Pensions, decentralised finance, and tax-free savings accounts will be the focal points of today’s issue of FinTech Wire. What’s new in these areas? Check out our weekly news review to find out!
Weekly FinTech news digest: 30 March—5 April 2021
Decentralised finance startup Gro raises $7.1m
The London-based company was founded by former Revolut executive Hannes Graah
The popularity of decentralised finance is constantly growing. And when talking about growth and DeFi, one has to mention Gro, a London startup launched just a year ago. The company works on DeFi solutions that will supposedly offer customers an improved experience in terms of managing their finances, but no offering is live yet. Now Gro announced that it raised a funding of $7.1m from Galaxy Digital, Framework Ventures, Northzone, and a group of angel investors. The funds will allow the team behind Gro to roll out two new DeFi products, the first one planned to be released in April.
Read more about alternative financing software development services
A cash ISA launched in the UK by Goldman Sachs’ Marcus
The tax-free savings account offers the interest rate of 0.40%
A new cash ISA (individual savings account) for deposits from just £1 up to £20,000 is available to UK customers. The product was launched by Marcus, a digital retail banking service backed by Goldman Sachs. The cash ISA is free of tax on the interest. Moreover, no additional fees are charged. In the words of Des McDaid, Marcus Managing Director, the newly launched “easy-access Cash ISA provides customers with more options to help them save their money”, independently of the what are they saving for.
Read more about digital banking development services
Property financing platform LendInvest teams up with credit reference FinTech Credit Kudos
LendInvest aims to strengthening its underwriting through open banking
The partnership with Credit Kudos allows the property financing platform LendInvest to leverage open banking capabilities to streamline underwriting process. This way, LendInvest is able to make better lending decisions, at the same time cutting down the underwriting time to only five minutes. This is possible thanks to the up-to-date information provided by Credit Kudos, such as bank transactions, loans, and the applicant’s overall financial history.
Learn more about open banking software development
PensionBee to float on the London Stock Exchange
The pensions startup plans to go public in April
The FinTech PensionBee that provides users with a platform to manage their savings and pension funds plans to follow in the footsteps of other popular startup, Deliveroo. The City company informed that it will float on the London Stock Exchange in an IPO with a similar strategy to Deliveroo. And it’s a long-awaited decision: reportedly, 9,000 people are interested in buying the shares. PensionBee expects to raise around £55 million at a valuation of £300m, according to CEO and co-founder Romi Savova.
Learn more about the creation of an innovative pensions platform
TrustID launches KYC and AML services
The offering is aimed at regulated businesses across all sectors and high-value retailers
TrustID is a leading provider of identity document verification solutions in the UK. It has an impressive variety of products that help businesses validate identity documents in order to verify customers or to comply with the current legislation. The company is known for releasing a brand-new service every single year since 2014, but last year was particularly successful: not one, but three additional solutions were launched. Now, TrustID has announced the release of another one. The Know Your Customer and Anti-Money Laundering services launched in March will allow small and big companies to meet the legal requirements for KYC and AML procedures using TrustID’s all-in-one platform.
Learn more about anti-money laundering with the use of AI
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