Charlie Javice launched Frank six years ago to help students grappling with the soaring cost of college tuition to afford higher education, but Chase alleges 93% of her customers were fictitious.

Fortune

The top trends in fintech for 2023, according to VCs

8 top venture investors predict the top trends in fintech—from A.I. to CFO tools.

Fortune

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

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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

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

India’s $50 billion fintech industry faces a tough 2023, Bain says

India’s $50 billion fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity leading to higher cost of capital for some companies next year, Rakesh Pozhath, partner at consulting firm Bain Company, said.

The Times of India

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

RBI to promote innovation in financial sector, says governor Shaktikanta Das

MUMBAI: Reserve Bank governor Shaktikanta Das on Wednesday assured financial technology companies (fintech) that the central bank will continue to adopt a participative and consultative approach to facilitate innovation in the financial sector.

The Times of India

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

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Reason

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.

Chicago Tribune

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.

The Times of India

BharatPe files arbitration to claw back Ashneer Grover's 1.4% shares

NEW DELHI: Upping the ante, fintech unicorn BharatPe has filed an arbitration for clawing back it's former MD and co-founder Ashneer Grover's restricted shareholding and founder title, sources said.

The Times of India

BharatPe files criminal suit against Ashneer Grover, family

NEW DELHI: Fintech unicorn BhartPe has filed a criminal suit against its former MD and co-founder Ashneer Grover and his family, seeking up to Rs 88.67 crore in damages for alleged cheating and embezzlement of funds.

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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.

The Times of India

Digital payments worth Rs 38.32 lakh crore carried out in July-September 2022 period: Worldline

NEW DELHI: More than 23 billion digital payment transactions worth Rs 38.32 lakh crore were carried out in July-September 2022 through UPI, debit and credit cards, prepaid payment instruments like mobile wallets etc, fintech firm Wordline India said in a report.

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

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