GC Business Finance has delivered a record year through the British Business Bank’s Start Up Loans programme, directly injecting over £26m of Start Up Loan funding into ambitious businesses across the UK in the 2025/26 financial year.

Delivered across almost 2,500 loans, the funding has supported entrepreneurs across a wide range of sectors and areas throughout the UK.

As an alternative lender focused on supporting founders who may otherwise not be able to secure finance, the GCBF team has placed a particular focus on targeting founders who are typically underrepresented in the provision of finance. Of all loans directly provided over the last financial year, 39% went to female-founded businesses and 23% went to founders from ethnic minority backgrounds, exceeding the national average.

Operating as a Business Support Partner for both the North West, along with nationally, GCBF has helped businesses throughout the whole of the UK access vital funding. Outside of the North West, London received the highest proportion of funding at 11.4%, followed by the South East (11.2%), the South West (8%), and the East of England (7.1%).

Author: Jonathan Symcox

The CTO of Collctiv says he will champion consumers when he joins an array of big names on the Bank of England’s Payments End User Forum.

Pete Casson, who co-founded the Manchester FinTech with CEO Amy Whitell, has been appointed to one of three forums set to shape the future of retail payments in the UK.

Part of the BoE’s National Payments Vision, the other two forums are the Payments Innovation Design Group and Payments Academic Advisory Group.

Joining Casson on the Payments End User Forum are organisations including Tesco plc, the Federation of Small Businesses, Which? and The Pennies Foundation. The others forums include figures from the likes of Google, GoCardless, PayPoint, Amazon, Worldpay and Revolut.

Foreign exchange and currency risk management Lumon has acquired the business and assets of Fiscal FX, marking a major milestone for Lumon as it continues to expand its breadth and quality of service.

Fiscal FX represents the seventh acquisition by Pollen Street Capital-backed Lumon since 2018. The acquisition completed on 1st June and will help accelerate growth in Lumon’s corporate division both internationally and in the UK.

Fiscal FX, a London-based foreign exchange and international payments specialist, has built an exceptional reputation since it’s foundation in 2019, particularly focusing on SMEs and owner-managed businesses.

Over the past six years, Fiscal FX has seen consistent, organic growth, developing a loyal client base of more than 600 corporate accounts across the globe. The company has handled almost £1 billion worth of transactions since its inception thanks to outstanding client retention and reliable, recurring revenue.

easyGroup is entering mainstream online retail with the launch of easyShop.com, a new online marketplace set to go live later this year.

easyShop will bring retailers together into a single shopping destination. It will launch initially across 21 European countries. 

The easyShop domain will be operated by eCommerce and marketplace technology company OnBuy, and powered by its proprietary OnCommerce platform, which provides the infrastructure and operational framework required to support cross border trade at scale. 

EdTech unicorn Multiverse has announced a partnership with Synthesia, the world’s leading AI video communications platform.

Under the partnership, Synthesia’s AI video platform will be formally integrated into Multiverse’s AI Learner Toolkit — a suite of tools its learners can explore to scope, build and deliver AI projects inside their organisations.

Learners across Multiverse’s programmes will now have additional resources and guidance to implement Synthesia as a tool to design and deploy AI video solutions for their employers, alongside a range of other no-code, low-code and generative AI tools.

Learners have already begun applying Synthesia independently to drive real business impact across industries.

Author: Chris Maguire

The CEO of Debenhams Group has said the company’s turnaround strategy has reached an ‘inflection point’ after the online retailer announced it had returned to growth.

Debenhams Group – which is made up of Debenhams, Karen Millen, boohoo, MAN and PLT – reported group GMV (gross merchandise value) up 0.5% year-on-year.

May trading was particularly strong with GMV growth of around 8%.

Performance was most notable across the Debenhams brand and PrettyLittleThing, with improvements also achieved in Boohoo, BoohooMan and Karen Millen.

The return to growth has been supported by materially improved profitability and significantly improved cashflows.

The board is confident it will deliver double digit Adjusted EBITDA growth and free cash flow in FY27.

Daniel Finley, group CEO, said: “Debenhams Group has returned to growth, and Q1 marks the inflection point we have been working towards.”

 

Author: Jonathan Symcox

Events business Hyve has been acquired in a £1.3 billion private equity takeover.

