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Brits Spend Most of Their Life In Debt




  • 63 per cent of British adults spend over half of their life in debt

  • A fifth of British adults admit they own 3 or more credit cards

  • Debt is one of the leading causes of shame for Brits

BRITISH adults spend more of their life in debt than out of it, as new research reveals 71% of adults feel the strain of not having enough money throughout their life.

A survey of 1,000 UK adults conducted by leading personal insolvency practice,, and published in the The UK Spending Report, has revealed that 63% of Brits spend an average of 46 years of their adult life in debt.

According to the study, those aged 25-34 were most likely to find themselves in debt due to mortgage/rent payments (75%), student loan repayments (53%) and owning a car (48%), while Brits aged 55 and over confess to their debt being the consequence of extravagant living (such as holidays) (54%) and home improvements (38%).

As Brits enter retirement, over a third (37%) still find themselves in debt which they will struggle to pay off while receiving their pension.

The data suggests that the impact of this debt on British adults is detrimental, as 34% of people confess that they haven’t exposed the true extent of their debt to their close friends and family, and 1 in 5 admit that they haven’t told their partner.

Almost half of British adults (45%) admitted to debt being one of the things they are most ashamed of in life, as well as the majority of respondents (82%) professing that being in debt would bother them.

Shockingly, 23% of people now admit to having 3 or more credit cards to cover the cost of living while keeping up to date with paying off debts.

Taylor Flynn, head of marketing at Creditfix, comments: “It’s difficult to hear that such a high percentage of adults spend so much of their lives in debt. It seems from the moment people become independent they are having to fret about keeping their heads above the water and the bank balance out of the red.

“Although we can see from the research many adults struggle to talk about their debt, there is plenty of friendly advice available to help work through financial problems and ease the strain. This way they can spend less time worrying about money and more time enjoying themselves”.

With over 70 years’ experience between their insolvency practitioners in the financial industry, Creditfix has successfully helped over 141,000 people with their debt over the years which has led to them becoming one of the most experienced in the market. Creditfix Limited is one of the largest personal insolvency practices in the UK, servicing Scotland, England, Wales and Norther Ireland.



Extra Crunch roundup: Antitrust jitters, SPAC odyssey, white-hot IPOs, more




Some time ago, I gave up on the idea of finding a thread that connects each story in the weekly Extra Crunch roundup; there are no unified theories of technology news.

The stories that left the deepest impression were related to two news pegs that dominated the week — Visa and Plaid calling off their $5.3 billion acquisition agreement, and sizzling-hot IPOs for Affirm and Poshmark.

Watching Plaid and Visa sing “Let’s Call The Whole Thing Off” in harmony after the U.S. Department of Justice filed a lawsuit to block their deal wasn’t shocking. But I was surprised to find myself editing an interview Alex Wilhelm conducted with Plaid CEO Zach Perret the next day in which the executive said growing the company on its own is “once again” the correct strategy.

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In an analysis for Extra Crunch, Managing Editor Danny Crichton suggested that federal regulators’ new interest in antitrust enforcement will affect valuations going forward. For example, Procter & Gamble and women’s beauty D2C brand Billie also called off their planned merger last week after the Federal Trade Commission raised objections in December.

Given the FTC’s moves last year to prevent Billie and Harry’s from being acquired, “it seems clear that U.S. antitrust authorities want broad competition for consumers in household goods,” Danny concluded, and I suspect that applies to Plaid as well.

In December,, Doordash and Airbnb burst into the public markets to much acclaim. This week, used clothing marketplace Poshmark saw a 140% pop in its first day of trading and consumer-financing company Affirm “priced its IPO above its raised range at $49 per share,” reported Alex.

In a post titled “A theory about the current IPO market”, he identified eight key ingredients for brewing a debut with a big first-day pop, which includes “exist in a climate of near-zero interest rates” and “keep companies private longer.” Truly, words to live by!

Come back next week for more coverage of the public markets in The Exchange, an interview with Bustle CEO Bryan Goldberg where he shares his plans for taking the company public, a comprehensive post that will unpack the regulatory hurdles facing D2C consumer brands, and much more.

If you live in the U.S., enjoy your MLK Day holiday weekend, and wherever you are: Thanks very much for reading Extra Crunch.

