Latest news with #HSBCInnovationBanking
Economic Times
5 days ago
- Business
- Economic Times
HSBC's next move could shake up India's venture debt play
The 1GBP acquisition of the UK unit of collapsed Silicon Valley Bank in early 2023 opened new avenues for global banking major Hong Kong and Shanghai Banking Corp (HSBC). The move offered a quick start to its startup banking division, HSBC Innovation Banking. SVB's clients – 3,000 European startups and venture capital funds – became its customers overnight. HSBC Innovation Banking then spread its wings to the US, Israel, and Hong Kong. Its next
Time of India
5 days ago
- Business
- Time of India
HSBC's next move could shake up India's venture debt play
HSBC's next move could shake up India's venture debt play Getty Images Synopsis London-based banking major has serious plans to start a venture debt fund in the country. India could well be HSBC's next destination after the UK, the US, Israel and Hong Kong to launch its Innovation Banking, a separate division for startups. By MANU P TOMS 5 Mins Read, Jun 05, 2025, 05:00 AM IST SHARE THIS NEWS Close Font Size Abc Small Small Abc Normal Normal Abc Large Close The 1GBP acquisition of the UK unit of collapsed Silicon Valley Bank in early 2023 opened new avenues for global banking major Hong Kong and Shanghai Banking Corp (HSBC). The move offered a quick start to its startup banking division, HSBC Innovation Banking. SVB's clients – 3,000 European startups and venture capital funds – became its customers overnight. HSBC Innovation Banking then spread its wings to the US, Israel, and Hong Kong. Its next
Irish Independent
02-05-2025
- Business
- Irish Independent
Solar energy company UrbanVolt agrees €40m debt facility with HSBC
UrbanVolt says it will use the money to expand its services to commercial and industrial customers in Ireland and Britain. The company, founded in 2015 by Kevin Maughan, Declan Barrett and Graham Deane, has offices in Dublin and London and counts Heineken, the Blanchardstown Shopping Centre, and multinational manufacturer Flextronics as customers. Its 'solar as a service' proposition involves designing, financing, installing and maintaining solar panels for customers who want a managed electricity utility option instead of taking ownership of it themselves. Its debt equity allows the firm to provide electricity at a fixed-term rate without exposing clients to interest rate hikes. UrbanVolt locks in its electricity rate for up to 30 years for customers. UrbanVolt has signed agreements with more than 150 businesses in Ireland and the UK. In 2023, it announced a €26m equity investment from the Norwegian specialist growth investor, Verdane. Last August, it appointed Justin Jacober, the former managing director of UK-based energy company Centrica Business Solutions, as its new CEO. 'This financing from HSBC Innovation Banking and HSBC Asset Management is an important milestone in UrbanVolt's growth ambitions, enabling us to fast-track the implementation for both our existing and future customers in Ireland and the UK,' Mr Jacober said. 'In an unpredictable global economic climate, this funding reinforces UrbanVolt's position in the renewables sector, providing stability and confidence to customers transitioning to renewable energy.' The company became Ireland's first certified B Corp in 2018. 'We are delighted to support UrbanVolt on their next chapter of growth, as they look to accelerate the delivery of commercial and industrial projects in Ireland and the UK,' said Conor Sheehy, head of warehouse finance at HSBC Innovation Banking UK. 'This financing is an example of collaboration between HSBC Innovation Banking and HSBC's Asset Management team, bringing together our expertise to provide bespoke support and deliver tailored financing solutions for our clients.'
Yahoo
02-04-2025
- Business
- Yahoo
UK payments firm Zepz rakes in $165m
UK-based remittance company Zepz has secured a $165m growth financing package, which includes a $110m revolving credit facility led by HSBC Innovation Banking. This package also includes a $55m term facility underwritten solely by HSBC Private Credit. The move is subject to financial covenants, such as maintaining minimum EBITDA and an adjusted quick ratio, according to UKTN. An "accordion" feature within the facility allows Zepz, subject to lender approval, to request an increase of the revolving commitment by up to an additional $60m. The new financial arrangement replaces a previous revolving credit facility expired on 29 November 2024. In 2023, the facility's interest rate was a substantial 14.73%, according to WorldRemit's accounts. Zepz CFO Barrie Morris said: 'By lowering borrowing costs, this facility improves our financial flexibility and ensures we can continue delivering high-quality, cost-effective services. 'The additional capital allows us to strengthen our operations, supporting our long-term growth and commitment to our customers.' Zepz operates two remittance brands, WorldRemit and Sendwave. In June last year, Zepz raised $267m in a Series F round, led by venture capital firm Accel, with TCV and Leapfrog also participating. The shares from this round carry a 14.5% annual dividend, accruing daily and compounding semi-annually. In February this year, Zepz made headlines for reportedly laying off dozens of IT workers and closing business units in Poland and Kenya, affecting roughly 200 staff members. This equates to approximately 20% of its global headcount of 1,000 as of January. Zepz confirmed the headcount reduction to CNBC, stating that the decision was made to 'sustainably support the next phase of long-term strategic goals and continued growth.' "UK payments firm Zepz rakes in $165m" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
28-02-2025
- Business
- Yahoo
ClearScore secures $38m to undertake growth initiatives
ClearScore Group, a fintech based in London, has obtained €36.1m ($37.8m) in debt financing from HSBC Innovation Banking UK. This financing will help bolster the company's growth initiatives across both domestic and international markets. ClearScore and HSBC Innovation Banking UK, a part of HSBC, have been collaborating since 2017, with the bank playing a significant role in ClearScore's global expansion over the last eight years. This latest round of funding is a continuation of their partnership, aimed at furthering ClearScore's reach and product offerings. ClearScore Group chief financial officer Brian Cole said: 'As a profitable fintech operating at global scale, we have options when it comes to choosing how to invest for the next ten years of growth. 'This funding allows us to expand the range products we can offer our users and the channels through which we can reach them. HSBC Innovation Banking has been a key strategic partner to enable us to scale at pace and become one of the UK's leading fintech brands.' Founded in 2015, ClearScore launched with an app designed to enhance financial wellbeing for users. The app allows individuals to check their credit score and report, gain personalised financial insights, and access customised credit deals without affecting their credit rating. The platform also features tools such as 'Credit Health' for a detailed financial overview and 'Protect' for dark web monitoring to prevent identity theft. Since its inception, the group has experienced rapid growth, now serving over 24 million users across five countries, including the UK, South Africa, Australia, Canada, and New Zealand. ClearScore has also diversified its services with DriveScore, a data-driven marketplace, and D•One, an open banking service tailored for credit marketplaces. Recently, ClearScore acquired Aro Finance, a Manchester-based credit marketplace supplier. This deal has expanded ClearScore's secured loan offerings and marked its entry into embedded finance. In 2022, the company acquired Moneyboard, an online personal financial management service. HSBC Innovation Banking UK FinTech Coverage director Nick Conway said: 'ClearScore has been a valued long-term partner, and we're thrilled to have been able to support their growth with this financing. 'We look forward to continuing our collaboration as they continue to transform the way people manage their financial health. This is a great example of how HSBC Innovation Banking helps our UK FinTech clients achieve their ambitions, scale and build world class, innovation driven businesses.' In February 2024, ClearScore released a whitepaper that stated the UK non-prime lending market contracted by more than a third (34%) since 2019, while unsecured loans from unregulated lenders have risen significantly. "ClearScore secures $38m to undertake growth initiatives" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
