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UK Fintech News Roundup: The Latest Stories 10/08

Every Wednesday, we delve into the latest fintech updates from across the UK. This week, a Premier League footballer stars in a fintech advert while W1TTY announces research results.

Credit Karma nets De Bruyne ad

De Bruyne Credit KarmaPersonal finance company Credit Karma UK has launched its first major ad campaign in the UK starring Manchester City and Belgium’s Kevin De Bruyne.

A 30 second advert, which aired on all major British TV channels, shows the Premier League star being substituted during a Sunday league game to turn his team’s fortunes around. The advert simultaneously showcases a watching fan using the Credit Karma app, which shows their credit score transition to a higher rating, encouraging viewers to download the app to receive the financial assistance they need.

Jack Noble, head of marketing at Credit Karma UK, commented: “Helping our members reach their financial goals has been at the heart of Credit Karma since we launched in the UK in 2019, and Kevin De Bruyne perfectly embodies this principle as the Premier League’s greatest provider of goal assists. Kevin’s technical expertise creates the best opportunities for his team mates to succeed and we love the parallels with what we are trying to achieve at Credit Karma.”

Paysend adds 50 new countries to payments platform

International transferUK-based money transfer app Paysend has now added 50 receiving countries to its global payments network since the beginning of 2022.

Paysend can now send money to over 170 countries worldwide and has now attracted more than seven million customers to its platform since its creation in 2017.

Alexander Bessonov, group head of network development and strategic partnerships at Paysend, explained: “As more and more people around the world require services to help them send funds, we continue to expand the reach of our network and the number of countries that our customers can send money to, in order to help them to stay connected and transfer money to their friends, family and loved ones.

“By adding an additional 76 receiving countries this year, Paysend is helping people across the globe experience more affordable rates for transferring money and experience far quicker processing times for payments through an easy-to-use and secure platform.”

Atom bank completes full registration

Money transferUK-based challenger bank Atom Bank has committed to the Lending Standards Board’s (LSB) ‘Standards of Lending Practice for business customers’.

With this full registration to the business standards, the app-only bank aims to provide the same regulatory protection to SMEs as that is offered to retail customers.

Tom Renwick, head of business lending, commented: “Full registration and our commitment to the LSB’s business standards highlights that we are dedicated to driving fair customer outcomes, going beyond what statutory regulation requires of us and always placing the customer at the heart of everything we do.”

Research shows Gen Z don’t feel financially supported

Gen Z bankingW1TTY, the smart finance app aimed at Gen Z and millennials, reveals 38 per cent of 18 to 24 year olds are looking for a trustworthy banking service to help them during the cost-of-living crisis.

The app conducted research also showed that 31 per cent of the younger generation are looking for cashback schemes, 28 per cent are looking for a streamlined app that is easy to navigate, while 18 per cent wanted cryptocurrency support and advice.

Ammar Kutait, CEO and founder of W1TTY, said: “W1TTY’s aim is to put the younger generation in control of their finances and as we continue to live through the cost-of-living crisis our mission has never felt more pertinent.”

Allica completes first major acquisition

Bank AcquisitionChallenger bank Allica Bank completed its first major acquisition of Allied Irish Bank Group (AIB), migrating over 1,400 customers and 1,700 loans from AIB.

The customers have transferred to Allica Bank; causing the banks combined total lending book to reach over £1billion.

Richard Davies, CEO of Allica Bank, said: “We are delighted to welcome AIB’s SME lending customers to Allica Bank. To have seamlessly migrated such a complex portfolio in just a matter of months was a major undertaking for a bank of our size, and would not have been possible without our top-notch technology capabilities and committed colleagues.

“We have done everything we can to make sure our new customers feel right at home with Allica Bank, and benefit from our strong technology proposition with tailored personal service delivered by dedicated relationship managers.”

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