Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from YouLend, Amazon, Parliament Street, DKK Partners and CFA Institute.
Amazon and YouLend support UK businesses with new financing programme
YouLend, the embedded financing platform, has partnered with eCommerce giant Amazon to launch a flexible revenue-based financing programme – providing UK businesses access to funding of up to £2million.
YouLend explained funding could be used to grow businesses and build-out inventory, secure new equipment or improve marketing; with the assurance of transparent and capped rates as well as repayment based on current sales.
Jakob Pethick, chief commercial officer of YouLend, commented: “Supporting businesses is core to YouLend’s mission. That’s why we are pleased to partner with Amazon to support the growth of their sellers by providing fast, flexible, and affordable financing. Amazon sellers will now be able to access revenue-based financing from YouLend to thrive and grow”.
Leaders discuss the future of fintech
This week, fintech leaders gathered in Parliament to discuss the impact a lack of diversity, increased regulation, and limited access to funding will have on the future of the industry.
Dean Russell MP for Watford hosted Parliament Street think tank’s fintech summit, while Steven George-Hilley of Centropy PR chaired.
A panel of fintech experts debated the role businesses should play in recruiting and building a more diverse fintech workforce along with the threat posed by AI to job creation.
Caroline Ruto, head of compliance at DKK Partners, said: “Educating young people on fintech and financial literacy is key. As the compliance space grows, not only the business but individuals themselves should be mindful of actions”.
Inflation stagnates in the UK
Inflation has stagnated at 8.7 per cent, the same rate as three months ago. This stagnation has caused businesses and consumers concern amid hopes of a decline.
While inflation figures peaked at 11.1 per cent last year and fell 2.4 per cent to the current figure, the stagnation throws yet more uncertainty surrounding an economy with an unclear future.
Khalid Talukder, co-founder of DKK Partners, said: “While inflation stagnating may cause concerns across the nation, the economic outlook is still a lot brighter than at the back end of last year and businesses across the country should remain confident that better times are ahead. The government also has its sight set on growth, removing barriers for businesses, and opening up opportunities for international trade, which should offer hope to SMEs who are looking to get back out into the marketplace and resume business as usual”.
UK graduates concerned about career prospects and AI threat
New research from CFA Institute, the global association of investment professionals, has revealed that one in ten UK graduates fear AI replacing their job role, ranking it alongside traditional concerns such as low pay or feeling underqualified.
Meanwhile, 70 per cent of respondents said a good salary was the top priority when choosing a career – a 23 per cent increase on the 47 per cent figure from the survey’s previous findings in 2021. Around one in three (37 per cent) said that low pay in their preferred sector, even in traditionally well-paid industries like finance or investment, is their biggest concern regarding their career prospects.
Concerningly less than half (48 per cent) of UK respondents believe they have better career prospects than their parents’ generation, less than the global average (56 per cent).
Rhodri Preece, CFA and senior head of research at CFA Institute, also discussed the results: “The results illustrate the extent to which salary is front of mind as graduates begin their careers amidst the rising cost-of-living, persistent inflation and weak economic growth. This is all directly impacting their career choices and it is no surprise that graduates are seeking out industries that traditionally offer higher pay, in the hope of having a more stable, secure career”.