News
Insurtech Wefox secures $55m and retains $4.5bn valuation
German insurtech Wefox has secured $55m in debt financing from Deutsche Bank and UniCredit in a “significant affirmation from the industry”. The fresh round of funding brings the fintech’s total funds raised this year to $160m, and keeps its valuation at $4.5bn, as first reported by CNBC.
More than a quarter of Brits now using BNPL says FCA
Data from the Financial Conduct Authority (FCA) indicates a sharp rise in usage of buy now, pay later (BNPL) services in the UK. Around 27 per cent of UK adults reported using BNPL in the six months to January 2023, a significant increase on the 17 per cent from May 2022.
Iwoca raises £200m funding line after reaching £2.5bn in lending
SME lender Iwoca has secured a fresh £200m debt funding line from Barclays and Värde Partners, taking the lender’s total debt commitments to over £850m.
BlackRock invests in German fintech Upvest targeting digital investors
BlackRock has invested in German fintech Upvest as it continues its push to capitalise on the rise of digital wealth management in Europe.
Almost all UK fintechs are helping boost the country’s economic growth
Nearly all fintechs in the UK are contributing to the UK’s economic productivity and growth, a new report from Innovate Finance and Accenture has found. It found that almost all of the companies (98 per cent) contribute to the UK’s economic productivity and growth, and a quarter have a significant impact on reducing inequality by increasing access to financial services.
