Author: Scott Dylan

Credit card start-up Yonder has raised an additional £23.4 million, bringing its total equity financing to over £85 million since its founding in 2021.The latest investment round, led by an early investor in Revolut, is set to accelerate Yonder’s plans for international expansion and reaching new market segments.Funding SecuredCredit card start-up Yonder has achieved a significant milestone by securing an additional £23.4 million in its latest funding round. The investment was led by an early investor in the fintech app Revolut, highlighting the growing interest and confidence in Yonder’s potential. This funding has pushed the company’s post-money valuation to over…

Civil society organisations have expressed concerns about the potential for discriminative practices in the government’s digital ID rollout.There is significant apprehension regarding how ethnic data may be linked to individuals’ digital footprints.Key organisations argue that the current government plans lack transparency, potentially amplifying discrimination.Polls indicate that a majority of black and Asian respondents fear impacts on their civil liberties.Experts highlight that digital IDs may inadvertently deny vulnerable groups access to essential services.Civil society organisations are urging the government to address potential ethnic discrimination arising from the rollout of digital ID systems. They highlight uncertainties surrounding the handling of ethnic data,…

Close Brothers has agreed to sell its asset management division, Close Brothers Asset Management (CBAM), to funds managed by Oaktree Capital Management for £200 million.The transaction is set to be finalised in early 2025, pending regulatory approvals, and aims to bolster Close Brothers’ capital base amidst financial challenges.Close Brothers’ Strategic DivestmentClose Brothers has finalised a strategic decision to sell its asset management division, Close Brothers Asset Management (CBAM), to Oaktree Capital Management. The transaction is valued at £200 million. The move aims to enhance the group’s capital position amidst the financial strain caused by a regulatory review into its former…

This article highlights the recent appointments within the Welsh business community. Key roles have been filled at Welsh Water, the British Business Bank, Principality, The Wallich, Kilsby Williams, Knight Frank, and Life Sciences Hub Wales.These appointments reflect significant changes across various sectors, signalling a period of development and leadership transformation in Wales. Each individual brings a wealth of experience and expertise to their respective roles, promising positive outcomes for the organisations they will serve.Welsh Water Leadership TransitionWelsh Water announced that its chairman, Alastair Lyons, will retire at the end of the year. He will be succeeded by Jane Hanson, who…

Fentimans has reported a pre-tax loss of £655,708 for the year ending December 31. The Northumberland-based company attributed the loss primarily to unfavourable summer weather and the ongoing cost-of-living crisis, which have adversely affected sales.Despite a robust performance during the Christmas period, the overall annual turnover fell from £42.1m to £38.9m. The last time Fentimans recorded a pre-tax loss was in 2019.The poor summer weather coupled with the ongoing cost-of-living crisis have had a detrimental impact on Fentimans’ sales. The Northumberland-based company reported a pre-tax loss of £655,708 for the year ending December 31, reflecting a stark contrast to the…

The recent National Eisteddfod held in Pontypridd attracted a record 186,000 attendees. This remarkable turnout has prompted discussions in the Senedd, where the event was lauded for its success.Held at Ynysangharad War Memorial Park, the Eisteddfod in early August transformed Pontypridd into a bustling hub, showcasing the vitality of the Welsh language and culture. The event left an indelible mark on the community and set new benchmarks for future festivals.The 2024 National Eisteddfod drew over 186,000 visitors, making it the most attended in the event’s history. The scale of this success was highlighted in a Senedd debate, where the festival…

The UK’s competition regulator has extended its investigation into the cloud market.The Competition and Markets Authority (CMA) has postponed its report release by four months.The delay allows further exploration of complex competition issues, including licensing practices.Google has voiced criticism of Microsoft’s market conduct, claiming anti-competitive behaviour.Amazon supports Google’s stance, highlighting historic dissatisfaction with Microsoft’s practices.The Competition and Markets Authority (CMA) has decided to extend the deadline for its comprehensive report on the UK’s cloud market. Originally due on 4 April 2025, the updated timeline now stipulates a release by 4 August 2025. This extension reflects the necessity to delve into…

Ocado shares have surged by over 10% following the firm’s revised sales outlook. This comes in the wake of a strong performance from the Ocado Retail joint venture with Marks & Spencer.The company reported a 15% revenue growth in the 13 weeks to 1 September 2024, marking a significant boost in sales and customer numbers.Ocado Retail, a joint venture between Ocado Group and Marks & Spencer, has demonstrated a robust revenue increase of 15% for the quarter ending on 1 September 2024. The company’s revenues climbed to £658 million from £569 million in the same period the previous year. This…

The UK is set to hold a significant AI Safety Summit in San Francisco this November.This event aims to build on the commitments made during previous summits, including those held in Bletchley Park and Seoul.Key discussions will focus on implementing safety measures for AI, a primary concern among global leaders and developers.The summit will gather AI developers and researchers to refine strategies to mitigate AI risks.The upcoming conference marks an essential step towards the AI Action Summit, scheduled for France next year.The United Kingdom is poised to host an important follow-up conference for the AI Safety Summit in San Francisco…

Cardiff-based medtech company Alesi Surgical has successfully raised £5m in a new equity funding round. This significant financial injection aims to support its global expansion initiatives.The funds were secured from leading investors, including Mercia Ventures, IP Group, and Panakès Partners. This brings the company’s total funding to over £21m.Innovative Technology for Smoke ManagementAlesi Surgical has developed pioneering technology to manage smoke generated by surgical tools in operating theatres. This innovative approach addresses a critical issue that affects both surgical precision and the health of operating theatre staff.Smoke from electronic surgical tools can obscure visibility and contaminate the air with toxins…