Today, Finaloop, the real-time e-commerce accounting platform, announced it has raised a $35 million Series A round. Lightspeed Venture Partners led the round with participation from Vesey Ventures, Commerce Ventures, and existing investors, Accel and Aleph.

Atom bank, the UK’s first app-based bank, has today announced its strongest ever financial results, driven by a significant increase in lending while keeping costs exceptionally low. Operating profit grew to £27m, a 600% increase on last year, with costs up just 4%, demonstrating the success of its efficient, sustainable and scalable business model.

Atom’s low-cost and scalable model

According to new research, the average British consumer has almost £2,700 of credit card debt, and more than a third have, or contemplated taking out, a payday or short-term loan to cover rising debt costs in the last 12 months.

Despite this mounting debt, over a third (39%) of consumers are not using any tools to help manage their spending. Around one in four (26%) are still using manual software such as Microsoft Excel to track their expenses.

nCino, Inc., a pioneer in cloud banking for the global financial services industry, today made generally available its new artificial intelligence (AI) solution, Banking Advisor.

In recent years, retail banks have lost their shine. Manyhave become a storefront for financial products without deeper insight into their customers’ wants and needs, making it feel as though they’re blindly attempting to sell banking products. This approach is no longer cutting it: according to data from the Financial Conduct Authority, there was no change in the number of bank or building society accounts from 2017 to 2022.