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Our Weekly Newsletter

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Our Weekly Newsletter

Across Instinctif Partners’ Financial Services team, we are always keeping an eye on the key developments taking place across the sector to evaluate their impact on the many businesses we work with. Here we share our picks of the week’s most interesting news, and our expert views.

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Losses double at Revolut despite crypto boom 

UK fintech firm Revolut recorded a pre-tax loss in excess of £200,000 last year, almost double the £107,680 registered in 2019, according to the company’s latest annual report. However, the start-up was finally profitable in the final two months of the year, attributable in part to the increase in demand for cryptocurrency. Crypto services make up between 15% and 20% of its revenues, but could complicate its ambitions to secure a UK banking licence. (From The Guardian, 21st June 2021)

Nutmeg acquisition marks shift in advice landscape

All eyes around JP Morgan’s acquisition of Nutmeg will focus on whether the investment bank can make the robo-adviser profitable, experts have said. Sam Turner, senior consultant at Altus Consulting, said millenials have very different expectations around the way they consume advice compared to their older peers and the purchase was part of an acknowledgement by well-established financial institutions that they need to pivot their models to reflect this fact. (From FT Adviser, 18th June 2021)

Goldman Sachs to disrupt UK transaction business market 

Goldman Sachs has launched Transaction Banking in the UK, expanding the business which was successfully launched in the US last year. Since launching in the US, Goldman Sachs has attracted more than 250 clients, taking on over $35bn in deposits and processing trillions of dollars through its systems. The US giant says the UK launch will bring new services to corporate and institutional clients via a digital-first cash management platform. It will feature a suite of APIs that will grow to offer payments in more than 125 currencies, deposit accounts, escrow services, liquidity solutions, full file and API connectivity and payroll. (From Finextra, 21st June 2021)

Economic rebound reduces hit to UK public finances 

The UK’s public finances were in better shape than expected in May according to the ONS, as the economic rebound boosted tax receipts and limited government spending. Public sector net borrowing, excluding public sector banks, was estimated at £24.3bn for the month. The figure was £19.4bn lower than in May last year and the £28.5bn forecast by the Office for Budget Responsibility. Senior economist at KPMG UK Michal Stelmach said that this reflected the improved economic outlook. However, it is noted that this was still the second highest borrowing figure for May since monthly records began in 1993. (From Financial Times, 22nd June 2021)

Lockdown savers stash away nearly £200bn taking savings total to £1.7trillion 

Households have saved almost £200billion since the pandemic began, according to the latest Bank of England figures. Savers currently have almost £1.7trillion locked away in bank accounts, fuelled by record levels of saving throughout lockdown. They also deposited an additional £10.7bn with banks and building societies in April, bringing the total deposited since 31 March 2020 to £193bn. However, with the UK’s rate of inflation rising to 2.1% last month following a surge in fuel prices, food, drink and clothing, there are fears that the value of this cash may already be starting to diminish. (From This is Money, 22nd June 2021)

 

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