Tuesday newspaper round-up: Fintech sector, Greensill, Johnson Matthey, Stonegate

by | Jul 20, 2021

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Britain’s digital finance industry, more commonly known as the fintech sector, has hit a multibillion-pound peak of investor interest. Banking app Revolut confirmed last week that it had raised another $800m from big investors including the Softbank Vision Fund, pushing the bank’s valuation to $33bn (£24bn). It came just weeks after Wise, the forex transfer business, listed on the London Stock Exchange at nearly £9bn. – Guardian

David Cameron’s intensive text message lobbying of ministers and high-ranking civil servants on behalf of Greensill Capital showed a “significant lack of judgment”, an official parliamentary inquiry has found. The Treasury select committee said it was inappropriate of the ex-prime minister to send 62 messages to former colleagues pleading for them to help the bank, in which Cameron held a “very significant personal economic interest”. – Guardian

Motorists face soaring repair costs from a Brussels crackdown on unbranded car parts, one of the world’s biggest distributors has said. Andy Hamilton of Euro Car Parts warned that drivers risk being forced to spend an extra £100 a year if the Government does not step in to overrule new the European Union legislation. – Telegraph

A FTSE 100 chemicals giant is seeking to win taxpayer backing for a factory to build components for hydrogen-powered cars, in another potential boost for Britain’s car industry. The Business Secretary, Kwasi Kwarteng, met with Johnson Matthey in May about financial support for a plant to make vehicle parts including membrane electrode assemblies (MEAs). – Telegraph

The healthcare technology company founded by Lord Drayson is exploring a potential dual-listing in the United States amid pressure from an activist investor. Sensyne Health – whose shares on Aim, the London Stock Exchange’s junior market, remain below their float price – said that it was considering listing on the Nasdaq index and that such a move would “complement” its primary London listing. Sensyne, which is based in Oxford, also said that it remained committed to having its headquarters in Britain. – The Times

Britain’s biggest pub company has launched an £845 million legal suit against a trio of insurers, claiming they paid only a fraction of their liability for coronavirus-related losses. Stonegate, which is backed by TDR Capital, the private equity firm, said that MS Amlin, Liberty Mutual Insurance Europe and Zurich Insurance insisted that the liability was only £17.5 million, of which £14.5 million had been paid. – The Times

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