Hellman & Friedman has moved for the B2B brand, which is behind EdTech conference Bett and events across FinTech, healthcare, MarTech and commerce.

The deal, expected to complete by the end of the calendar year, secures a 3x return for previous owners Providence Equity Partners and Searchlight Capital Partners.

Author: Chris Maguire

Gigaton, the London-based AI company formerly known as Carbon Re, has raised £19.3m ($26m) in Series A funding led by Plural.

Gigaton is replacing the control software that runs energy-intensive industries and is already deployed by several of the world’s largest cement producers, including Adani Cement, Heidelberg Materials and Holcim, which are saving more than $1m per year in energy costs and emissions.

The Series A raise included participation from 2150, Semapa Next and existing investors Planet A Ventures, Cambridge Enterprise Ventures, UCL Technology Fund managed by AlbionVC with UCL Business, and Clean Growth Fund.

It brings Gigaton’s total funding to more than $35m (£26m).

This will fund a five-fold increase in its workforce and expansion into the steel, glass and chemicals sectors, enabling its mission to strengthen industrial control and reduce emissions.

Josh Vernon, CEO of Gigaton, said: “We have built Gigaton to deliver real cost and carbon savings now while building the AI infrastructure these industries need in a fully autonomous future.”

Gigaton spent five years inside control rooms, understanding exactly why existing systems fail.

Wise is being investigated in Brussels over concerns that the platform has been used for money laundering.

Shares in the London FinTech dropped massively on Monday after the public prosecutor’s office in Belgium said it had been investigating the firm since last year.

The Bureau of Investigative Journalism, which first reported the story, said the alleged transactions amounted to €500 million and were linked to fraud, corruption and drug trafficking.

Author: Jonathan Symcox

Currys has named its next CEO when Alex Baldock departs for Boots this autumn.

Baldock joined the electrical retailer in 2018 amid heavy debt and declining sales and turned around its fortunes, exiting Carphone Warehouse, selling its Greek operations and rebranding the group.

Set to leave for the health and beauty retailer on 31st August, he will be succeeded by Fredrik Tønnesen. The latter will become CEO on 3rd August 2026.

Northstar Ventures has invested £250,000 via the North East Spinout Inspire Fund in Gnosis Health, to support the development and launch of AI-powered digital healthcare assistant MAXine, designed to transform the management of Parkinson’s disease.

The investment forms part of a £570,000 seed round alongside £320,000 from SFC Capital, leveraging a £550,000 Innovate UK investor partnership grant, bringing total funding to £1.1m.

Gnosis Health is a spinout of the universities of Newcastle and Plymouth. Its MAXine healthcare assistant matches a patient-centric solution to an urgent clinical need.

Integrating data from wearables, patient reported outcomes and behavioural patterns, MAXine provides real time insights to patients and clinicians. It offers continuous, adaptive monitoring that enhances self-management and improves care team communication.

The platform has demonstrated strong patient engagement in pilot studies, plus a potential 25% reduction in patient care costs.

Hey Savi has launched the UK’s first agentic commerce experience with native checkout powered by PayPal.

The brand’s agnostic fashion search platform for women makes it easier for shoppers to find, compare and buy must-have styles without leaving the app.

Debenhams Group – which includes brands Debenhams, Karen Millen, Boohoo and Pretty Little Thing – is the first retailer in the UK to bring end-to-end AI-powered shopping to UK consumers.

Author: Jonathan Symcox

A former star of London FinTech once touted as a potential unicorn before being rescued from administration has rebranded following a merger last year.

Railsr – once known as Railsbank – had developed APIs which make it easy for developers to integrate banking and card functionality into their products and services. 

It was acquired for just £500,000 by a consortium led by D Squared Capital in a pre-pack administration deal in 2024, a far cry from the $1 billion valuation it once sought in funding negotiations: in October 2022 the company had raised $46 million at a $250m valuation.

The company, which subsequently raised £20m to return to growth, then merged with private equity-owned Equals Money last year – with the combined company co-branded under both names.

Now, after a year of significant double-digit growth under CEO Ian Strafford-Taylor which saw it surpass £58bn in annual transaction volume, it has rebranded to Equals.

 

Deloitte UK has appointed Hayley McKelvey as its first chief AI officer.

McKelvey, who is joining the firm’s UK executive, will be responsible for driving the firm’s AI strategy across client services and internal operations.

