Welcome to FinTech Monthly for May 2016 – your roundup of the month’s top financial technology news.
Pulse of Fintech Report
VC funding for UK FinTech companies dropped 41% over the first quarter of 2016. That’s according to the KPMG and CB Insights Pulse of FinTech report. The UK was still ahead of Germany in the investment stakes, thanks to rounds raised by World Remit and Ezbob. Across the pond, US investors’ interest in payments companies is on the decline.
Aviva Ventures invests in Founders Factory
Aviva Ventures made an undisclosed multimillion pound equity investment in tech accelerator and incubator Founders Factory to develop FinTech startups. As part of the partnership, Aviva and Founders Factory will work together to develop seven FinTech startups every year. Andrew Brem, chief digital officer of Aviva, said he believes it’s high time to bring the insurance industry into the digital age.
Investment
In funding news, international money transfer platform TransferWise raised $26m. This brings the London-based company’s total funding to $117m since it was founded in 2011. The round was led by Baillie Gifford, which joins Andreessen Horowitz, Peter Thiel’s Valar Ventures and Sir Richard Branson as investors in the company.
HM Treasury announces Fintech Bridge
HM Treasury announced a new ‘FinTech Bridge’, which will seek to help UK FinTech startups and investors access the Asian market and expand to Singapore. The Treasury will also work to attract Singaporean FinTech companies and investors to the UK. At the launch, the Financial Conduct Authority and the Monetary Authority of Singapore signed a regulatory cooperation agreement.
That’s all for this month’s roundup, visit our FinTech news channel for a closer look at the goings-on in the financial technology space, and subscribe now to receive future FinTech Monthly videos to your inbox.