UK Fintech News Roundup: The Latest Stories 03/08

UK Fintech News Roundup: The Latest Stories 03/08
UK Fintech News Roundup: The Latest Stories 03/08

Every Wednesday we delve into the latest fintech updates from across the UK. This week we hear about the top 10 cities receiving SME funding, as Jumio celebrates record sales success.

AIM ISAs reach 9 year anniversary

Investment ISA

On the 5th of August GOAL ISAs will reach their 9th anniversary since they were introduced in 2013 by the former Chancellor of the Exchequer George Osborne.

Osborne made it possible to hold AIM shares in an ISA while the UK was coming out of recession, with the aim of boosting the economy by encouraging investment in AIM companies. This is considered a success and supported a number of rapidly growing companies that employed huge numbers of employees.

These ISAs also contain attractive benefits for investors, who gain access to over 800 investment options, while being able to pass the ISA on to heirs without inheritance tax.

In 2019, AIM companies contributed £33.5 billion to the UK economy and supported more than 430,000 jobs. Jobs created by AIM companies are on average more productive with a gross value added of £77,700 per post filled compared to the national average of £56,387.

The UK’s finance provider names the top 10 cities for SME funding

High Street

Income-based financial provider 365 Business economics, has named the top 10 UK cities for SME funding and growth. It also described the most funded SME sectors in each of these hot spots.

The top 10 cities are in order: London, Manchester, Newcastle, Birmingham, Sheffield, Canterbury, Brighton, Edinburgh, Chelmsford and Tonbridge.

Recent data suggests that retail receives the most funding in London and Manchester; while in Newcastle and Canterbury restaurants receive the most. Food retail specifically appears to be the most funded SME sector in the country.

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Andrew Raphaely, CEO of 365 Business Finance, said: “It’s always fascinating for us to analyze the trends related to our financing in different parts of the country. It paints a more complete picture in terms of the industry sectors that are flourishing and where SMEs need financial support the most, whether it is for an expansion project or a renewal related to premises or marketing.”

Joint insurtech acceleration program launched to support start-ups

Insurtech

Startup Accelerator F10 and growth initiatives for the insurance sector Insurtech Isle of Man has partnered to deliver an insurtech acceleration programme.

The program, which will support growth-stage insurtech startups, is accepting applications from startups interested in joining. Those involved will gain access to the global F10 network, allowing them to view sessions on topics important to scaling businesses; such as marketing, branding and sales.

Marc Hauserhead of F10 Europe, said: “We are delighted to announce this unique acceleration program in partnership with Insurtech Isle of Man. Having worked in the industry myself, I have experienced the huge potential first hand and am convinced that open innovation is the best way to make fast progress.

“Together with leading insurance companies and insurtech start-ups, we will explore and realize relevant use cases. The entire team at F10 looks forward to accelerating the creation of a thriving Insurtech ecosystem on the Isle of Man.”

Jumio celebrates record sales quarter

Identity

Provider of proof of identity Jumio announced its highest-ever sales quarter since the company’s inception in 2010.

Jumio’s ‘KYX Platform’ authenticates a user’s identity and can detect suspicious transactions. The company’s research shows that 80 percent of users prefer that identity verification measures are in place when choosing online brands.

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Robert PriggeCEO of Jumio, said: “As customer choice and customer satisfaction increasingly depend on an organization’s ability to protect customer identity and data, leading enterprises entrust Jumio with the protection of their digital ecosystems more than ever.”

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