McKelvey’s appointment forms part of a broader series of updates to Deloitte UK’s executive, led by the firm’s new UK CEO, Darren Graves.

Author: Jonathan Symcox

A former CEO of Aston Martin has saved a British EV firm from administration.

Palmer Energy Technology, a UK clean energy and battery technology group led by Andy Palmer, has acquired the business and assets of Kleandrive as a going concern through administration.

Kleandrive specialises in the conversion of traditional diesel vehicles and replacing them with electric drivetrains. The acquisition preserves a specialist British engineering capability in heavy vehicle decarbonisation.

PETL is one of the UK’s leading developers of battery and battery management system technology, including through its wholly owned subsidiary Brill Power, a University of Oxford spinout it acquired last year. 

Shares in GB Group plc have dropped 11% in trading today after it wrote down the value of its US business segment by around £90 million in its latest annual results.

The Cheshire-based identity solutions business recorded a small increase in revenue for the year ended 31st March 2026 but the writedown saw it swing to a huge loss on a statutory basis.

Revenue was £285m, up from £282.7m; but losses before tax were £74.5m, compared with a £15.7m profit in the previous year.

Author: Jonathan Symcox

The Data City is expanding into the United States after a year of rapid growth driven by demand for AI-ready economic data.

The West Yorkshire-based economic intelligence company is replacing traditional industrial classification systems with its ‘Industry Engine’ product.

It said revenue rose 46% to £1.9 million in its latest financial year, while headcount increased from 17 to 31 employees.

Global employee experience platform Haiilo is strengthening its presence in Manchester, with the city now a central hub for UK expansion.

As its fastest-growing regional office, headcount has grown by more than sixfold since 2024.

The business has scaled significantly over the past two years, making 98 hires globally, including 51 in the last 12 months, with UK headcount increasing by 30 over the same period. This growth follows the appointment of CEO Andrew Avanessian in 2024 and reflects rising demand from organisations looking to simplify increasingly complex digital workplaces.

Alongside hiring, the business has focused on building a high-performing and sustainable team. It reported a gross retention rate of 93% and net retention of 105%, while continuing to invest in career development, with 13 internal promotions in 2025 and a further 17 already completed in 2026.

The company has also invested £25 million into facilities, technology and talent globally, alongside expanding its leadership team with the appointment of a Chief Technology and Product Officer.

Haiilo’s employee experience platform creates a ‘digital home’ where employees are connected with the knowledge, tools and community they need to be productive. This creates room for focus, collaboration and genuine engagement, making work feel effortless.

Digital health and wellbeing platform Raiys has appointed mental health and ADHD specialist Anna Srireddy as its clinical lead for neurodiversity, a role created as the company expands its range of services.

Glasgow-based Anna has more than 20 years’ experience spanning mental health nursing, ADHD assessment and treatment, clinical governance, non-medical prescribing and multidisciplinary leadership positions across England and Scotland.

Her appointment at Raiys follows the recent launch of its neurodiversity programme, which aims to bridge gaps in overstretched services that leave neurodivergent people facing long waits for assessment and care.

The programme provides screening tools, behavioural support resources, lived experience content and structured wellbeing pathways to assist individuals, families, employers and healthcare providers.

Working alongside medical director Dr Laura Coia, consultant clinical psychologist Dr Matt Wild and other members of Raiys’ independent health advisory board, Anna will lead the development of the company’s healthcare-led neurodiversity strategy.

This includes the introduction of specialist guidance spanning ADHD, autism, dyslexia, dyspraxia, dyscalculia and Tourette’s syndrome.

UK digital health company Aide Health has launched its first US programme through a new partnership with Temple Health, targeting one of healthcare’s fastest growing and most costly conditions — type 2 diabetes.

The collaboration, part of the 2026 Clinical Care Innovation Grant programme funded by Independence Blue Cross (IBX), will support the development of new app support models designed to improve patient outcomes, reduce barriers to care, and lower costs.

The partnership marks a significant milestone in Aide Health’s international expansion, building on proven success within the NHS.

The new programme, My Health Aide, will introduce Aide Health’s conversational AI platform designed to support patients outside traditional clinical settings.

Through short, daily interactions, the tool helps patients adhere to their medication, monitor their condition, and access trusted health information on demand. Clinicians, meanwhile, receive real-time data insights, enabling earlier intervention and more personalised care.