Fair for You expands to provide credit during the COVID era
An organisation which is dedicated to reforming the credit sector with truly client-centric operations, Fair for You provides a straightforward service, optimal prices, seven-days-a-week availability, flexible repayments and a simple online process.
Credit during the COVID-19 era
The funds for expansion could have a dramatic impact on Fair for You’s capacity, with estimates predicting a 1,000% increase (25,000 to 250,000) in loans granted per year over the next five years.
Furthermore, the company states that this will ultimately lead to savings of £58mn through the negation of what it calls “high-cost short term credit”.
“By lending responsibly and sustainably to tens of thousands of lower-income households, Fair for You has demonstrated the huge opportunity to fill this much-needed gap in the market. We are growing and diversifying our investor base to further boost our rapid growth and broaden the proposition.”
The necessity for credit companies as COVID-19 continues to cause economic disruption is not lost on the company; it has lent almost double the amount in 2020 than over the same period last year.
“There are around 15mn people in the UK struggling to access affordable credit who are just one unexpected bill or bit of bad luck away from a crisis,” said Howard Bell, Chair of Fair to You.
“The need for Fair for You to scale rapidly has never been clearer. We are delighted to be the first genuine not-for-profit to use the dormant assets funding and ongoing support from social investors to leverage commercial funding and push out firms that take advantage of financially vulnerable customers.”
Amber Group Valued at US$1bn in $100m Funding Round
Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.
The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”
Who is Amber Group?
Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year.
Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”
Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.