Monday 26 March 2018
Thanks to all who made the AltFi London Summit 2018 such a success. We were delighted with the attendance and with the energetic discussion. Particularly intriguing were the sessions dedicated to our key theme “Making the Marketplace”, which inspired some fascinating debate on the main stage and in the breakout room.
Tandem’s Ricky Knox set out his stall, which is simply that neo-banks must make money by taking deposits and lending them out, while allowing marketplaces to drive “lifetime consumer benefit”.
To an extent, Revolut’s James Gibson seemed to agree. The head of BD for Revolut for Business revealed at the event that Revolut is planning to launch a marketplace for its business customers called Revolut Connect. The service will provide businesses access to a wide range of business products.
But Gibson also revealed that the banking challenger would not be taking a marketplace-based approach to SME credit. Instead, the app intends to underwrite loans itself, and already has a dedicated team working on this.
In our breakout room roundtable, on the same subject, more or less every UK digital bank and a broad array of fintechs battled it out on how marketplaces should function in a fiery debate that was perhaps the highlight of the day.
We sincerely look forward to hosting you again next time.
Ricky Knox provides a rundown of the different approaches banks take towards making money, whilst still being a "good bank".