Tech & Tonic: Does anyone actually understand Facebook?

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You say fintech, I say gin and tonic. Because they go together quite well and it's Friday. So pull up a pew, pour yourself a brew... and read the latest news in fintech.

Oval Money raises £1.3m in funding

Oval Money, the automated savings platform, has raised £1.3 million in a fresh funding round. Most of the money raised came through a crowdfund. The FCA-authorised firm plans to use the funds to help launch a feature that will allow people to invest their money in the industry’s first multi-sided marketplace for savings and investments products.

Senator...we run ads

Those of us who work in media and tech (or who are just a bit better informed) reacted with incredulity at some of the questioning directed at Mark Zuckerberg this week. The Facebook founder was subjected to hours of questioning before Congress following a major data breach which we covered in this blog post. However, some of the questions asked were simply bizarre, including: ‘how do you sustain a business model in which users don’t pay for your service?” This is covered in the Verge.

Freelancer? I should coco!

Coconut, the current account for the self-employed, has opened 800 accounts since its launch at the end of January this year. The mobile banking platform provides current accounts for those with flexible incomes. More news here.

The 'goddamn privacy rules' are further clarified

The Information Commissioner has published further guidance on legitimate interest under the General Data Protection Regulation (GDPR). For anyone who has been wringing their hands over the new rules, due to come into force in May, this is a must-read.

Big banks are boring, allegedly

Revolut’s CEO Nikolay Storonsky told the Telegraph that he’s never seen a bank do anything ‘cool.’ To read the interview, you’ll need to subscribe to the Telegraph’s Premium paywall.

Did we miss anything? Holler at us on Twitter over @foco_global