fintech

on the rebuildingsociety.com blog

20th Jun, 2018

The Future is FinTech

Bird LoveGod, explores the future of FinTech and the opportunities and challenges it presents for the North of England in the Yorkshire Post.

“In ten years the financial sector will be the fintech sector, there will be no finance without technology, it is literally the present and the future of all things money, so for it not to be taught in our world-leading universities is unfortunate. If the North can fix this problem the London fintech companies will beat a track to get here. “

Read more at: https://www.yorkshirepost.co.uk/news/bird-lovegod-future-is-fintech-and-the-north-must-embrace-it-1-9212000


04th Jun, 2018

North South Opportunity Profile

The North Remembers (again)

Following the series of successful Fintech North events and in anticipation of the forthcoming one in Liverpool, (12th June) we posed a couple of questions to our contributor network, asking what the greatest opportunities for the tech and fintech ecosystems are in the North. And to keep the scale straight, what the most significant limitations are. The responses form a series of articles highlighting the North South divide from the fintech sector perspective, and provide opportunity for those keen and willing to take it. Here’s the first of the series:

What are the Norths greatest opportunities?

“…the North has a much lower cost of living and operating than the South. This coupled with the fact that the North has great universities producing the talent of tomorrow means the opportunity is there for the North to stake its claim to be major player in the fintech industry.” Paul Battye, Moorlands Human Capital

 And on the flip side… What are the Norths most significant limitations?

“…The biggest limitation to fintech in the North is the potential for brain drain to the South. The universities produce first rate graduates but often these graduates don’t know where to find jobs in fintech in the North. As such these graduates drift to the South for work. We in the North need to be better at shouting from the rooftops about our successes and ensure that Northern business successes are known. Businesses need to be better at forming links with universities and other talent incubators to ensure that they can attract the best and the brightest and keep that talent in the North.” Paul Battye, Moorlands Human Capital

Analysis: There’s a clear situation here. The limitation Paul identifies is the inversion of one of the opportunities he identifies, that being the talent pipeline coming from Universities. This potential strength, the input of graduate talent into the fintech ecosystem, becomes a limitation when not nurtured. The talent is here, there’s the opportunity. The talent will go South if not given space to operate in. And there’s the threat. The clear and obvious answer it to nurture the opportunity into a greater strength. In practice this ideally means connecting the Universities with the Fintech ecosystem, and crucially, connecting the students with the fintech companies before they graduate and move South. To further widen the talent pipeline the fintech companies could be included in the lectures and course modules, thereby increasing relevancy and modernity of learning for the students, amplifying employability and providing for a healthy flow of informed graduates directly into the commercial ecosystem. Let’s engage this opportunity and see how it develops…


28th Feb, 2018

rebuildingsociety.com Celebrates

This month marks one year since our platform received FCA authorisation. We are excited to celebrate the anniversary of our achievement, reflect on what we have accomplished, and look forward to what the future holds.

At the end of February 2017, we shared the exciting news that we had been awarded full authorisation from the Financial Conduct Authority. After operating under interim permission for almost three years and dedicating over two years to the authorisation application process, the news was very well received.

Kylie Greeff, our Compliance Manager, commented: “It was a long, challenging journey to achieve FCA authorisation. I’m so proud of what the company has accomplished in the year since we were authorised, I’m excited about the future of the platform and I’m looking forward to working with the rest of the team to expand our AR network and come up with new ways to innovate in our ever-changing, fast-evolving industry.”

Since we achieved authorisation, we have enjoyed a year of highlights. We promptly announced the introduction of our Appointed Representatives initiative in May last year. “This scheme enables companies not yet authorised by the FCA to operate as authorised firms, by grandfathering the regulatory permissions of a Principal,” explains Managing Director, Daniel Rajkumar. Following the launch of this initiative, we  onboarded our first Appointed Representative, Huddle Capital in just four weeks; as we explain in our case study. The team at Huddle Capital were looking to build their loan book and secure themselves a position in the UK’s P2B lending market. As a new entrant to the market, working with us, rather than embarking on the authorisation process themselves, has enabled them to step into an increasingly competitive market quickly and efficiently.

In May 2017, we received our first visit from the FCA supervision team. This initial meeting was largely exploratory, intended to help explain how we operate in accordance with our policies. It was helpful to understand the regulators’ expectations and to align with them our interpretations of the high standards of customer protection and transparency that we are expected to uphold.

