UK Fintech News Roundup: The Latest Stories 28/09
Every Wednesday we delve into the latest fintech updates from across the UK. This week brings updates from Natwest, Cheddar, Aviva and British Business Bank.
NatWest is to give fathers one year of paternity leave
From January 2023, NatWest will offer a year’s paternity leave to male bankers when they become fathers.
Its new ‘Partner Leave’ policy is open to same-sex parents as well as heterosexual parents and will replace existing policies at the start of 2023 in the UK, Guernsey, Jersey, Gibraltar, Ireland, India and Poland. The new support will apply whether the child was born through natural birth, surrogacy or adoption.
Alison Rosechief executive of NatWest said: “We want to do more to help families thrive. The introduction of Partner Leave will enable colleagues to spend more time supporting their partners who have given birth, had children born through surrogacy or had a child placed through adoption.
“Not only is this good for families, it also helps support wider cultural change by promoting a shared approach to childcare responsibilities early on.”
Cheddar launches new cashback offer
Payment and reward platform Cheddar has launched its latest cashback offer. The offer will see customers receive cash paid straight back into their account after spending at partner retailers.
The offer currently has a number of partners on board, including Ocado, Joe & The Juice and Sports Direct. This will allow customers to receive up to 50 percent cashback when purchasing from these retailers both in store and online.
Luke Ladyman, chief operating officer and co-founder of Cheddar commented: “As the UK economy slips deeper into recession with inflation rising to record levels not seen for 40 years, consumers’ shopping and spending habits are changing. At Cheddar, it’s important to us, now more than ever, to make everyday spending as easy as possible, and our new cashback feature will help our users save money effortlessly while spending in these challenging times.”
Women’s entrepreneur fund receives significant investments
British insurance company Aviva has invested around 10 million dollars in Anthemis Female Innovators Lab Fund.
Founded in September 2019, the fund supports female entrepreneurs in the fintech industry across the UK, Europe, Canada and the US. Aviva’s investment will specifically support UK-based fintech firms founded by women and will see Aviva become a strategic partner of the fund.
Ben LuckettHead of Innovation at Aviva, said: “Female entrepreneurs currently lead just four per cent of UK tech start-ups and this needs to change. The Female Innovators Fund is one way we can support this untapped talent. Working with the Fund means more than just a financial contribution , we want opportunities to collaborate with, learn from and invest directly in start-ups where they can benefit Aviva and our customers.”
British branch becomes subsidiary of Silicon Valley Bank
SVB Finanskonsern’s (SVB) UK branch has become a wholly owned subsidiary of Silicon Valley Bankof which it is the parent company.
The move follows the UK branch’s significant recent success. Silicon Valley Bank UK Limited shall be led by the managing director Erin Plattsformerly SVB’s head of EMEA and president of the UK division.
Greg Becker, CEO of SVB said: “At SVB we have witnessed significant growth in the innovation economy in the UK over the past decade. Consequently, SVB has also experienced unprecedented growth in the UK which has led to the transition to a subsidiary based on our size.”
British Business Bank exceeds targets
The state-owned British Business Bank now supports over 96,000 smaller businesses with £12.2bn of funding through its core programmes.
Economic developments saw it exceed a number of targets set over the past year in a number of key areas, including increasing the supply of finance to smaller businesses; encourage and enable SMEs to seek the funding that best suits their needs and achieve the other objectives while managing taxpayers’ money effectively.
Catherine Lewis LaTorre, CEO of British Business Bank said: “The British Business Bank has successfully delivered against the strategic priorities we set at the start of the year. We have increased our influence and market reach to smaller businesses across the UK’s regions and nations and developed innovative programs while generating an attractive return on capital employed.
“We have also made good progress in integrating our revised mission, with sustainable growth at its core, into everything we do.”
Start ready to launch the app
Take off, the London-based fintech that aims to support underserved communities has officially opened its waiting list for a financial services app. It will be launched in spring 2023 in the UK and Europe.
The app aims to help underserved people and the next generation of workers achieve their financial goals by delivering affordable financial products and services that meet their individual needs.
It aims to do this in a responsible and sustainable way.
