Collaboration for innovation – November industry news
November saw the national roll out of Funding Circle’s referral partnership with NatWest, which means hundreds more small businesses will be able to access finance, giving you even more lending opportunities. By working together in the best interest of customers, we can help businesses receive fast, flexible finance which in turn helps the economy to grow.
How long would it take you to save up for a turkey using only the interest earned on £1,000 in a high street bank account? Ahead of Christmas, research found it could take up to eight years following the Bank of England’s reduction in the base rate earlier this year. Whilst lending through platforms like Funding Circle is an investment, not a savings product, this piece explores a range of other ways to help you make your money work harder. Remember, capital is at risk and your investment can go down as well as up.
Despite the current low interest rate environment, this Mail on Sunday piece highlights a range of bonds and other financial products that offer monthly prizes to some lucky customers. You can also check out a number of other ways to make the most of your money including helping the younger generation onto the property ladder and investments like peer-to-peer lending.
Big news from fellow consumer peer-to-peer lending platform Zopa this month, as they announced they have applied for a banking licence in order to be able to offer borrowers a wider range of products. Whilst we have no plans to do the same, the process which could take anywhere between 18 and 24 months, is certainly one to watch.
Britain’s FinTech sector featured on the front page of City AM after innovation foundation Nesta and the European Digital Forum’s city index confirmed that London still ranks as the best city in the European Union for digital entrepreneurs! Britain has held on to this high accolade thanks to good access to finance, an entrepreneurial culture and a highly skilled workforce. Chris Haley of Nesta references Funding Circle and Deliveroo as examples of great digital businesses that started in the UK.
And finally, renowned venture capitalist and Funding Circle board member, Neil Rimer, featured in the FT this month. Neil is an expert in startups with a passion for tech and the interview dives into his journey to the top. We learn more about his views on finding and supporting some of the world’s best new businesses. Funding Circle’s co-founder and CEO Samir Desai said of Neil: “in the early days he was a mentor, but he has become a strategic soundboard for new ideas.”