London’s next $1bn firm? TransferWise raises $58m in funding round

London-based peer-to-peer foreign exchange service TransferWise has become the latest company to join Silicon Valley super-venture-capitalists Andreessen Horowitz’s portfolio.

The company raised $58m in a fundraising round led by A16Z, in which the company’s existing investors such as Richard Branson, Index Ventures and Seedcamp also participated. The Series C funding round is thought to value the company at almost $1bn, although it refused to confirm or deny the figure.

TransferWise operates a foreign exchange service which uses an element of peer-to-peer funding to cut costs for users. The company directly pairs up users wanting to buy a currency with those wanting to […] Read more

RBS partners with fintech startups Funding Circle and Assetz Capital for peer-to-peer lending

RBS partners with fintech startups Funding Circle and Assetz Capital for peer-to-peer lending

Royal Bank of Scotland has partnered with UK financial technology startups Funding Circle and Assetz Capital to provide alternative sources of finance to small businesses.

Customers of RBS will be referred to the two peer-to-peer lenders if they are turned down for loans by the bank, an indication of growing acceptance of digital crowdfunding within mainstream finance.

“It is great to see companies like Funding Circle forging a new partnership with RBS to ensure that small British companies have the best access to funding,” said Chancellor of the Exchequer, George Osborne.

Both Funding Circle and Assetz Capital enable businesses to lend each other […] Read more

Online P2P Lending Marketplace Faircent Raises Angel Funding at USD 4M Valuation

Gurgaon-based online peer-to-peer lending marketplace, Faircent has raised an undisclosed amount of angel funding from promoters of Fusion Microfinance, Devesh Sachdev and Ashish Tiwari. The latest funding has valued the firm at USD 4 million.

As per a VCCircle report, the new funding will be used to strengthen its technology and brand, besides expanding the team. The start-up was started in 2013 by Rajat Gandhi, Vinay Mathews and Nitin Gupta, provide a virtual marketplace where borrowers and lenders can interact directly and helps them in interest rate discovery.

With the help of its platform, one can directly interact with fellow borrowers/lenders, negotiate […] Read more