News Briefing - Crowdfunding, SME And Alternative Finance

Auctioneer's gavel or hammer hovers above the block.

1. UK – FinTech 


Finextra reports: 


“JP Morgan is set to open the virtual doors to its long-awaited UK digital retail bank next week. 

The digital-only lender will initially offer current accounts with a rewards programme, but intends to expand into personal lending, investment, and even mortgages in a bid to ‘upend the UK banking market.’

Sanoke Viswanathan, head of JPMorgan’s international consumer division, told the FT that JP Morgan would invest heavily to turn Chase into a serious force in the UK before potentially expanding into other countries in Europe and Latin America.” 


2. UK - FinTech 


Altfi reports: 

Freetrade has appointed Paul Brooking as its new Chief Financial Officer. 

Formerly deputy CFO and Head of Financial Control at neo banking challenger Revolut, Brooking will now oversee Freetrade’s coffers as it seeks to continue a period of high growth - which includes 400 per cent revenue growth between August 2020 and August 202, the firm claims, and international expansion into the European market. 

Prior to Revolut, he held senior positions in payments platform, Paysafe Group, and London-listed trading platform, IG Group. He began his career at PwC. 


3. US – FinTech 


Finextra reports: 


“Revolut is to pay for new flexible office space provided by WeWork in the US with bitcoin. 

In its latest deal with WeWork, Revolut will take space for more than 300 employees in Dallas, serving as the hub for the company’s US expansion.

Revolut has adopted permanent flexible working, enabling the vast majority of its 2,000+ employees to choose when and how often they would like to work from home or visit the workplace. As part of this plan, the company is repurposing all offices as flexible and collaborative workplaces, taking space with WeWork in Berlin, Dallas, Dublin, Melbourne, Moscow, Singapore and New York.

On the crypto front, WeWork in April announced that it would begin utilising cryptocurrency as a form of payment for inbound and outbound transactions.” 


4. US - FinTech 


Altfi reports: 

“Digital banking service Monese has become the latest fintech to bag a chunk of funding, announcing the first close of its Series C. 

The fintech’s latest round saw it raise around $90m—taking its total raised to date to $162m—in the round led by its newest partner Investec. 

Along with leading the first stretch of its fundraise, Investec’s Private Company Fundraising (PCF) Team, are advising Monese on the second close of its Series C. 

As part of the pair’s strategic partnership, Investec will adopt Monese’s new Banking-as-a-Service (BaaS) platform. 

The platform will bolster Investec’s own banking offering and help launch a new business current account for private companies.” 

5. International – FinTech 

Crowdfundinsider reports: 

Raiffeisen Switzerland, a cooperative of cooperatives (the union of independent Swiss Raiffeisen banks), has reportedly secured a CHF 165 million bail-in bond via Valyo’s capital market platform. 

As noted by its management, Valyo aims to “open the door to the world of finance, across borders” so that people are able to find solutions in a simple, intuitive and efficient manner. 

Valyo aims to serve as the “portal for smart intermediation of assets.” You may use their platform to “carry out the entire bond issuance process on [their] digital marketplace – from entry to repayment.” 

This is notably the first bail-in bond that has been issued digitally in Switzerland. It also marks the very first time that Valyo has involved an established bank in the role of joint lead manager via the platform. 

The bond has been provided with a 8-year term, and a call option after 7 years, as well as a coupon of 0.405%. The first trading day on the SIX Stock Exchange has been scheduled for September 24, 2021.”