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THE MONTH IN NUMBERS
The month in numbers… $200 MILLION…Santander’s FinTech VC fund, InnoVentures, has stumped up $100 million, meaning the
firm can now deploy a total of $200 million in minority stakes in startups.
Ana Botín, Group Executive Chairman of Banco Santander, says: “A deeper investment in our FinTech fund represents Santander’s success in investing in disruptive new technologies that will help our transformation towards being the best bank for our customers – in the simple personal and fair way they expect and deserve today. The fund’s base in the UK has allowed it to benefit from London’s position as a FinTech hub, while talent-spotting our investments on a global basis. Santander remains committed to the UK and excited about its FinTech enterprises.”
£300 MILLION…US bank Wells Fargo gave the UK a Brexit boost when it announced it was to buy an
11-storey block at 33 Central, King William Street, close to the Bank of England. It’s one of the largest single office deals in the City of London market this year. Upon completion in Q3 2017, 33 Central will allow Wells Fargo to consolidate all of its London- based team members in a single location. Financial terms weren’t disclosed but, according to a source close to the deal, it is valued at around £300 million.
1.05 MILLION…The number of Brits who moved their current accounts in the past 12 months, according
to Bacs, which operates the Current Account Switch Service (CASS). That represents a drop of 4.7% on the previous 12 month period. Of those who jumped ship, Halifax was the most popular destination, attracting 31,000 customers, whilst Barclays was the biggest loser, with a net loss of 27,000
There are 65 million current account holders in the UK. But despite incumbents offering financial inducements, digital- only challengers emerging and the best efforts of the switching service, which cost £750 million to launch, movement has been minimal. The third quarter of 2016 will see the launch of yet another campaign to raise awareness. This will encompass TV, radio, print, and digital advertising to mark the third anniversary of CASS.
$53 MILLION…German digital only bank Number26 (pictured) has become N26 and received a full banking
licence from the Federal Financial Supervisory Authority (BaFin) and the European Central Bank. It is now looking to roll-out real-time credit, increased security through artificial intelligence and expense sharing over the next 12 months.
www.ibsintelligence.com © IBS Intelligence 2016
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