UK-based AltFi, a digital news publication covering financial technology, has announced it will be shutting down.
Launched ten years ago just as Fintech was emerging as a hot sector of financial services, AltFi was known for its coverage of the UK market and annual events. At one point, AltFi expanded its events to the US. One of a handful of Fintech-focused publications, AltFi was a consistently solid source for information on innovation in financial services in the UK and beyond.
In a post on AltFi’s home page, the company said they deeply regret closing after facing “severe headwinds in the last 18 months” without providing details, which most likely surrounded sufficient funding to maintain operations.
The unsigned post stated:
“We have thoroughly enjoyed playing our part in supporting the growth success story that has been UK Fintech. We have met so many fantastic people and businesses, as you would expect, having covered the lifespan of so many challengers to incumbents through this time. Whether you were a reader, attendee, client or supplier, we thank you for making the AltFi community so special. And finally, thank you to our wonderful staff, past and present, for your undeniable passion and commitment, without whom our journey would not have been possible.”
In an X, Charlotte Croswell OBE, well-known in the UK Fintech industry, called the news “terribly sad.”
“Your dedication to in-depth coverage of the fintech sector will be truly missed. Wishing all of you the very best for your future careers and a huge thank you for all the support over the years.”
At one point in 2016, AltFi raised funding via a crowdfunded offering on Crowdcube to sell 7.69% equity stake in the firm for £250,000. In 2019, ETF Systems acquired the company for an undisclosed amount.
It was not immediately clear if the previously scheduled AltFi Festival of Finance 2024 would take place this coming May.