UK Fintech News Roundup: The Latest Stories 24/08
Every Wednesday we delve into the latest fintech updates from across the UK. This week we look at new customizable car insurance, solutions for SMEs and more.
Customizable car insurance launched in the UK
UK based insurance broker, Urban jungle, has become the first UK insurtech company to offer both home and car cover. This comes after it launched its new car insurance service this week.
The policy can be adapted to cover only the areas the customers need. Urban Jungle’s offer of transparent pricing also enables them to pay for a monthly subscription, with no hidden fees should they need to cancel.
Jimmy WilliamsCEO and co-founder of Urban Jungle commented: “We have always built Urban Jungle with the aim of helping our customers get better coverage across a range of insurance products and it is fantastic to continue our product rollout, following our hugely successful launch of homeowners last year, and a nice bonus for getting ahead of our peers. Our insurance is designed to be simple, transparent and fair, which is certainly the case with our new car insurance product.”
TrustID moves to The Blade
TrustID, the identity services provider, has moved to the iconic Reading high-rise, The Blade. The move comes after a sustained period of growth for the company in recent months.
This announcement follows the company’s recent reminder to both employers and landlords that they have just three months left to ensure they can fully comply. Right to work and Right to rent checks.
Tony MachinCEO of TrustID said: “For us, this office move is a big step in the company’s development. TrustID is growing very quickly and is becoming one of the leading experts in the field of identity verification. This office move will facilitate further growth and help us continue to deliver our market-leading products and customer service. We believe much of our success is due to being located in Reading, where there is a large pool of talent to join our growing team.”
Paysend launches online store solution for SMEs
Paysendthe card-to-card pioneer and international payments platform, has officially launched the Paysend Store for UK merchants.
This solution enables small and medium-sized businesses to set up an online store; on which they can immediately start selling products. The online stores are fully customizable and include the ability to host personalized promotions.
Ashley Mallett, chief business officer at Paysend, said: “Previously, the online route to market for many entrepreneurs and SMEs was fragmented, complex and inefficient, with business owners having to manage multiple separate elements of their e-commerce offering from website, design, marketing and payment processing as well as integration of the individual elements. The Paysend Store removes these inefficiencies and provides an easy-to-use one-stop-shop for UK SMEs to create, manage and grow their e-commerce business using a single platform.”
The UK offers the third worst fuel economy in Europe
insurance provider, Confused.com, revealed this week that UK drivers spend over eight per cent of their income on fuel. This comes from the company’s research into which European countries’ residents spend the highest percentage of their income on fuel.
The results found that UK drivers spend an average of €1,761.96 (8.21 per cent of their average income) on annual fuel costs. This placed the UK as the third highest fuel cost relative to income in Europe. Only Greece (13.13 percent) and Portugal (9.79 percent) had higher fuel costs.
The results also showed that, in stark contrast, drivers in Luxembourg spent just 3.76 percent of their average income on fuel. Luxembourg offers fuel at €1.90 per litre, much less than the UK’s €2.16 per litre.
