Latest news with #Hirt
Observer
25-05-2025
- Business
- Observer
Looking inside the rapid rise of fintech in the UK
It's been another record year for the industry, where businesses saw profits shoot up and customer bases swell. The UK's fastest growing private company by the Times Hundred and Europe's fastest growing start-up by Sifted, was Allica Bank, a London-based fintech. The firm nearly doubled its profit in 2024, earning £29.9m. Meanwhile, neobank giant Revolut topped £1 bn profit in 2024 and surpassed Europe's biggest lender, HSBC, in consumer base after recording 52.5m, compared to the lender's 41m. With young companies on the rise and established challengers posing a threat to traditional lenders, London has emerged as a global leader in fintech, but what's behind the City's momentum? Chief executive of Innovate Finance, Janine Hirt, said: 'Success stories like Allica Bank, Revolut and Zilch are great examples of UK fintech's strength — and they are far from the exception.' 'With over 82,000 people employed and projected growth that will see the workforce pass 100,000 in the next two years, the fintech sector is creating high-value jobs across the country and creating fast-growing hubs across the UK's nations and regions,' Hirt added. Innovate finance launched a unicorn council in 2024 aiming to steer the government with policy recommendations to help the industry thrive. The UK is the top unicorn breeder in Europe, having created over 185 startups valued over £1 bn, according to research from HSBC Innovation Banking. The unicorn council includes bosses from Monzo, Zilch, Zopa and Clearbank. Hirt said: 'Fintech is an area where the UK is genuinely world class and respected globally — fuelled by innovation, smart regulation and investment appeal.' Meeting consumer and business needs: In the early days of fintech ascendency, firms zeroed in on consumer lending. Monzo's focus in it's early days was becoming a digital-based, mobile-only bank born out of demand from customers. Founder and chief executive of Flagstone, Simon Merchant, said: 'What we think of as the modern fintech movement is over 12 years old already.' Over a decade later, Merchant is confident that fintechs offer better products for customers. 'Fintech-driven alternatives continue to think harder about what consumers and businesses want; and move faster to provide better products and services, versus what new customers can get from more 'traditional' financial services. The laser-focus and constant innovation of fintech has extended to the needs of businesses. Revolut launched its business arm in 2020 with a versatile offering geared towards cross-border businesses, freelancers and tech-savvy companies. And now young fintechs are entering a scene with a focus on catering to businesses. Alloy's head of growth for the UK, James Baston-Pitt, said: 'In the recent past, a UK's fintech's priorities were clear: win customers, grow at all costs and invest hugely in delightful customer experiences.' But as the times changed, so did the industry. He said: 'We're seeing a lot of product diversification among fintechs, all in the direction of higher value products.' Baston-Pitt added: 'Where they previously catered to customers, they now launch a B2B offering, where they only served current accounts, they now expand into lending or buy now pay later.' In 2024, while fintech investment fell, the UK maintained its spot as a leader in Europe. Total investment in the UK's fintech communities topped France, Germany, China, India, Brazil and Canada combined, according to KPMG data. Merchant said: 'UK fintech has a great culture of mutual support and it's not uncommon to see fintech founders and alumni offering not only financial investment, but knowledge transfer, angel investment and 'sweat equity' to new fintech entrants in the market.' He added: 'This culture of fostering and bolstering is a huge part of what makes UK fintech so strong and confident on the world stage.' Meanwhile, London is almost neck and neck with New York to become the world's leading fintech hub — and the current economic climate could tip the scales. Andy Jalil The writer is our foreign correspondent based in the UK
Yahoo
26-02-2025
- Yahoo
110 animals removed from Ohio sanctuary
110 animals have been removed from a sanctuary in Ohio, according to a spokesperson with the Sandusky County Animal Cruelty Division. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] Agents with animal control conducted a search warrant at 3320 County Road 175 in Clyde on Feb. 25. TRENDING STORIES: Photo of gate blocking off bathroom at Dayton high school goes viral Man accused of tying up, pistol-whipping man during armed robbery formally charged 19-year-old dies in early morning crash The building is owned by Dr. Laura Hirt, and is also known as Another Chance Sanctuary. The spokesperson said humane agents from the Humane Society of Sandusky County have been investigating allegations of cruelty and neglect at this building for the past few months. '110 animals were seized and removed living in conditions consistent with large-scale neglect,' the spokesperson said. Each animal will be evaluated and given any medical care they may need. The spokesperson said these animals will be housed 'in accordance with the utmost standards of care.' Hirt was indicted on five counts of cruelty to companion animals on Feb. 21. Additional information on what was located inside the building was not immediately available. The Sandusky County Prosecutor's Office, Sandusky County Sheriff's Office, Sandusky County Drug Task Force, Humane World for Animals, Ohio Board of Pharmacy and the Federal Drug Enforcement Agency help Sandusky humane agents in this investigation. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
