uk news round up


Every Wednesday, we delve into the latest fintech updates from across the UK. This week, we hear about the top 10 cities receiving SME funding, while Jumio celebrates record sales success. 

AIM ISAs reach 9th anniversary

On 5th August AIM ISAs will reach the 9th anniversary since their introduction in 2013 by the former Chancellor of the Exchequer George Osborne.

Osborne made it possible to hold AIM shares in an ISA while the UK emerged from a recession, aiming to boost the economy by encouraging investment into AIM companies. This is considered a success and supported a number of fast-growing companies which employed vast amounts of staff.

These ISAs also contain attractive benefits to investors, who get access to over 800 investment opportunities, while also being on to pass the ISA onto heirs free of inheritance tax.

In 2019, AIM companies were contributing £33.5billion to the UK economy and supported more than 430,000 jobs. Jobs created by AIM companies are, on average, more productive with a gross value add of £77,700 per filled position compared to the national average of £56,387.

UK finance provider names top 10 cities for SME funding

High Street

Revenue-based finance provider 365 Business Finance, has named the top 10 UK cities for SME funding and growth. It also detailed the most funded SME sectors in each of these hot spots.

The top 10 cities are, in order: London, Manchester, Newcastle, Birmingham, Sheffield, Canterbury, Brighton, Edinburgh, Chelmsford and Tonbridge.

Recent data suggests retail business receive the most funding in London and Manchester; while in Newcastle and Canterbury, restaurants receive the most. Food retail specifically appears to be the most funded SME sector in the country.

Andrew Raphaely, managing director at 365 Business Finance, said, “It’s always fascinating for us to analyse the trends relating to our funding in different parts of the country. It paints a fuller picture in terms of the industry sectors that are flourishing and where SMEs require financial support the most, whether that’s for an expansion project, or a revamp relating to premises or marketing.”

Joint insurtech acceleration program launches to support start-ups

Insurtech

Start-up accelerator F10 and insurance sector growth initiative Insurtech Isle of Man have partnered to deliver an insurtech acceleration program.

The program, which will support growth-stage insurtech start-ups, is accepting applications from start-ups interested in joining. Those involved will be able to access the F10 global network, enabling them to see sessions on topics important to scaling businesses; such as marketing, branding and sales.

Marc Hauser, head of F10 Europe, said: “We are excited to announce this one-of-a-kind acceleration program in collaboration with Insurtech Isle of Man. Having worked in the industry myself, I experienced the tremendous potential first hand and am convinced open innovation is the best way to make fast progress.

“Together with leading insurers and insurtech start-ups, we will explore and realise relevant use cases. The whole team at F10 is looking forward to accelerating the creation of a thriving Insurtech ecosystem on the Isle of Man.”

Jumio celebrates record high sales quarter

Identity

Identity proofing provider Jumio announced its highest sales quarter ever since the company’s inception in 2010.

Jumio’s ‘KYX Platform’ authenticates a user’s identity and can detect suspicious transactions. The company’s research shows that 80 per cent of users prefer identity verification measures to be in place when choosing online brands.

Robert Prigge, CEO of Jumio, said: “As customer choice and satisfaction increasingly relies on an organisation’s ability to protect the customer’s identity and data, leading enterprises are entrusting Jumio with the protection of their digital ecosystems more than ever.”



Image and article originally from thefintechtimes.com. Read the original article here.