German person-to-person loan site Auxmoney, has raised USD12m in Series A funding. The round saw investment from Index Ventures and Union Square Ventures, who together now hold a 21.8% share of the company (reports StrategyEye).
Auxmoney’s site allows consumers to borrow loans directly from private investors, thereby removing traditional banks and the high rate charges associated with personal loans. Since being founded in 2007 by three entrepreneurs, who still hold a 40.4% stake in the firm, the company claims to have assisted in 11,000 loans and gathered 500,000 site members. Auxmoney says it will use the capital to boost its product and expand its staff of 30.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.