Fintech Talk: September 15, 2017
London-based UK FinTech scaleup Neyber, which allows businesses to offer employees access to ‘affordable’ loans, announced the closure of a £115m round, featuring a £100m contribution from Goldmans Sach. The company has also drawn support from existing investors including Deutsche Bank COO Henry Richotte, and Gaël de Boissard, the co-head of Credit Suisse investment bank.
UK-based challenger bank Starling has gone live with its Marketplace, a new ecosystem of financial products accessible through its app. Marketplace puts customers at the centre of a wider financial ecosystem. According to the company, it allows individuals to choose from a range of products and services that are integrated with Starling, giving them better control of their money.
ING in Germany is to roll out a digital wealth manegement service in a pilot project with robo-advisory startup Scalable Capital. According to Benoit Legrand, ING’s Head of Fintech, the aim of this new partnership is to ensure that the solution empowers their customers to stay a step ahead in managing their finances. He also mentioned that if the pilot proves successful, the bank would look to introduce it across other European markets.
A survey published by EY during the first week of September highlights the male dominance within the fintech sector. According to the findings, seven out of ten staff were male at the 245 fintech businesses surveyed, despite 47% of the UK workforce being female. The lack of gender diversity in tech has come under scrutiny since the leaking of an internal Google document, and these findings demonstrate the work that still needs to be done tackle the under-representation women in this field.
On average, UK fintechs have raised £15m, while revenue has grown 22 per cent in the two years to 2016, which is great news! It could also be part of the reason why a third of the UK's fintech startups (including Transferwise, Revolut and World Remit) are planning an IPO in the next five years.