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 ad as W1TTY announces research findings.

Credit Karma net The De Bruyne ad

Personal 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 UK TV channels, shows Premier League star is replaced during a Sunday league game to turn the team’s fortunes around. The ad also features a watching fan using the Credit Karma app, showing their credit score transition to a higher ranking, encouraging viewers to download the app to receive the financial help they need.

Jack Noble, Head of Marketing at Credit Karma UK, commented: “Helping our members achieve 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 biggest provider of goalscoring passes. Kevin’s technical expertise creates the best opportunities for his teammates to succeed, and we love the parallels with what we’re trying to achieve at Credit Karma.”

Paysend adds 50 new countries to the payment platform

UK based money transfer app Paysend has now added 50 receiving countries to its global payment 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 the platform since its creation in 2017.

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

“By adding an additional 76 recipient countries this year, Paysend is helping people around the world experience lower prices for transferring money and experience much faster processing times for payments through an easy-to-use and secure platform.”

Atom bank completes full registration

UK-based challenger bank Atomic Bank has committed to Lending Standards Board (LSB) ‘Standards for lending practices for corporate customers’.

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

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

Research shows that Gen Z does not feel financially supported

W1TTY, the smart financial app aimed at Gen Z and millennials, reveals that 38 percent of 18 to 24-year-olds are looking for a reliable banking service to help them through the cost-of-living crisis.

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

Ammar KutaitCEO and founder of W1TTY, said, “W1TTY’s goal is to empower the younger generation to take control of their finances, and as we continue to live through the cost of living crisis, our mission has never felt more relevant.”

Allica completes its first major acquisition

Challenger 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; which led to the banks’ combined loan book reaching over £1 billion.

Richard DaviesCEO 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 few months was a major undertaking for a bank of our size and would not be possible without our first-class technological capabilities and committed colleagues.

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