Jan 21, 2019

Banks embrace fintech to exploit disrupter expertise

Barclays and Santander have taken stakes in British fintech group MarketInvoice in a sign of established lenders' growing willingness to team up with technology-driven challengers. The companies declined to comment on valuation, but documents filed with Companies House suggest the deal valued MarketInvoice at about £85m. Big banks and fintechs have become increasingly keen to work together despite sometimes competing for the same customers. Smaller firms such as MarketInvoice benefit from access to banks' long-established customer bases, while banks can exploit smaller players' specialist knowledge or ability to develop products more quickly. MarketInvoice initially funded many of its loans through peer-to-peer investments from retail investors, but now relies on institutions such as banks and family offices for around three-quarters of its funds. "Ian Rand, chief executive of business banking at Barclays, said:"Collaborating with fintech companies like MarketInvoice is an integral part of Barclays' strategy for accelerating growth.

Read the full story

 Related companies

Make a complaint about Barclays by viewing their customer service contacts.