Here’s your round-up of what the press said about P2P and fintech in July 2016
Zopa’s new CTO
Alternative finance investments
City AM explored why financial advisers and wealth managers remain reticent about peer-to-peer, concluding that that they are wary as the majority of platforms (Zopa here is the exception) have yet to operate through a full economic cycle. In a separate article on innovative alternative finance products aimed at retail investors, City AM highlighted Zopa’s new Car ReFi product as one of the new options.
Early on in the month, the FCA announced that they are launching a post-implementation review of crowdfunding rules, under which peer-to-peer platforms like Zopa are regulated. This is in line with the two-year review they announced when the rules were launched in 2014. You can read Zopa’s response on our blog.
The P2P industry continues to grow
Despite delays in receiving full authorisation, the chair of the P2PFA explained in the FT Adviser that there hasn’t been a negative impact on the industry. In fact, the P2PFA released its report on lending in the second quarter of 2016, which found that cumulative lending in the sector now amounts to more than £5.8 billion, £658 million of which was originated between April and June 2016.
In P2P funding news, MarketInvoice, which specialises in invoice trading, raised £7.2 million in its latest fundraising round.
Proving that interest in fintech continues to be strong, Revolut and Crowdcube both beat their crowdfunding targets within hours of launching their respective campaigns.
Revolut, which allows people to load money on to a pre-paid MasterCard and then spend it abroad fee-free and at the best available exchange rate, received £10 million in expressions of interest in 10 hours, far exceeding its £1 million target. Crowdcube exceeded its £5million target in less than two days, as part of a crowdfunding round conducted on its own platform.