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UK Fintech News Roundup: The Latest Stories 03/05

Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from allpay cards, finder.com, Travelex and Currensea.

Currensea and Royal Marines Charity launch debit card

UK fintech currensea Royal Marines charity cardThe Royal Marines Charity (RMA), the membership body supporting serving and veteran Royal Marines and their families, has launched a debit card in partnership with UK fintech Currensea.

The new Currensea card links to supporters’ existing bank accounts and is available to both members and supporters wishing to donate to RMC. Donations can be made by rounding up spending to the nearest 50p or £1 in the UK, and also when spending abroad.

RMA’s card also enables users to save at least 85 per cent – and up to 100 per cent – on transaction fees abroad by removing the normal fees leveraged by banks and other card providers. RMC supporters can also donate some or all of these savings on top of the donations on UK spending.

Jonathan Ball, chief executive of The Royal Marines Charity, said: “At RMA, we are constantly looking for innovative ways to drive donations for our lifelong programmes for serving and former serving Royal Marines and their families. Our partnership with Currensea and the launch of our branded debit card will not only enable our supporters to donate easily and conveniently, but also provides them with a way to save money when spending abroad.”

allpay cards invest in efficiency

card payment UK fintechPlastic card manufacturer allpay cards has invested ÂŁ1.5million into new technology, enabling it to streamline its production processes and increase efficiency. The company ultimately aims to provide a higher quality service to clients with this move.

The addition of new machines enables the company to streamline its production processes and increase efficiency. allpay cards also revealed it is expecting the arrival of a second colour DOD before the end of May, which will further enhance its capabilities and allow it to produce more complex designs and offer more customisation options to clients

Jamie Taylor, head of card operations, discussed the investment: “At allpay cards, we are constantly looking for ways to improve our operations and provide the best possible service to our clients.

“Our investment in new machinery is just one example of this commitment. We are excited about the possibilities that these new machines offer and look forward to continuing to serve our clients with the highest level of quality and service.”

ChatGPT enjoys success in the stock market

AI chatbotPersonal finance comparison site finder.com has created a fictional investment fund using ChatGPT – despite the AI chatbot supposedly not being allowed to give financial advice. ChatGPT chose 38 stocks – which rose 4.9 per cent in the 8 weeks since 6th March 2023.

Finder revealed that this means it is significantly outperforming the average of the UK’s 10 most popular funds, which have collectively lost 0.8 per cent in value over the same time period.

Despite the good results provided by ChatGPT Jon Ostler, CEO of finder.com, warned against using AI to support investment decisions: “The big question is how bad of an idea using ChatGPT for investing research currently would be. Big funds have increasingly been using AI for years, but the public using a rudimentary AI platform that openly says its data is patchy since September 2021 and lacks the intricacies of market psychology, doesn’t sound like a good idea.”

Travelex expands ATM click & collect service across UK airports

Travelex currency ATM

Foreign exchange brand Travelex has expanded its ATM click & collect service to across Heathrow, Birmingham and Manchester airports – following a successful pilot at Heathrow Terminal 5. In total, it now offers more than 50 key ATM locations across all Heathrow terminals.

The service enables customers to pre-order foreign cash online at Travelex’s best possible rate before collecting it contact-free from an airport ATM.

Richard Wazacz, CEO of Travelex, said: “ATM click & collect enables our customers to not only access their currency in a new, fast and convenient way, but to do so at the best rates possible too. The service is one of many new innovative propositions we are developing.”

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