Volkswagen Prepares to Apply for UK Banking License

Volkswagen is preparing an application for a UK banking license so they can continue car financing after the UK leaves the EU; the move will help the company be prepared as negotiations for Brexit continue; they currently are able to offer loans by passporting their license in Germany to the UK, but with Brexit occurring those rules might change; their loan book in the UK is $19.6bn and if they were to open a retail bank they anticipate about 10 percent of funding to be customer deposits. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!