Tech & Tonic: Instagram's fintech foray, Luno goes into orbit and the potential people problem

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Hey, this is isn't Apps & Aperol or Fintech and Fizz – it's Tech and Tonic and that's why it tastes so good. Don't forget to tip the bar staff on your way out!

Here comes InstaPay

For at least six months here at Foco Towers, no water-cooler has been safe from our feverish gossip about the possibility of the social media giants entering fintech. Examples of our idle conjecture here and here. Well, we're not claiming Nostradamus status just yet but Instagram seems to have taken the plunge.

The image-sharing service quietly added a native payments feature to its app for some users, according to TechCrunch. It lets you register a debit or credit card as part of a profile, set up a security pin, then start buying things without ever leaving Instagram. How long before WhatsApp and Facebook follow suit?

Luno aims for the stars

Fintech is the fastest growing sector in the UK, according to the Government – but imagine being the fastest growing start-up in the fastest growing sector. You'd get very, very dizzy, right?

Well, that just happened to digital currency exchange, Luno. The London firm was handed the honour at the annual Tech5 competition organised by TNW and Adyen. Luno is also in the final round to compete against the national Tech5 winners from Germany, The Netherlands, Spain, France and Sweden for the title of “Fastest growing tech company in Europe” with the winner being announced on May 24. Congratulations, Luno, and good luck conquering Europe!

Britain's got talent – but for how much longer?

London's exploding fintech scene is hugely dependent on foreign workers – but that boom could turn to bust if immigration rules tighten up due to Brexit, a new report claims. Some 42% of fintech employees come from outside Britain and the sector will top 100,000 by 2030, the study by Innovate Finance says. 

“Without a flexible approach, the UK fintech sector stands to lose its global pre-eminence with companies already facing challenges in recruiting appropriate skills and talent,” Charlotte Crosswell, chief executive of Innovate Finance, told The Times. You can access the report, Supporting UK FinTech: Accessing a Global Talent Pool, here.

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

Michael Taggart

Co-founder of Foco, the fintech content marketing agency