23 Jul 2021

The FinTech Sector SKYROCKETS

Fintech Friday is our regular check-in here at Spreckley, where we share all the most interesting and useful financial services and financial technology news, innovations and trends.

This week we deep-dive into the trending Fintech topics that are prominent in the news. We start this review by exploring more about how Starling Bank becoming such a prominent name in Fintech. We then venture on to discover more about the Fintech investments have been placed in recent times. Finally, we’ll look closely into how Visa have again put their trust into the FinTech industry.

UK FinTech Starling Bank Sees Revenues Soar 600%

According to PYMNT’S “Like its avian namesake, Starling Bank is taking flight.The British FinTech saw its revenue rise by nearly 600 percent in the first quarter of the year, according to a report released by the bank Thursday (July 22).”

“Revenues increased to 97.6 million pounds for the period ending March 31 of this year, up from 14 million pounds for the period ended Nov. 30, 2019, the report said.”

This was a brilliant article from PYMNT’S, to read it in full don’t hesitate to click here.

UK fintech sector hits multibillion-pound peak of investor interest 

Elsewhere in the Fintech scene as reported by The Guardian “Britain’s digital finance industry, more commonly known as the fintech sector, has hit a multibillion-pound peak of investor interest.”

“Government sets up £375m fund for UK tech firms.” “Banking app Revolut has been valued at £24bn while Wise, the forex transfer business, has listed at nearly £9bn.” Feel free to read The Guardian’s full article by clicking here.

Visa makes another big bet on fintech, buying UK payments start-up Currencycloud

Lastly, CNBC has claimed that “LONDON — Visa said Thursday it has agreed to buy British payments start-up Currencycloud, in its second major fintech acquisition of 2021.”

“The deal values Currencycloud at £700 million ($962 million), Visa said. The payments giant led an $80 million investment in Currencycloud at the beginning of 2020. As a result, Visa said the sum it’s paying for Currencycloud would be reduced by the outstanding equity it already owns.”

To find out more, visit the CNBC website here.