Following our consultation with the FCA, we produced a range of educational articles to help inform lenders. We also added a Key Risks section to the loan profile. It is our intention to link these Key Risks to the overall loan book performance, so that lenders can understand if an identified risk may lead to a higher default rate. Furthermore, we plan to include the Key Risks as a filter in BidPal, our auto lending feature, thereby giving lenders further control.

In August, we launched the IFISA offering, which has received widespread adoption.

In September, we were surprised to learn that a major competitor decided to disclose less information regarding the loans it lists. The extent of information that platforms are required to disclosed is still a grey area.

Looking forward to the future of our platform, we are currently working on several improvements; some short-term advancements, and others that will be incorporated on a more long-term basis. We will soon be implementing an improved loan application process and facilitating the option of using electronic bank statement transaction data to help inform a decision-in-principle. We will also be incorporating mobile usability improvements.

The FCA has yet to announce its post-implementation review, having received responses from the last consultation over 17 months ago. We look forward to this review and to complying with the requirements. Kylie recently commented on the effects of regulation in the industry in this article published online.

We are constantly working hard to improve lender returns, user experience and satisfaction on our platform. With that in mind, we are currently looking for a Compliance Coordinator to join our team, to support Kylie in the various compliance tasks related to the business. We would love to hear from you if you think you are suitable for the role.

If you are a user of our platform, we would really appreciate your feedback. We invite borrowers and brokers to fill in our user feedback survey, and lenders to complete our lender-specific survey, and thank you in advance for your collaboration.


02nd Nov, 2017

NorthInvest Leeds and Yorkshire FinTech Summit

On Tuesday, 14th November, the NorthInvest Leeds and Yorkshire FinTech Summit will be taking place at the KPMG offices in Leeds city centre. Daniel Rajkumar will be speaking at the breakfast event, which is scheduled to begin at 8:00am and end at 9:30am.

The summit is designed to bring together industry leaders from the region. Hosted by NorthInvest, in partnership with KPMG and Leeds City Council, the event will focus on creating a mandate for the establishing of a clear plan of action. Presentations, discussion and debates will be the first step in opening dialogue, and attendees will hear from FinTech experts and key players within the industry.

The event is a great opportunity to promote various FinTech opportunities in the region to interested parties, including prospective investors.

“I am very excited to be speaking at another event that focuses on the potential of FinTech in the north. We need to pool resources and create an open dialogue that can lead to collaboration,” Daniel explained.

Sign up for a place at the NorthInvest FinTech Summit soon to avoid disappointment!


11th Mar, 2016

Fintech North Spotlights Alternative Finance in North England

Mark your calendars for the 27th of April for an event that highlights the bursting alternative finance sector in the north of England.

Fintech North will be a packed day of events and speakers so alternative finance experts and rookies can learn, share their stories and network.

Rebuildingsociety and White Label Crowdfunding are organizing Fintech North as part of the Leeds Digital Festival. Featured speakers will include rebuildingsociety Managing Director Daniel Rajkumar and Tom Cheesewright, who created the Applied Futurist’s Toolkit. The day of programming will also include an innovation showcase chaired by Disrupts Magazine & The FinTech Times.

This event is one of the showcase events of the Leeds Digital Festival, which further highlights the prestige of p2p lending and crowdfunding in the digital and alternative marketplaces. We look forward to bringing the best minds in our industry together for this occasion, and we hope to see you there.

You can register for this free event and get more details here.

Agenda
09:00 – Registration, breakfast buffet & networking
10:00 – Opening address & 3 keynote presentations
12:00 – Q&A Panel
13:00 – Networking lunch
14:00 – Innovation Showcase – chaired by Disrupts Magazine & The FinTech Times
15.00 – Break
16:30 – End Keynote
17:00 – Drinks reception

Location: A Q L – 11-15 Hunslet Road, Leeds LS10 1JQ, United Kingdom


01st Feb, 2016

P2P Weekly: Peer-To-Peer Lending Spurs Green Energy

“Peer-to-peer power? Finance tech comes to solar energy,” Business Green
P2P companies like Mosaic and Open Energy seek environmentally-motivated investors specifically to support projects like solar panels. Leaders in both industries are excited about the opportunities for potential partnerships.

“Estonia Based Investly Launches P2P Lending in the UK,” Crowdfund Insider
Investly has launched operations in the UK following a €600,000 investment. The Estonia-based company is an invoice finance platform targeting SMEs.