Walter Thompson
Senior Editor, TechCrunch

Rapid growth in 2020 reveals OKR software market’s untapped potential

After spending much of the week covering 2021’s frothy IPO market, Alex Wilhelm devoted this morning’s column to studying the OKR-focused software sector.

Measuring objectives and key results are core to every enterprise, perhaps more so these days since knowledge workers began working remotely in greater numbers last year.

A sign of the times: This week, enterprise orchestration SaaS platform Gtmhub announced that it raised a $30 million Series B.

To get a sense of how large the TAM is for OKR, Alex reached out to several companies and asked them to share new and historical growth metrics:

  • Gthmhub
  • Perdoo
  • WorkBoard
  • Koan
  • WeekDone

“Some OKR-focused startups didn’t get back to us, and some leaders wanted to share the best stuff off the record, which we grant at times for candor amongst startup executives,” he wrote.

5 consumer hardware VCs share their 2021 investment strategies

For our latest investor survey, Matt Burns interviewed five VCs who actively fund consumer electronics startups:

  • Hans Tung, managing partner, GGV Capital
  • Dayna Grayson, co-founder and general partner, Construct Capital
  • Cyril Ebersweiler, general partner, SOSV
  • Bilal Zuberi, partner, Lux Capital
  • Rob Coneybeer, managing director, Shasta Ventures

“Consumer hardware has always been a tough market to crack, but the COVID-19 crisis made it even harder,” says Matt, noting that the pandemic fueled wide interest in fitness startups like Mirror, Peloton and Tonal.

Bonus: Many VCs listed the founders, investors and companies that are taking the lead in consumer hardware innovation.

A theory about the current IPO market

Image Credits: Getty Images/Andriy Onufriyenko

If you’re looking for insight into “why everything feels so damn silly this year” in the public markets, a post Alex wrote Thursday afternoon might offer some perspective.

As someone who pays close attention to late-stage venture markets, he’s identified eight factors that are pushing debuts for unicorns like Affirm and Poshmark into the stratosphere.

TL;DR? “Lots of demand, little supply, boom goes the price.”

Poshmark prices IPO above range as public markets continue to YOLO startups

Clothing resale marketplace Poshmark closed up more than 140% on its first trading day yesterday.

In Thursday’s edition of The Exchange, Alex noted that Poshmark boosted its valuation by selling 6.6 million shares at its IPO price, scooping up $277.2 million in the process.

Poshmark’s surge in trading is good news for its employees and stockholders, but it reflects poorly on “the venture-focused money people who we suppose know what they are talking about when it comes to equity in private companies,” he says.

Will startup valuations change given rising antitrust concerns?

Image Credits: monsitj/Getty Images

This week, Visa announced it would drop its planned acquisition of Plaid after the U.S. Department of Justice filed suit to block it last fall.

Last week, Procter & Gamble called off its purchase of Billie, a women’s beauty products startup — in December, the U.S. Federal Trade Commission sued to block that deal, too.

Once upon a time, the U.S. government took an arm’s-length approach to enforcing antitrust laws, but the tide has turned, says Managing Editor Danny Crichton.

Going forward, “antitrust won’t kill acquisitions in general, but it could prevent the buyers with the highest reserve prices from entering the fray.”

Dear Sophie: What’s the new minimum salary required for H-1B visa applicants?

Image Credits: Sophie Alcorn

Dear Sophie:

I’m a grad student currently working on F-1 STEM OPT. The company I work for has indicated it will sponsor me for an H-1B visa this year.

I hear the random H-1B lottery will be replaced with a new system that selects H-1B candidates based on their salaries.

How will this new process work?

— Positive in Palo Alto

Venture capitalists react to Visa-Plaid deal meltdown

Image Credits: Ana Maria Serrano/Getty Images

After news broke that Visa’s $5.3 billion purchase of API startup Plaid fell apart, Alex Wilhelm and Ron Miller interviewed several investors to get their reactions:

  • Anshu Sharma, co-founder and CEO, SkyflowAPI
  • Amy Cheetham, principal, Costanoa Ventures
  • Sheel Mohnot, co-founder, Better Tomorrow Ventures
  • Lucas Timberlake, partner, Fintech Ventures
  • Nico Berardi, founder and general partner, ANIMO Ventures
  • Allen Miller, VC, Oak HC/FT
  • Sri Muppidi, VC, Sierra Ventures
  • Christian Lassonde, VC, Impression Ventures

Plaid CEO touts new ‘clarity’ after failed Visa acquisition

Image Credits: George Frey/Bloomberg/Getty Images

Alex Wilhelm interviewed Plaid CEO Zach Perret after the Visa acquisition was called off to learn more about his mindset and the company’s short-term plans.

