Hey Jude, Don't Be Afraid


Jul 06, 2024


Sarah Parsons Wolter


Jul 06, 2024


Sarah Parsons Wolter


The London Stock Exchange (LSE) is pulling out all the stops to reclaim its standing as a top destination for IPOs. In a bold move to enhance the UK's appeal, the LSE is introducing a suite of measures aimed at making the IPO process smoother and more attractive for companies eyeing the public markets. This initiative comes as a strategic counter to the increasing trend of UK companies opting for listings in the US, where the market conditions have been perceived as more favorable.

Among the key changes, the LSE is set to simplify its rulebook, slash regulatory burdens and roll out an intermittent trading venue for the trading of shares in private companies, blending public market protections with private market freedoms. By making these adjustments, the LSE aims to provide a more competitive and accessible platform for tech and high-growth companies, hoping to position itself as a leading hub for these businesses.

This revitalization effort is timely. Recent high-profile de-listings, where companies like Flutter and Arm have moved their listings to the US, highlight a growing concern about the UK’s competitiveness in the global market. These moves underscore the allure of the deeper capital pools and higher valuations often found on Wall Street, a trend the LSE is keen to reverse.

As the LSE rolls out these new measures, the financial community will be watching closely to see if this market makeover can successfully “bring it home” to the UK. So, hey Jude, don’t let [us] down!


Portfolio News

Tivita raises $6m in Seed funding led by FinTech Collective - Tivita was founded in July 2023 by Claudio Franco (formerly CMO of Wellhub/Gympass) and Amilton Paglia (formerly CPO of Olist) with the mission of simplifying and automating up to 90% of the manual tasks in the financial routines of clinics and medical practices. The platform allows healthcare professionals to monitor revenue and productivity in real-time, automating financial routines and simplifying the issuance of documents related to patient payment and care. Read more

Plaid, once aimed at mostly fintech startups, is growing its enterprise business and now has over 1,000 customers signed on - The expansion from connecting consumer bank accounts to financial applications into being a multi-product company has led to Plaid starting to see real traction beyond traditional fintech customers. In fact, the company says that enterprise and traditional financial institutions growth is starting to outpace the rest of its business. Read more

Netchex announces the launch of Netchex 401k, powered by Vestwell - This new solution enables businesses to offer a highly sought-after employee benefit at a competitive cost with minimal administrative effort. Read more

Termii surpasses 1b customer transactions - Termii has achieved unprecedented success under the leadership of its CEO, Emmanuel Gbolade, processing over 1b customer transactions (SMS, Voice and WhatsApp). Additionally, Termii has facilitated wallet transactions totalling an impressive 11b. This significant volume highlights the platform's pivotal role in enabling seamless transactions for its users. Read more

Hey Jude, Don't Be Afraid

Zilch warns it might ‘go somewhere else’ unless UK boosts IPO market - Zilch has warned it could list abroad without UK government measures to boost capital markets and investment in tech companies, as the fintech company edges closer to an initial public offering. Chief executive Philip Belamant said the company was waiting to see policies aimed at fostering “liquidity and excitement around IPOs” in the UK before committing to a London listing. Read more

Revolut keeps ‘open mind’ on possible IPO venue as it hints at listing plans - While board member Martin Gilbert did not commit to the London Stock Exchange, his comments contrast with those of Revolut’s co-founder and chief executive Nik Storonsky, who said last year that he did not “see the point” of listing in London due to the UK’s regulatory environment. Storonsky added that he would likely choose New York’s Nasdaq exchange in the event of an IPO. A point of frustration among Revolut’s top brass stems from the fintech’s more than three-year struggle with regulators to secure a UK banking license. Read more

Shein keeps option of Hong Kong IPO as back-up plan - Online fast-fashion group Shein has a back-up plan to seek a listing in Hong Kong, as its ambition for an initial public offering in London encounters rising scrutiny in the UK and China. While a London flotation could fetch the China-founded ecommerce group a £50bn market valuation — marking a blockbuster success for the UK’s otherwise lackluster capital markets — Shein is also facing pushback over the plan. Read more

Industry News

BlackRock aims to ‘index the private markets’ after Preqin deal - The deal to acquire the London-based private capital database provider accelerates BlackRock’s push to become a major player in alternative assets. Fink said indexes and data will ultimately drive “the democratization of all alternatives,” and the Preqin deal is about the ability of data and analytics to broaden access to private assets in the coming years. Read more

Financial services shun AI over job and regulatory fears - Financial services are failing to implement artificial intelligence successfully, European fintech executives have claimed, even as evidence mounts that the hyped technology will boost productivity and cut costs. Job loss fears, regulatory concerns and institutional inertia are among the factors deterring bankers from fully embracing the systems that underpin products such as ChatGPT. Read more

Robinhood said to consider offering crypto futures in US, Europe - Once its $200m acquisition of Bitstamp closes next year, Robinhood is hoping to use the crypto exchange’s licenses to offer perpetual futures for Bitcoin and other tokens in Europe. It also wants to launch CME-based futures in the US for Bitcoin and Ether. Read more

Revolut reports record profits as it hints at plans for IPO - The London-based fintech company swung to a £438m profit in 2023, having made a £25m loss a year earlier. But bosses have yet to persuade regulators to grant the company a UK banking license that would open the door to new income streams. A license would allow Revolut to hold its customers’ deposits, which would help fund its own-branded loans and mortgages. Read more

6% of your paycheck is becoming the new standard for 401(k) saving - Companies are now auto-enrolling new hires into 401(k) plans at 6% of their salary, up from 3%, to boost savings and maximize employer matching contributions, improving retirement readiness without significantly increasing opt-out rates. Read more

The new money laundering network fuelling the fentanyl crisis - A fascinating read from the FT on how a sophisticated money laundering network using Chinese bank accounts and shadow transfers is exacerbating the fentanyl crisis, complicating efforts by authorities to trace and disrupt illicit financial flows. Read more

Bitcoin ETF issuer VanEck files for Solana ETF in the US - The new fund, called the VanEck Solana Trust, aims to capitalize on Solana’s decentralized nature, high utility and economic feasibility Matthew Sigel, head of digital assets research at VanEck, said. According to the executive, the trust is the first filing for a Solana ETF in the United States. Read more

Select Financings

Clearstory - Walnut Creek based construction order management company raised $16m in Series B funding led by Prudence. Read more

Cluby - Finland based restaurant tech company raised €.9m in Seed funding led by Vendep Capital. Read more

Feather - Berlin based health insurance company raised €6m in Series A funding led by Keen Venture Partners. Read more

Hebbia - New York based enterprise search AI company raised $100m in Series B funding led by Andreesen Horowitz. Read more

Heymax.ai - Singapore based loyalty platform company raised $2.6m in Seed funding led by January Capital. Read more

Lombard - Bitcoin restaking company raised $16m in Seed funding led by Polychain Capital. Read more

Mamori - Web3 security company raised $5m in Seed funding led by Blockchain Capital. Read more

MegaLabs - Realtime blockchain infrastructure company MegaLabs raised $20m in Seed funding led by Dragonfly Capital. Read more

Redstone - Switzerland based blockchain oracle company raised $15m in Series A funding led by Arrington Capital and Kraken Ventures. Read more

Sendblocks - Blockchain data management company raised $8.2m in Seed funding led by Castle Island Ventures. Read more

Steep - Stockholm based analytics company raised €4m in Seed funding led by Connect Ventures. Read more

Trever - Austria based digital asset management company raised €2.4m in Seed funding led by TX Ventures and Market One Capital. Read more


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