Fintech Fridays

Welcome to Fintech Fridays! The Fintech Times weekly roundup serves up something for the weekend – a shopping list of the latest deals, product launches and service updates.

Penfold unveils £40,000 giveaway 
Pete Hykin, co-CEO and co-founder, Penfold

Pension provider Penfold has launched a new £40,000 giveaway competition to “celebrate the importance of saving for retirement”.

The campaign aims to raise awareness of Penfold’s private pension platform as well as encourage more people to take control of their financial future.

To enter the giveaway, people sign up to the Penfold platform and make a pension contribution of at least £1. If you’re currently a Penfold customer, you are eligible to enter the competition. The winner will be selected at random and will receive a prize of £40,000.

“We believe that everyone should have access to the tools they need to save for their future,” said Pete Hykin, CEO and co-founder at Penfold. “That’s why we’ve launched this campaign to encourage more people to start saving with us.”

Alternative investment platform launches with new diamond IPO

luxus diamondLUXUS, a luxury alternative investment platform specialising in precious gems and high jewellery, has launched with a round brilliant diamond.

The diamond has a market capitalisation of $400,000 and is now available for pre-marketing on the LUXUS investment platform for $250 per share.

LUXUS is also formally launching LUXUS VIP – a programme for those who invest and maintain such an investment above a certain threshold.

Phos adds QR digital wallet acceptance

Phos, a software point-of-sale orchestration for businesses, now accepts QR code-based digital wallets as a payment option for retailers, brands, and businesses.

This includes QR digital wallets such as PayPal, Venmo and CashApp, helping merchants increase sales by offering customers more ways to pay.

This offering along with phos’ leading SoftPoS solution enables businesses to accept card payments directly on any NFC-enabled smartphone or tablet, in-store or on the go.

WhisperClaims offers enquiry support service

Fintech WhisperClaims, which specialises in R&D tax claims software for accountants, has launched a new Enquiry Support Service.

The service is designed to help accountants deal with R&D tax enquiries and provide extra reassurance when responding to HMRC.

Mike Dean, managing director at WhisperClaims, said: “Understandably, the R&D tax credit procedure is different compared to other areas of tax law. R&D tax can be more ambiguous, and with HMRC’s introduction of stricter R&D tax processes in April 2023, it is crucial that accountants are supported and given the right guidance.”

Volt partners with Sporting Chance Prize Draw

Football West HamSporting Chance Prize Draw, a UK-based not-for-profit organisation, has partnered with global payments gateway Volt.

Volt’s open banking solution will enable Sporting Chance Prize Draw to attract contributions from donors via real-time account-to-account payments.

Sporting Chance Prize Draw’s annual prize draw is underway and will close on 31 March. This year, the organisation is working with its charity partners with an aim of raising a six-figure fundraising total.

Participants can enter the draw with a minimum donation of £10. Prizes up for grabs include experiencing the Paris Olympic Games with Team GB, a skiing weekend in Switzerland, a flight experience with Scotland rugby players, as well as tickets for a QPR game.

Xapo Bank Integrates with Faster Payment System

Xapo Bank, a Bitcoin custodian and licensed private bank, has announced its integration with the Faster Payment System (FPS) to provide zero-fee fund settlement in the UK and overseas territories.

With the FPS integration, Xapo Bank members can send up to £1milion directly and securely all in real-time. Members can send Pounds Sterling directly from their Xapo Bank US Dollar account to UK banks, overseas territories, and leading digital banks like Wise and Revolut, and exchanges for no-fee payments.

In addition, members have the option to fund their accounts through FPS. When members use this method, the system will immediately convert any Pounds Sterling received to US Dollars and deposit them into their Xapo Bank US Dollar account.

Seamus Rocca, CEO of Xapo Bank, said: “By expanding our currency offering, we are furthering our mission to provide our members with flexibility, convenience, and security when depositing and withdrawing from their accounts.”

The integration also activates support for GBP settlement for account deposits and withdrawals.

Fintech Nomo Bank launches multi-currency accounts

NomoNomo, a Sharia-compliant cross-border bank, has launched new multi-currency accounts. Customers can hold, spend as well as send their money in six different currencies.

The new accounts help customers to avoid exchange fees at the checkout and when sending money.

Abdullah Al-Tuwaijri, BLME’s board member, stated: “This launch complements Nomo Bank’s strategy of continuously enhancing its core digital business. Our customers can now access banking experiences through the best digital solutions suited to their lifestyle.”

First available in Kuwait, Nomo’s multi-currency accounts will also roll-out in phases to customers across the GCC.

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