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FinTech Monthly: TransferGo raises $3.4m, Brexit, Android Pay and more

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Welcome to FinTech Monthly for June 2016 – your monthly round up of the month’s top financial technology news. This month, we filmed from The Office Group’s space in The Shard.

Investments

In funding news, international money transfer service TransferGo raised $3.4m in a Series A funding from Vostak Emerging Finance (VEF). TransferGo has expressed the importance of this collaboration for the global expansion of its brand.

Smart Pension, an auto enrolment pension platform, closed a £3.3m Series A round. This brings the London-based company’s total funding to £5m. CEO Andrew Evans described the investment as a “big vote of confidence” for the future growth of the company within the pension provider market.

UK tech industry airs concerns as official Brexit talks begin in Brussels

Android Pay in Singapore

In overseas FinTech news, Google’s Android Pay has launched in Singapore. This follows the roll out of the service in the US in September and the UK in May. Android Pay is expected to launch in Australia soon, although it looks like just one of the nation’s big four banks – ANZ – will be involved in the launch.

Brexit

Back in the UK, Brexit has been the hot topic of since that fateful day in June, but what impact will the vote to leave the EU have on the UK’s FinTech industry? I asked David Brennan of Gowling WLG to share his views.

Sopra Banking Software report

57% of customers are ready to bank with an alternative financial services provider, according to a survey by Sopra Banking Software titled ‘Seducing the runaway customer’. The report also revealed that only 12% of those surveyed believe their bank is innovative.

FinTech Event

PayExpo Europe 2016 took place at the start of the month. Held at the Excel in London, the event was visited by almost 2,300 attendees from organisations across the continent. The programme included a Payments Dragon’s Den, which saw four up-and-coming companies take on a panel of judges to showcase their financial services products.

That’s all for this month’s roundup, visit our FinTech news channel for a closer look at the goings-on in the financial technology space, and subscribe now to receive future FinTech Monthly videos to your inbox.

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