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This week’s news: 11-15 January 2016

Published on 15th January 2016 - Last update on 15th December 2019

The biggest stories this week

The biggest news for us this week was being shortlisted for two upcoming awards: the FSTech Awards, for FinTech Startup of the Year, and the Financial Director’s Business Finance Awards, for Software Product of the Year. We’re very proud of the work we’ve put in over the past few years – highlights include creating the first comprehensive map of the UK business finance market with Imperial College London, working with leading accountancy services provider 2020 Innovation, and our soon-to-be-announced progress with King’s College London as we further fine-tune our matching algorithm – and we’ve got our fingers crossed for the ceremonies in March.

ICAEW critiqued HMRC for poor service, stating that taxpayers will have better luck writing a letter than making a phone call if they want a response to a question. As the Telegraph writes:

The news has emerged just days after Lin Homer, the chief executive of HMRC who is due to be questioned by MPs later on Wednesday, was given a damehood and said she was leaving in April with a £2.2million pension pot.

The MPs’ questions didn’t take this record lightly – see the Telegraph’s full report here.

The World Economic Forum begins a few weeks from now, and fintech will be a big feature in the discussions. Innovate Finance writes that the forum will particularly focus on technological change in the financial sector as “the onset of the fourth industrial revolution”

The fourth revolution is envisioned to provide a change in the velocity, scope and impact technology will have on income inequality, informal economies and payment systems for billions across the globe. This is a daily reality for members of Innovate Finance who are providing solutions to the unbanked and underbanked and redefining the ways in which customers interact with money.

Tech City News gives us 6 reasons no one will fund your startup. It’s good advice, but don’t despair, founders – you’ve got a lot more options for business finance than angel investors.

More news from the fintech front: Britain’s fintech regulator, Bob Ferguson of the FCA, warns that “innovation is not a licence to cut corners” and that regulation standards will be upheld. As Chris Toy pointed out on Twitter, though, just as technology adapts to regulation, regulation must adapt to technology.

The tax implications of peer-to-peer lending – where many investors lend small amounts of money to a business through an online platform – have been clarified by HMRC. In a nutshell, the investor, not the platform, will pay the tax bill. FT Adviser has the full story.

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Sarah Thornton

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