MILLENNIALS are favouring search engines over professional financial advice when it comes to managing their own money, research claims. A poll of more than 2,000 adults by Zurich UK claims 15 per cent of millennials, referring to those aged 18-34, are turning to search engines such as Google instead of seeking professional financial advice, more […]
PEER-TO-PEER lending may be one of the central elements of the UK’s burgeoning fintech sector but the majority of platforms seem to be eschewing the government’s much flaunted Silicon Roundabout as a base. The area around Old Street and Shoreditch in East London is known for many technology startups and support networks but of the main […]
THE FOUNDER of ThinCats has said that the regulator’s clampdown on wholesale lending will affect projects that can be funded through his social peer-to-peer lending platform Community Chest. Kevin Caley (pictured) launched the social enterprise last year and it funded its first loan in February 2017 for £130,000. The debt facility went to a local Birmingham […]
BONDMASON has become the first peer-to-peer service provider to launch a self-invested personal pension (SIPP), leading what it sees as a growing shift within the industry towards pension-grade investment vehicles. The P2P investor, which selects loans across P2P lending platforms, will grant UK savers exposure to higher-return assets than traditional pension savings products, starting from a minimum investment of […]
FUNDINGSECURE has become the latest peer-to-peer lending platform to launch an Innovative Finance ISA, unveiling its own tax-free wrapper on Tuesday afternoon. The P2P pawnbroking platform will offer returns of up to 16 per cent over a minimum £25 investment into consumer and property development loans. The firm, which is currently yielding an average interest […]
ASSETZ Capital has defied the industry trend of falling interest rates by hiking the returns on its 30-day access account for a limited time period. The peer-to-peer lending platform, which channels funds to small- and medium-sized enterprises and property developers, announced on Thursday afternoon that investors have until 11 May to take advantage of 4.75 per cent returns for up to 90 […]
Peer-to-peer platform Lending Works has attracted almost £9m into its Innovative Finance ISA (IFISA) in its first three months. The consumer loans provider has recorded £8.8m of subscriptions into its IFISA since unveiling the product in February, with 815 investors lending £10,769 on average. Nick Harding (pictured), founding chief executive of Lending Works, said 62 […]
A £120,000 loan arranged by RateSetter boosted child care placements in an Essex-based foster care company by almost a quarter. The peer-to-peer lending platform helped Brighter Futures Foster Care increase the number of new foster households from 67 to 83, making its foray into a sector where it found “finance is desperately needed”. The borrower […]
CROWD2FUND has reported a record-breaking first quarter where it experienced 4,700 per cent year-on-year growth in the number of deals financed through the platform. The peer-to-peer lender, which was one of the first platforms to offer the Innovative Finance ISA, said that 95 per cent of its investments are now made through the tax free wrapper. […]
WHILE platforms step up their quest to attract new borrowers, many are still looking to entice investors as well, as cashback offers and new client incentives continue to play a role in their marketing strategies. Even the more established players such as RateSetter and Funding Circle are rolling over their lucrative reward schemes – the […]
BRITAIN’S leading status as a global financial powerhouse could be under threat if new technological opportunities are not cultivated, the chancellor will tell the UK’s international fintech conference on Wednesday. In his speech, Philip Hammond (pictured) will explain how the UK’s cutting-edge industries, including fintech, can dominate the so-called fourth industrial revolution – which builds […]
UK POLICYMAKERS should start using peer-to-peer platforms to stimulate the economy, Funding Circle’s chief executive and co-founder Samir Desai said on Wednesday. The head of the country’s third-largest business lender called on the government and the Bank of England to bypass the banking system and inject monetary stimulus via P2P platforms, capitalising on the direct access […]
LENDING Works announced on Wednesday it has lent £50m to UK consumers, a figure it is looking to double “very soon”. The country’s third largest peer-to-peer consumer lending platform also said that it has hit the 10,000 client milestone, ramping up both its investor and borrower bases. While it has significantly benefitted from “unbelievable demand” from its recently launched Innovative […]
THE UK fintech sector’s access to top global talent will not stop after Brexit, the economic secretary to the Treasury said on Wednesday. Simon Kirby told Peer-to-Peer Finance News that he was confident the government would secure “the best possible deal” in its negotiations with the EU and said fintech firms should not worry about […]
THE HEAD of the British Business Bank (BBB) has said that peer-to-peer lending is “starting to make an impact” on the small- and medium-sized enterprise (SME) finance market, but warned that banks would rise to the competition. Keith Morgan, chief executive of the state-backed institution, said that “positive net lending [to SMEs] is now coming […]