uk news round up
Europe Fintech Industry Roundups

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 into new customisable car insurance, solutions for SMEs and more. 

Customisable car insurance launched in the UK

Car and HomeUK-based insurance broker, Urban Jungle, has become the first UK insurtech business to offer both home and car cover. This comes after it launched its new car insurance service this week.

The policy can be customised to cover only the areas that customers require. 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 Williams, CEO and co-founder of Urban Jungle commented: “We’ve always built Urban Jungle with a view to helping our customers get better cover across a range of insurance products, and it’s fantastic to be continuing our product roll-out, after our hugely successful Homeowners launch last year, and a nice bonus to get there ahead of our peers. Our insurance is designed to be simple, clear and fair which is certainly the case for our new car insurance product.”

TrustID moves to The Blade

The Blade, ReadingTrustID, the identity service provider, has relocated to the iconic high-rise in Reading, The Blade. The move comes after a sustained period of growth for the company over the past few months.

This announcement follows the company’s recent reminder to both employers and landlords that they have only three months remaining to ensure they can carry out fully compliant Right to Work and Right to Rent checks.

Tony Machin, CEO of TrustID said: “For us, this office move is a big step in our company’s development. TrustID is growing very quickly and is becoming one of the leading experts in the identity verification space. This office move will facilitate further growth and help us to continue to deliver our market-leading products and customer service. We believe a lot of our success is down to being located in Reading where there is a great pool of talent to join our growing team.”

Paysend launches online store solution for SMEs 

Online storePaysend, the card-to-card pioneer and international payments platform, has officially launched Paysend Store for UK merchants.

This solution enables SMEs to set up an online store; on which they can immediately start selling products. The online stores are fully customisable and include the capability to host personalised promotions.

Ashley Mallett, head of business 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 payments processing as well as integration of those individual elements. Paysend Store removes that inefficiency 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.”

UK offers third worst fuel economy in Europe

Petrol pumpInsurance provider, Confused.com, this week revealed that drivers in the UK spend over eight per cent of their income on fuel. This comes from the company’s research into which European countries’ residents are spending the highest percentage of their income on fuel.

The results found that, on average, UK drivers spend €1,761.96 (8.21 per cent of the average income) on fuel annual costs. This placed the UK as having the third highest fuel cost in comparison to income in Europe. Only Greece (13.13 per cent) and Portugal (9.79 per cent) had higher fuel costs.

The results also showed that, in stark contrast, drivers in Luxembourg spent only 3.76 per cent of their average income on fuel. Luxembourg offers fuel at €1.90 per litre, much less than the UK’s €2.16 per litre.

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