Sifted.eu is one of the popular fintech news publications and is backed by a popular newspaper Financial Times. It’s a huge network that has a great amount of Twitterati following them and also a huge amount of readership. People trust the news publication as it is one of the few fintech news agencies. Due to the recent articles by one of the Journalists, people have started scratching their heads. The recent articles have shown the fintech industry as a negative part. Due to this, many fintech companies’ owner as well as some of the key people of the fintech industry have shown their concert.
A journalist named Isabel Woodford might be trying to harm the reputation of the fintech startups and companies.
In one of her recent articles, she has slammed the German digital bank N26. The bank posted positive customer numbers and Isabell pointed out the operational cost of the bank which raised by 201%. The article title read, “N26 spent €27m on failed UK bid, contributing to heavy losses”.
This wasn’t the only article she posted about fintech. The next article was about the account filing delay. The startup failed to complete the filing by December, they had already been granted the extension in March and October. The article also stated, “Unless they have a very good excuse…it looks like they can’t get their ducks in order.”
The further tension occurred when she wrote about the CEO of Klarna’s.
The title of the article was Klarna’s CEO: I worry about debt too. I know we’re not perfect.”. This was yet again about the cost. When the question was asked whether the company made borrowing money too easier, the answer was written in the headline by Isabel. In the same article, the CEO also talked about other credit providers saying that Fintech gives the customer a lot more consumer-friendly. This is the reason they are not planning to change the policy. He even said that “We did see an increase in consumers contacting us saying they were having difficulty repaying.” Many times critics often doubt Klarna’s method of lending, this was also mentioned in the article.
With so many negative articles raised an alarm in the fintech industries Many great leaders in the same industry are thinking deeply about the news and the information in the article Was it to bring down the new fintech companies. After the pandemic, the fintech companies are growing at a tremendous speed, this makes the operational cost bit higher.
The negative article has raised many concerns in the industry. One of the sources said, “One source in the fintech world says, “Unfortunately, Sifted.eu seems to be under the influence of big businesses and special interests, aggressively attacking new companies, whilst lavishing praise on more established players. Whilst we understand that that’s the way the world works, it’s hardly fair and accurate journalism.”
People are afraid and thinking about the further approach taken by sifted.eu after this method.
