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.
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 has invested in German fintech Upvest as it continues its push to capitalise on the rise of digital wealth management in Europe.
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.