Youtility, a London-based startup tapping into Open Banking to help people track their household expenses and switch utility suppliers, has raised £4.5 million in a funding round joined by Barclays.Barclays was joined by Icap founder Michael Spencer and Ascension Ventures’ Fair By Design Fund, which focuses on firms targeting low-income households. The free Youtility app […]
Christmas – a time to buy loved ones presents, travel to see family and, of course, consume an inordinate amount of food and drinks. All of which takes money. This year, more people than ever before will be using Payment Initiation to make their online purchases. They will be using AI-driven money management apps to […]
Roisin Levine, Head of Banks at Flux, discusses the importance of collaboration between fintechs and incumbents in 2020 Legacy financial institutions and fintechs are often pitted against one another, with the former represented as being slow and resistant to change, while newer upstarts are classified as disruptive, but struggling to find profitability or become mainstream. […]
Open banking has arrived, and it’s transforming the UK’s banking landscape – next up could be the world. Regulatory efforts in the UK are transforming retail banking, reshaping incumbents’ relationships with customers, and easing entry for fintechs. Regulators across every continent are responding with actions of their own. Underpinning open banking initiatives is the idea […]
UK-based fintech Beeks Financial Cloud Group has secured one contract worth USD 1 million and one GBP 1.1 million contract over three years. Beeks Financial Cloud Group announced that is has secured two contracts, one with a global financial markets technology provider and one with a cloud-based payments solution provider. The first contract for Beeks, which is […]
In the U.K., Open Banking could be expanded soon to allow for data sharing between a much larger range of finance companies, according to the Financial Conduct Authority (FCA). Open Banking allows bank customers to share their financial data with other people and companies. In turn, those companies may have recommendations to switch to a different financial […]
Open Banking is a big deal, with wide implications – yet it still feels like the best-kept secret within financial services. It’s not about branches opening longer – it’s about an imminent, seismic shift in the world of banking, which rebalances the relationship between businesses, banks and customers with the recognition that data has value.