UK Fintech News Roundup: The Latest Stories 26/10

Every Wednesday we delve into the latest fintech updates from across the UK. This week brings updates from Featurespace, GoCardless, Pepper Advantage, Revolut and Natwest Group.

Featurespace collaborates with Soldo

British specialist in fintech, fraud and financial crime Feature space has entered into cooperation with Sold, the European cost management platform. The partnership will give Soldo access to Featurespace’s card and payment fraud prevention.

Soldo customers will also have access to Vital4’s products thanks to the recent collaboration with Featurespace. Soldo customers will be able to use for AI-powered watchlists, politically exposed persons (PEP) and unwanted media screening.

Matt Mills, chief commercial officer at Featurespace, said: “It’s great to partner with Soldo, which like us is a fast-growing technology company. Soldo made it clear from the start that they needed a complete solution; from AML to card and payment fraud, and from politically exposed persons to sanctions.”

GoCardless launches new fraud prevention solution

GoCardless, the provider of bank payment solutions, has launched ‘Protect+’. fraud prevention solution that detects fraudulent activity.

The solution aims to prevent sellers from potential losses through improved payer verification. Additional features included are 24/7 fraud monitoring and chargeback challenges.

Duncan Barrigan, chief product officer and chief growth officer at GoCardless, spoke about the launch. He said: “We are delighted to be launching Protect+ to help businesses not only cope with the current macroeconomic climate, but also put themselves in a stronger position for the future.

“Protect+ identifies fraudulent payers and stops them in their tracks. It protects a company’s reputation, revenue and experience for genuine payers. And because Protect+ is embedded in our global bank payment network, you can manage your payments and protect yourself from fraud, all on one platform .”

Pepper Advantage reaches £20bn milestone

Credit reporting company Pepper Advantage UK has passed £20 billion in UK assets under management.

Pepper Advantage currently manages around 200,000 mortgages for a range of asset types. To take advantage of and continue the company’s growth, the credit company wants to expand to more locations. It is also investing in its site in Skipton, North Yorkshire. With this investment, it creates a specialist hub to support borrowers with financial difficulties.

Gerry McHugh, managing director of Pepper Advantage UK explained the problems they face with mortgages and how it can help. He said: “An estimated 1.8 million people with fixed rate mortgages will be forced to refinance their loans next year, with a huge impact on mortgage affordability given the recent rate rises.

“As the cost and complexity of managing these loans inevitably increases, Pepper Advantage UK is the first choice for loan originators given the experience of our staff and the investment we have made in proprietary systems and software.”

Revolut launches “Home”

UK-based challenger bank Revolut has now launched a new holiday rental feature to its accommodation booking service; ‘Home’.

The new feature will be part of ‘Revolut Stays’. Homes offers up to 4 percent cashback to customers who book accommodation. The exact amount of cashback depends on the terms of their existing plan with the UK fintech.

Christopher Guttridgegeneral manager of lifestyle products at Revolut, said: “When it comes to travel, we know that customers’ needs are changing more and more.

“Big or small, budget or bougie, local homes or elegant hotels. Our customers want to book all kinds of space, all in one place.”

Natwest launches BaaS business with Vodeno

British bank NatWest Group has entered into a partnership with Vodeno Groupthe European software provider, to launch a new business in the UK.

National Westminster Bank Plc owns 82 percent of the British unit. Vodeno has the remaining minority interest. The new company enables businesses to embed financial services directly into the ecosystem. These products include payments, deposits, point-of-sale credit and cash advances directly in their ecosystem.

Alison Rose, CEO of Natwest Group explained how the move aims to support business customers. She said: “As a leading supporter of UK business, we are committed to investing in digital transformation to provide a simpler and better banking experience for our customers.

“By entering into this strategic partnership with Vodeno Group, we will be able to meet the evolving needs of our business customers as they seek to integrate financial products into their own propositions and journeys.”