6th February 2025 - Credit Connect

Consumers moving towards fintechs and neobanks for their main bank card

6th February 2025 Consumer Lending | #fintechs

Digital-only financial providers (including neobanks such as Monzo, Starling and Revolut and fintechs such as Klarna), expanded their reach from 16% of adults in 2018 to a staggering 50% in 2024 according to research from RFI Global, the only global data and insights company focusing exclusively on financial services. RFI Global’s UK banking research surveyed…

Kitchen firms which took customers’ deposits are shut down

6th February 2025 Commercial Credit Management | #regulation

Firms which took customers’ deposits but didn’t fit their kitchens have been a shut down by the Insolvency Service following phoenix concerns. The investigations found the Manchester-based companies took upfront payments from more than 20 customers, but there is no evidence they installed the kitchens as promised A group of linked kitchen design and fitting…

Credit Union lending increased by over £250m in the past year

6th February 2025 Consumer Lending | #credit union lending

Analysis of the Bank of England’s latest data on Credit Unions from independent financial services consultancy Broadstone has demonstrated the growing demand from households for affordable credit solutions. There are 2.14 million adult members of Credit Unions in the UK as of Q3 2024, an increase of 86,543 compared to a year ago with 2.06…

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Consumers moving towards fintechs and neobanks for their main bank card

Kitchen firms which took customers’ deposits are shut down

Credit Union lending increased by over £250m in the past year

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