FinTech Global’s Post

Daily research from FinTech Global UK remains a leader in the European WealthTech market as funding halved in H1 In H1 2024, the European WealthTech industry experienced a sharp decline in both deal activity and funding. The region recorded 293 funding rounds, representing a 63% drop from the 788 deals completed in H1 2023. Similarly, European WealthTech companies raised $4.8bn during the same period, a significant 51% decrease from the $9.8bn raised in H1 2023. This substantial reduction in both deal volume and funding highlights a broader slowdown in the sector, with investor activity contracting considerably compared to the previous year. The United Kingdom remained the most active WealthTech market in Europe, with companies in the country completing 80 deals (27% share) in H1 2024. However, this marked a dramatic 64% decrease from the 220 deals recorded in H1 2023. Despite the fall in deal numbers, the UK's percentage share of activity remained stable, underscoring its continued leadership in the region. Germany followed with 40 deals (14% share), down from 98 deals in H1 2023, while France completed 31 deals (11% share), compared to 103 deals in the same period last year. Despite these steep declines, the UK, Germany, and France retained their positions as the top three most active countries, reflecting their ongoing influence in the European WealthTech landscape despite the broader slowdown. Abound, a leading London-based credit technology company using Open Banking and artificial intelligence to offer more affordable loans, has secured the biggest WealthTech deal in the UK for H1 2024 with a new financing round of $1bn. This significant funding follows Abound's rapid growth and achievement of profitability just three years after its launch. The new capital includes a multi-year asset-backed debt financing arrangement from Citi, based on loan originations, and a Series B equity round led by Silicon Valley's GSR Ventures. Abound has issued over $400m in loans to date and plans to double its workforce to 130 employees this year. The company’s AI-powered technology, Render, analyses customers’ bank transaction data to tailor loan repayment plans based on individual financial situations, contrasting with traditional credit checks that rely on broad statistical averages. With over 15m people in the UK struggling to borrow for unexpected costs, Abound aims to revolutionize credit decision-making, promoting financial inclusion by making loans accessible at more affordable rates. As a pioneer in leveraging Open Banking and AI in consumer credit decisioning, Abound is already partnering with banks and lenders across Europe to support the AI transition in the lending industry.  

⏰ The clock is ticking! The chance to enter the demo vote at the AI in Financial Services Forum ends today ⏰ After today delegates will vote and select 16 solution providers to present for FREE in front of prospective buyers and partners including senior-level leaders working on the implementation of AI at leading financial institutions, as well as active investors. ❗To apply to demo you simply need to register as a delegate. Enter the vote here - www.AIFinTechForum.com #AIFinTechForum24

FinTech Global news you can't afford to miss from yesterday 👉 What will the impact of AI be on financial services? 👉 How automated CDI cuts processing times by 32% 👉 Record-breaking fines and new legal precedents set in Q3 2024 regulatory crackdown 👉 Tietoevry and Lowell extend their SaaS alliance for enhanced credit management 👉 Alkami Technology digital banking platform empowers Nutmeg State Financial Credit Union Sameer Datye Corlytics Anna Antimiichuk Encompass Corporation Georgia Sutherland Karen Rynes Amelia Lowe SquareTrade

Connect with who matters in Data Management Join the most senior gathering of data and digital transformation leaders & innovators and engage with hundreds of potential peers and partners joining in-person at the Data Management Tech Forum in London Get your ticket today - https://lnkd.in/en3RCE4P #DataManagementForum25

📢 Meet the latest disruptor joining the Global WealthTech Summit 📢 We are delighted to be partnering with Conquest Planning Inc. who are Bronze Sponsors 🥉 at the Global WealthTech Summit in London this November. Register to hear from the industry leaders shaping the #WealthTech landscape of tomorrow! - https://lnkd.in/gaxqdvx #GWTS24 #Wealth Martin Taylor

How ACA’s ComplianceAlpha RegTech platform ensures total communication oversight As the regulatory landscape tightens its grip on digital communications, the imperative for exhaustive capture and archival of electronic dialogues grows increasingly critical. Companies now face heightened challenges to stay compliant across an expanding gamut of digital communication avenues—from the staples of email and phone to the evolving realms of social media, text messaging, and collaborative tools. Within this complex framework, ACA’s eComms Archive and Surveillance Solution, a key component of the ComplianceAlpha® RegTech platform, is a tool that can help, enabling firms to seamlessly record communications across myriad channels that might otherwise elude oversight. Read the story here: https://lnkd.in/gQtdWYWe #FinTech #RegTech #Compliance ACA Group

📢 Our latest speaker taking the stage at the AI in Financial Services Forum – Andrew Thomsen, Group Manager Competition and Regulatory Cooperation at Information Commissioner's Office 📢 Andrew will be speaking on the panel titled: AI and the Regulators - Striking a Balance Between Innovation and Safety Register to hear from the industry leaders shaping the #AI landscape of tomorrow - www.AIFinTechForum.com #AIFinTechForum24

Are you joining the most senior-level gathering of #DataManagement leaders? Here are just some of the decision-makers you can meet at the Data Management Tech Forum in London Make high-impact business connections at the most collaborative gathering of data and digital transformation leaders Book your place today - https://lnkd.in/en3RCE4P #DataManagementForum25

Just over 2 weeks to go until the most exclusive WealthTech event in Europe! The Global WealthTech Summit in London will host senior-level execs working in wealth management, asset management, private banking, financial advisory and retail banking. With the most disruptive innovators in wealth present, what better place to find the best solution for your organisation! Grab your pass before they sell out! - https://lnkd.in/gaxqdvx #GWTS24

💡 Unlocking Organic Growth Through Personalisation and Behavioural Finance💡 Get your questions ready for this presentation led by Greg Davies, Head of Behavioural Finance at Oxford Risk Don't miss this presentation at the Global WealthTech Summit on 6 November! Register for your ticket here - https://lnkd.in/gaxqdvx #GWTS24