It's been such a busy week in fintech that it's hard to keep up, so let's embrace the Bank Holiday weekend by grabbing a soothing drink and reviewing what's been happening in this week's issue of Tech & Tonic.
Adyen heads for IPO
It’s IPO season for fintechs and the latest coming out of Europe is payments firm, Adyen, which is planning to list on the Euronext Amsterdam stock exchange. While the company is keeping its cards close to its chest, the expected valuation post-IPO is estimated between £6billion to £8billion. Not bad for another emerging European ‘unicorn’. Read more here.
Insurance gets the Tinder treatment
Insurance just got a little bit sexier. Meet Trov, the Tinder for insurance aimed at millennials, which offers on-demand insurance at a simple swipe. The US-based app is the brainchild of serial entrepreneur Scott Walchek, who has been creating start-ups in Silicon Valley for the past 30 years.
Trov claims to insure every personal item. The company recently partnered with Waymo, the self-driving car company, to delve into travel insurance.
So, if you don’t like the look of an insurance offer, now you can swipe away. Read more here.
Overdraft fees higher than payday loans
The consumer advice magazine, Which? and a group of 84 MPs are demanding that the Financial Conduct Authority (FCA) regulate banks’ overdraft fees. According to an investigation by Which?, banks are charging seven times higher than payday loans.
Which? found that Santander, HSBC, TSB, First Direct, NatWest, Royal Bank of Scotland and Lloyds were all charging higher than payday loan firms.
Small wonder that fintech is disrupting the traditional banking sector. Long may that continue. Read more here.
Wealth Wizards wins innovation award
Congratulations to Wealth Wizards, the online pensions provider, for winning the ‘Technology Innovation of the Year’ at the UK Professional Pensions awards. Outstanding effort.
There’s been more written and talked about on this subject than there is data. Ok, so we exaggerate, but still it’s been a major talking point.
Brands that don’t understand how to use data responsibly will struggle to retain customer loyalty. Our own John Shewell gives his views in PR Week about how GDPR will transform the relationship between brands and consumers. You can read John’s comments here.
Did we miss anything? Holler at us on Twitter over at @foco_global