Tagged: covid-19

April 9, 2020 @ 2:50 pm By Samantha Hurst  |  

UK-based challenger bank Monzo is reportedly set to shut down its customer support office in Las Vegas. As previously reported, the company announced the launch of the office in the summer of 2018. The customer support team was created to help Monzo scale its customer service… Read More

April 9, 2020 @ 12:30 pm By JD Alois  |  

Chatter continues to disseminate as to how venture capital is pulling back or funding is simply vaporizing. At best, some deals are being reconfigured as pre-pandemic pricing is being called into question. The COVID-19 crisis is hitting early-stage firms hard. Private companies that may be… Read More

April 9, 2020 @ 10:17 am By JD Alois  |  

Federal Reserve Chairman Jerome Powell delivered a speech today following the announcement of historic actions being taken by the central bank to stem the collapse of the once strong US economy. Earlier today, the Fed announced an unprecedented $2.3 trillion vehicle to backstop the economy… Read More

April 9, 2020 @ 8:40 am By JD Alois  |  

Today, the US Federal Reserve took unprecedented actions to provide up to $2.3 trillion in loans to support the economy. The Fed said the funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical… Read More

April 9, 2020 @ 8:23 am By Omar Faridi  |  

UK-based JudoPay, a mobile-first payment platform, has confirmed that it will be taking part in the #KeepBritainMoving initiative, which has been launched in response to the economic uncertainty resulting from the Coronavirus (COVID-19) outbreak. JudoPay is planning to support UK-based SMEs during these challenging times…. Read More

April 9, 2020 @ 7:17 am By Omar Faridi  |  

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has introduced a $125 million support package, in order to support local financial service providers and Fintech companies, following the Coronavirus (COVID-19) outbreak, and resulting economic instability. The MAS noted that $90… Read More

April 8, 2020 @ 8:16 pm By Omar Faridi  |  

Capital G-backed Aye Finance, a leading Fintech lender, has reportedly secured INR 180 crore (appr. $23.8 million) in debt funding in the past 15 days from several major firms in India and investors located abroad. Aye’s management noted that it managed to acquire these funds… Read More

April 8, 2020 @ 4:44 pm By Omar Faridi  |  

Kansas-based TrueAccord, a Fintech firm that has created special software that allows financial institutions to negotiate debt payments with borrowers, is introducing “Engage,” a direct-to-consumer portal. TrueAccord runs a countercyclical business that’s currently generating more revenue than usual, while most other companies are slowing down… Read More

April 8, 2020 @ 1:28 pm By Samantha Hurst  |  

Alipay, a digital lifestyle platform operated by Ant Financial Services Group, announced on Wednesday it has launched a series of initiatives to support small businesses in Wuhan as the city lifts the COVID-19 pandemic lockdown. The platform reported it has set up a special section,… Read More

April 8, 2020 @ 11:25 am By Samantha Hurst  |  

Corvus Insurance, a U.S.-based insurtech startup, announced on Wednesday it is now providing cyber risk analysis and reports for hospitals, healthcare entities or any organization on the frontlines of the healthcare response to the COVID-19 pandemic. The company reported that The Corvus initiative, which is… Read More

April 8, 2020 @ 10:58 am By JD Alois  |  

Assetz Capital, a peer to peer lending marketplace, held a vote of platform investors on providing forbearance to borrowers during the COVID-19 pandemic. Assetz Capital reports that investors have “overwhelmingly” voted to provide relief and to extend loans for an initial three months, where needed…. Read More

April 8, 2020 @ 9:07 am By JD Alois  |  

Last weekend, a campaign to aid early-stage UK firms, entitled Save Our Startups, was launched by a group of very high profile platforms, founders, investors, and advocacy groups. An Open Letter addressed to the PM was included and as of today over 4500 individuals have… Read More

April 7, 2020 @ 3:57 pm By JD Alois  |  

“We’ve seen a significant contraction in the market with a reduction of 30 to 40% in the demand for personal loans. It’s our view that the fall in demand is being driven by faltering consumer confidence due to job insecurity and economic uncertainty amongst other… Read More

April 7, 2020 @ 2:59 pm By Omar Faridi  |  

New York-based ConsenSys, a leading Ethereum (ETH) development studio, and Gitcoin, a fundraising platform, are supporting a digital hackathon event that aims to find solutions for the deadly Coronavirus (COVID-19) outbreak. As noted in a blog post published by ConsenSys, the hackathon event aims to… Read More

April 7, 2020 @ 1:55 pm By Samantha Hurst  |  

Online lending platform Lendio announced on Tuesday it has formed a new partnership with cyber protection services platform Acronis to business capital to cyber protection service providers. According to Lendio, Acronis delivers backup, anti-ransomware, disaster recovery, storage and enterprise file sync, and share solutions to… Read More

April 7, 2020 @ 11:31 am By Samantha Hurst  |  

Biz2Credit announced on Tuesday the release of its latest Business Lending Index revealed that small business approval rate plummeted in March 2020. According to the Index, The approval percentage for small business loan applications at big banks ($10 billion+ in assets) plummeted to just 15.4%… Read More

April 7, 2020 @ 10:50 am By JD Alois  |  

Chatter continues to trickle in that the Payroll Protection Program is floundering a bit during the first few days of the initiative. The Payroll Protection Program (PPP) is part of the $2 trillion CARES Act – the bailout package addressing the COVID-19 onslaught. The PPP… Read More

April 7, 2020 @ 8:20 am By JD Alois  |  

The COVID-19 pandemic has challenged all UK businesses. But smaller firms and early-stage companies may end up bearing the brunt of the impact as these companies can be less well prepared to endure an ongoing economic shutdown. Today, the Enterprise Investment Scheme Association (EISA) is… Read More

April 7, 2020 @ 7:38 am By Omar Faridi  |  

UK-based banking group NatWest‘s online business services bank, Mettle, will be providing free access to FreeAgent’s cloud-powered accounting software The software should help freelancers, sole traders and small and medium-sized enterprises (SMEs) with handling their accounting work. Companies that sign up to connect their FreeAgent… Read More

April 6, 2020 @ 9:30 pm By Omar Faridi  |  

India-based PayU, a leading payment gateway, has introduced several projects and measures,  in order to assist local vendors, small and medium enterprises (SMEs), and business owners in dealing with the disruption due to the Coronavirus (COVID-19) outbreak. The initiatives launched by PayU will help businesses… Read More