“London Is The European King Of Fintech, For Now,” Forbes
Responsive regulatory structures, strong tech infrastructure, and plenty of capital are among the chief reasons that London maintains relative dominance in the fintech sector, according to Forbes.

“The State Of P2P Lending,” TechCrunch
A nice breakdown of the history of P2P lending and some predictions for the future.


18th Jan, 2016

P2P Weekly: FinTech Gains Traction as 2016 Kicks Off, and Other News

“Why smart businesses are turning to crowdfunding,” The Telegraph

A look at what makes crowdfunding and peer-to-peer lenders promising markets in this new year.

The Telegraph notes: “from next year, hundreds of thousands of investors are expected to pour money into crowdfunding and peer-to-peer when qualifying investments become eligible for Isa status. From April 2016, individuals will be able to keep many crowdfunding and peer-to-peer returns tax-free as part of their ISA allowance.”

“Kickstarter Reports 64 Percent Increase In Pledged Donations,” Tech Times

Campaigns for tabletop and video games received the bulk of Kickstarter pledges in 2015. Across categories, people are donating less money to smaller projects, opting instead to go with campaigns by individuals and companies they already trust. This is a response in part to more and more Kickstarter projects failing to follow through with promised rewards.

“P2P ISA Challenge: “We Recognize that We as an Industry Need to Work to Persuade Advisers to Embrace P2P Lending,” Crowdfund Insider

“The introduction of the new ISA also highlights an ongoing issue for P2P platforms: The profound need to inform and educate potential investors and advisors of their services.”

“CIBC CEO Victor Dodig on banking’s tech revolution,” Canadian Business

Canadian banking leader Victor Dodig commented on the potential threat that peer-to-peer lending poses to traditional banking, saying: “With the small-business segment, speed matters more than price. In the consumer segment, speed matters, but price matters as well. That’s where the peer-to-peer lenders can actually drive a wedge, but we won’t let them do that.”


21st Dec, 2015

P2P Weekly: Lending Totals Doubled in 2015, and Other News

“BondMason Reports P2P Lending Doubled to £2.3bn in 2015; Offers Up 3 Predictions for 2016,” Crowdfund Insider

According to BondMason, UK P2P lending totals doubled in 2015 to about 2.3 billion. The savings and investments platform estimates another £1-1.5 billion in growth in 2016.

“Spotify and Apple Music Should Let Us Tip Musicians We Love,” Wired

Eric Steuer argues that streaming platforms like Spotify and Netflix, which deliberately don’t give much money to creators, should make it easier for users to throw a few bucks in the artists’ direction.

“China overtakes UK in global fintech race,” Financial Times

China is home to seven of the world’s 50 most successful fintech firms, according to a list compiled by accountancy group KPMG. The list included six British firms, with Funding Circle ranking 5th.

“For Large Investment Banks The Rise Of FinTech May Help Alleviate Cost Pressures,” Forbes

Writes Antoine Gara: “Now, FinTech is increasingly seen as a way cut through this technological muck, saving far more money than a next round of layoffs, or re-locations from New York City to Salt Lake City. These investments are seen as the next frontier of cost cutting on Wall Street. And it appears firms that once used to compete fiercely against each other are willing to join forces in the FinTech arms race.”


16th Nov, 2015

P2P Weekly: Apple Launches New Payment App, and Other News

“Apple ‘to launch peer-to-peer payment app,” BBC

A new payment application from Apple would allow users to transfer money directly as a complement to the existing Apple Pay, and in direct competition with PayPal.

“investUP Authorised as “Crowdfunding Brokerage,” AltFi

investUP has now received full FCA authorization. Among other changes, the move means investUP can now continue to work with customers beyond the point of transaction.

“Bessemer Backs Consumer Lending Startup Bread,” Wall Street Journal

New York-based Bread powers a pay-over-time option for online merchants with seamless integration into the merchant’s website. The company recently received $14.3 million in backing from Bessemer Venture Partners.

“MIT Sloan Leads Collaboration Launching Groundbreaking FinTech Ventures, First US Grad-Level Fintech Program,” Crowdfund Insider

MIT will offer the U.S.’s first graduate level program on financial technologies.

““MIT has always been at the forefront in financial innovation and as financial technology is becoming more important in the financial world, we thought it was imperative to have a class covering this new trend,” observed Antoinette Schoar, Michael M. Koerner, Professor of Entrepreneurial Finance.


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