Each week, we take a look at the latest news coming from the UK’s fintech scene. This week, London ranks fourth globally in terms of investment raised in 2021, and 3 in 10 women think they could lose money because they don’t understand the “financial language”.
Two-thirds of adults in the UK say the rising cost of living has affected their ability to save money
An Accenture survey of more than 2,000 adults in the UK found that two-thirds (66%) said the higher cost of living had affected their ability to save money.
The findings highlight the challenges when it comes to saving and the gap in advice available to those who want to save. More than 1 in 4 (30%) adults say they don’t save any money at all on a monthly basis. People aged 18-24 were the least likely to save any percentage of their income, and less than half were doing so (43%).
Laura O’SullivanHead of Strategy and Banking Advisory, Accenture UK and Ireland said: UK adults face a uniquely challenging environment as we head into 2022, in which the rising cost of living is expected to get worse, not better. These results show that although one in four have been able to save more since the start of the pandemic, an equal number save nothing at all each month.
“Regardless of saving habits, the cost of living crisis will make it difficult for people of all ages to save money, with young people feeling the impact most acutely. The drive now in the financial services sector is to help build financial confidence and develop products and habits to empower the next generation of savers.”
Wise was named the Top 20 ‘Best Place to Work’ in 2022 by Glassdoor
Wise, the global technology company that builds the best way to move money around the world, was awarded glass door Staff Choice Award, recognizing the best workplaces in the UK in 2022.
The Employee Choice Award, now in its 14th year, is based solely on the input of employees, who provide anonymous feedback about their jobs, work environment and employer on Glassdoor. Wise ranks 20 out of 50 on Glassdoor’s list with an overall company rating of 4.4.
Hayley Bokor The First People Team Leader at Wise commented: At Wise, we strive to do the right thing by every person involved in achieving our mission. It’s not easy to get our 11 million customers and £1 billion a year, and it’s everyone’s business here that makes it possible.
“Our people have had a lot to do over the past year, including rebranding, the menu, and the pandemic to deal with, so knowing Wisers enjoy working here is a huge business compliment. It just goes to prove we can do great things, And taking good care of each other at the same time.”
London ranks fourth in the world in terms of investment raised in 2021
published report London and Partners and the Bargaining Room It found that the UK ranked fourth after the US, China and India in venture capital investment over the past year.
The report also found that investment in a London startup hit an all-time high in 2021 at $25.5 billion, up 2.3 times year on year.
Tom Henrikson, General Partner in open oceanHe said, “London’s $25.5 billion fundraising over the past year indicates how quickly the UK and Europe are becoming leading players in global technology. London is now a magnet for investment as it currently has a total population of 75 ‘rhinos’.” Its strong foundations And its diverse mix of talent ensures that investment continues to flow at a rapid scale.”
“While fintech accounts for nearly half of the investment that London has seen over the past year, enterprise technology is quickly becoming a worthy contender as the pandemic continues to ensure remote work survives. It is an exciting time to invest in technology and it will continue into 2022.”
3 out of 10 women think they might lose money because they don’t understand the financial ‘language’
More than a quarter (27%) of adults in the UK think they may lose money due to a lack or insufficient understanding of financial terms, according to recent research from Aviva. The insurance company also found that women (30%) are more likely to think financial terms can lose them money than men (23%).
Compared to men (£449), women were found to save nearly 40% less money (£272) and were also less likely to save any money on a monthly basis. 1 in 6 (17%) of male participants said they don’t save any money, while 1 in 4 (24%) of women said the same.
Alistair McQueenComment from Aviva Head of Savings and Pensions: There is a close relationship between financial confidence and financial reward. The financial services industry has a responsibility to ensure that information is communicated in a clear and consistent manner. Our clarity and consistency will fuel our clients’ confidence. Aviva has a range of valuable tools and information available on our website to help customers do this, including an explanation of the most commonly used financial terms and expressions. Aviva is committed to building on this support for all of our customers.”
Nearly one in five don’t know that card spending abroad comes with additional fees
Nearly one in three holidaymakers have felt robbed when using credit or debit cards to spend abroad, new research from UK banking, crypto, forex and investment app Ziglo offers.
Her study found that 31% of adults felt they were charged when using plastic abroad while 3.3 million people said they came home to find unexpected “significant” surcharges for using their credit or debit cards abroad.
Ziglow’s research found that one in seven (14%) admit they don’t shop for the best foreign exchange deals before traveling abroad. This more than doubles to 29% of those who don’t shop for the best deals when changing money abroad.
WealthKernel raises $7 million Series A+ to expand into European markets
WealthKernel, The digital investment and infrastructure provider, has announced a Series A+ funding round, securing an additional investment of $7 million. WealthKernel is already one of the UK’s leading established investment providers, and will use the additional investment to support its day-trading integration and expansion of its services into European markets.
This investment comes at a time when the younger investing public and other non-traditional investment classes are becoming more involved in managing their finances and growing their wealth, which has caused a significant increase in the popularity of trading and wealth management apps. According to a study by App Radar, this now refers to 6.4 million people – roughly 12% of the UK adult population.Use at least one investment app to manage their finances.
Karan Shanmugaraja, WealthKernel CEO says: “I am extremely excited to take this next step in the WealthKernel journey. Supporting our investors will not only help us introduce our product to a wider audience and expand our platform, but will also achieve our goal of becoming the leading provider of API and architecture-based wealth. investment infrastructure across Europe.