Fast-growing challenger bank Monzo has raised £85m from US venture capital investors to hit a landmark valuation of over £1bn, making it the latest UK tech start-up to pass the "unicorn" milestone. Known for its coral-coloured cards, Monzo said it now has more than one million customers and counts for 15pc of all new bank accounts opening in the UK. The bank recently switched its pre-paid card system to current accounts. Monzo raised the new funds from venture capital firms General Catalyst and Accel Partners. The fintech company is also planning another crowdfunding round of £20m, as revealed by the Sunday Telegraph earlier this year. Monzo raised a further £71m in an equity round from Goodwater Capital in November last year. Chief executive Tom Blomfeld said: "It’s incredible that more than one million people are now using Monzo and a testament to all the hard work that’s gone into building the company over the last three-and-a-half years." The fintech … [Read more...] about Monzo raises £85m to become UK’s latest tech ‘unicorn’
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Work in Startups, the UK tech company founded by two Romanians, bought by job meta-search engine Adzuna
Job meta-search engine Adzuna announced the acquisition of the U.K. tech startup job board Work In Startups founded by two Romanian IT specialists- Diana Ilinca and Alex Borbely, according to Tech Crunch. The information was also confirmed by Diana Ilinca on Social Media.”It’s been a great ride! Thanks everyone for supporting us and Work In Startups!”, she wrote on Facebook. Terms of deal aren’t being disclosed. However, it will see Adzuna take over operation of the Work In Startups website but continue to run it as an independent brand and community. Notably, the site will remain free to post jobs. Launched in 2011 by Diana Ilinca and Alex Borbely, Work In Startups set out to create a way for startups to more easily find tech and creative talent, without having to go through recruiters or use more generic job sites. It is said to have become an important tool in U.K. startup hiring over the past few years. “As we continue to grow and learn … [Read more...] about Work in Startups, the UK tech company founded by two Romanians, bought by job meta-search engine Adzuna
Hammond’s digital tax faces opposition from big tech firms
Philip Hammond’s proposals to introduce a digital sales tax on technology firms will face tough opposition, as the industry warned a similar EU measure could inadvertently damage European companies. Microsoft, Facebook and Google expressed confusion over the chancellor’s plans and told the House of Lords’ communications committee they needed further clarity about what the tax would entail. The chancellor on Monday announced his intention to introduce a levy on tech companies that earn substantial revenues in Britain but pay limited amounts of tax, with the intention of raising £400m a year by 2020. Katie O’Donovan, the public policy manager for Google UK, said whatever the final version of the tax looked like, the UK must make sure it sticks to Hammond’s promise that the tax is only a stopgap until the introduction of internationally agreed standards for taxing digital companies. “The chancellor referred to his proposals as part of setting a … [Read more...] about Hammond’s digital tax faces opposition from big tech firms
Big Tech’s next nightmare is a tax on revenues
London (CNN Business)Big tech companies are bracing for new taxes in Europe that could cost them billions. Policymakers across Europe are developing rules that would force tech companies to pay taxes on revenue generated in the region, rather than on profits. Tech companies are lobbying hard against the changes. "It is a pretty big departure from the general understanding of how you apply tax on multinationals," said Daniel Bunn, director of global projects at US think tank The Tax Foundation. The tax initiative is the latest in a series of European regulatory and legal efforts to target tech companies. The European Union has imposed tough new data privacy rules, and hit tech companies such as Google (GOOGL) with major antitrust fines. The changes to the tax system are being championed by French President Emmanuel Macron, who has thrown his weight behind a European Commission plan for a 3% tax on sales of select online services. It could take effect as early as 2020. Read More … [Read more...] about Big Tech’s next nightmare is a tax on revenues
Tech pioneers create ‘world’s first’ Zombie horror attraction
A Salford company specialising in augmented reality has created the world’s first horror attraction. The Zombie HoloMaze gives visitors the terrifying challenge of having to fending off hordes of zombies. A mix of a horror maze and an escape room, visitors wear a headset with AR glasses which ‘arms’ them with a head-mounted shotgun to dispatch the undead. Users have a limited amount of time to find a secret antidote by exploring the maze avoiding trap doors, two-headed zombie dogs and a host of terrifying blockades and undead creatures. If guests don’t find the antidote in time, they’ll be trapped in the maze forever and join the zombie prison population. The attraction is making its debut at PrimEvil in Norfolk this halloween. Its inventor Red Frog Digital, a world leader in AR apps and glasses tech, is hoping the small-footprint solution of the game means it could be the launchpad for use in other venues such as theme parks and malls. “With … [Read more...] about Tech pioneers create ‘world’s first’ Zombie horror attraction