Perret, who noted that the last few years have been a “roller coaster,” said the Visa deal was the right decision at the time, but going it alone is “once again” Plaid’s best way forward.

2021: A SPAC odyssey

In Tuesday’s edition of The Exchange, Alex Wilhelm took a closer look at blank-check offerings for digital asset marketplace Bakkt and personal finance platform SoFi.

To create a detailed analysis of the investor presentations for both offerings, he tried to answer two questions:

  1. Are special purpose acquisition companies a path to public markets for “potentially promising companies that lacked obvious, near-term growth stories?”
  2. Given the number of unicorns and the limited number of companies that can IPO at any given time, “maybe SPACS would help close the liquidity gap?”

Flexible VC: A new model for startups targeting profitability

12 ‘flexible VCs’ who operate where equity meets revenue share

Image Credits: MirageC/Getty Images

Growth-stage startups in search of funding have a new option: “flexible VC” investors.

An amalgam of revenue-based investment and traditional VC, investors who fall into this category let entrepreneurs “access immediate risk capital while preserving exit, growth trajectory and ownership optionality.”

In a comprehensive explainer, fund managers David Teten and Jamie Finney present different investment structures so founders can get a clear sense of how flexible VC compares to other venture capital models. In a follow-up post, they share a list of a dozen active investors who offer funding via these nontraditional routes.

These 5 VCs have high hopes for cannabis in 2021

Image Credits: Anton Petrus (opens in a new window)/Getty Images

For some consumers, “cannabis has always been essential,” writes Matt Burns, but once local governments allowed dispensaries to remain open during the pandemic, it signaled a shift in the regulatory environment and investors took notice.

Matt asked five VCs about where they think the industry is heading in 2021 and what advice they’re offering their portfolio companies:


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Fintechs eye automation with nearly $1B in funding




Fintechs MX and Blend secured $300 million funding rounds Wednesday just as both companies top off plans for digital innovations in the coming months. Global payments fintech Rapyd also joined the pack with its own $300 million package, which it will use to expand its engineering teams.  MX focuses on data-driven automation  As the Lehi, Utah-based MX grows its cash influx, the company is looking to enhance its data analytics softwares, giving consumers optimized insights […]


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GM, Goldman and Mastercard agree credit card partnership




General Motors, Goldman Sachs and Mastercard have agreed a multi-year relationship for co-branded rewards-based credit cards.

Goldman Sachs beat out competition from Barclays late last year to buy GM’s credit card business in a deal worth around $2.5 billion.

Mastercard will continue to act as the network of choice when Goldman starts acting as issuing bank for the cards from later this year.

“We are excited to partner with GM to reimagine the credit card experience for GM customers,” says Omer Ismail, head, consumer business, Goldman Sachs.

The GM deal is the latest in a long line of forays into consumer banking for Goldman. Just this week it signed up card issuing platform Marqeta to help deliver its first digital current accounts.

The Wall Street giant is also the issuing partner for Apple’s credit card.


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Fintechs call foul on exclusion from pay out of UK government-derived grants and loans




E-money and fintech payment firms are calling on the UK government to support the use of non-PRA-regulated accounts for the pay out of government-derived loans, grants and other funds alongside traditional bank accounts.

PIF, the not-for-profit industry body representing these firms says the exclusion of non-PRA (Prudential Regulation Authority) regulated accounts is placing fintechs at a competitive disadvantage.

The call comes after a number of PIF members’ customers applied for grants or loans, some in respect of Covid-19, only to have been told that these disbursements cannot be paid into an account that is not regulated by the PRA.

PIF says this seems to be based on a misunderstanding and that it is creating the perception that non-PRA regulated accounts are regulated differently to traditional bank accounts.

Paul Swinton, chairman, PIF, says: “We are extremely concerned that non-PRA regulated firms are being specifically excluded from supporting their customers by what appears to be a misunderstanding of the application of the relevant laws.

“The businesses we represent provide financial products and services that are regulated by the UK’s Financial Conduct Authority and are subject to exactly the same rules and regulations as traditional banks when it comes to verifying the identity of their customers.”


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