This past Saturday, new Open Banking rules that require big banks to share data with vetted third parties, including fintech upstarts, went into effect in the U.K.
Open Banking is more than anything else a reflection of the fact that the world is changing for big banks as regulators look to support fintech innovation.
Crowdfunding has fast become a popular way for entrepreneurs and cash-strapped startups to raise money, but increasingly crowdfunding platforms like Kickstarter are being used by big brands as marketing platforms.
The fintech revolution might be a threat to major financial institutions, but it’s creating new ways for startups and growing businesses to raise capital and deepen their relationships with customers.
The latest example of that: BrewDog, Scotland’s largest independent brewery, is using a new crowdfunding law to raise money for its US expansion.
Mondo Bank has a long journey ahead of it as it seeks to become the Facebook or Google of banking as venture capitalist Eileen Burbidge envisions.
But it took the upstart bank just 96 seconds to raise £1m from 1,861 people through a crowdfunding campaign on Crowdcube.
Thousands more would-be investors were left out, demonstrating that there’s significant demand on the part of everyday consumers to invest their own money into building the bank of the future.
Crowdsourcing and the sharing economy are driving a huge amount of change and disruption in business at the moment.
Uber and Airbnb are two of the most obvious examples, growing into billion dollar companies on the back of the crowd.
Last week, the United States Securities and Exchange Commission (SEC) unveiled new rules that will make it possible for private companies to accept investments from everyday investors.
The UK’s innovation agency, NESTA, predicts the UK crowdfunding industry to raise £14bn in 2016. That’s a big number considering the global market was expected to reach $6bn in 2013, up from $2.7bn in 2012.
The growth is being driven by an increase in platforms, rapid adoption of crowdfunding as a finance source by businesses and growing consumer awareness.
Crowdfunding is on the rise, and while crowdfunded investments in startups are some months off in the United States, services like Kickstarter have given individuals and businesses a viable way to raise money — in some cases hundreds of thousands or millions of dollars.
As the most prominent crowdfunding platform in the U.S., Kickstarter’s biggest success stories are well-publicized, but there’s also a dark side to Kickstarter that is increasingly being talked about.
In New York, two thoroughfares generate huge sums of money each year: Wall Street and Madison Avenue.
For obvious reasons, there’s a long-standing relationship between the two, but that relationship could blossom even more under the Jumpstart Our Business Startups Act (JOBS Act), which was signed into law earlier this year.
While entrepreneurs in the United States wait for crowdfunding-based investing to become a reality, one of the most popular no-strings-attached US-based crowdfunding sites is delivering some good news for individuals in the UK who are looking for a few good benefactors.
Kickstarter, which to date has helped businesses, entrepreneurs and creatives raise some $275m across more than 63,000 projects, announced today on Twitter that it will be jumping the pond and making a UK debut this autumn.
The global edition of our Internet Statistics Compendium saw further expansion this month as the e-commerce chapter grew to accommodate fresh data looking at the rise of crowdfunding.
Facebook employees and investors are set to cash in when the world’s largest social network goes public later this month, but life at a public company isn’t always easy.
Just ask the executives at Nokia and Yahoo.