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FinTech

Digital payments alone could become a $100 trillion industry, according to PwC. And that’s just one component of the global Fintech industry. This channel tackles the lenders and buyers, the obstacles and achievements, and the trends and trend makers leading the ongoing technological evolution in global finance.

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FinTech: 10X, The Fintech Founded By Ex-Barclays Chief Antony Jenkins, Rakes In $187M To Scale Massively

June 16, 2021

Founded in 2016 by Antony Jenkins, former CEO of Barclays (LON: BARC), fintech 10X Future Technologies has raised $187 million from a clutch of bulge bracket investors. The firm’s oversubscribed Series C was co-led by BlackRock (NYSE: BLK) and Canada Pension Plan Investment Board (CPP Investments). Existing investors JPMorgan Chase (NYSE: JPM), Nationwide (LON: NBS), Ping An (SHA: 601318), and Westpac (ASX: WBC).

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More Stories on FinTech

FinTech: Stripe Shareholders Sold $1B Shares Last Month (WSJ); Company Launches ID Tool

June 15, 2021

Major investors last month snapped up $1 billion worth of shares from existing shareholders in Stripe in a tender offer that received as much as $4 billion in bids according to the WSJ.

FinTech: Virgin Money Australia, A Digital Bank, Goes Live On Temenos Cloud

June 14, 2021

Temenos (SIX: TEMN), a global leader in banking software, announced the successful launch of Virgin Money Australia on the Temenos Banking Cloud. Fully integrated digital banking, bringing together credit cards, transaction and savings accounts, plus a loyalty program and personal financial management tools into a single, native mobile app, is now available to Virgin Money customers.

FinTech: Mexican Payments Platform Clip Raises $250M, Turns Unicorn

June 11, 2021

Clip, a Mexican digital payments and commerce platform founded in 2012, announced June 10, its raise of $250 million in a round led by the SoftBank Latin America Fund and Viking Global Investors LP. The round valued Clip at approximately $2 billion.

FinTech: With $639M In The Bag, Klarna Notches Massive $45.6B Valuation

June 10, 2021

Klarna, the Swedish fintech best known for its buy-now-pay-later offering, announced today its raise of $639 million in a round led by SoftBank Vision Fund 2. It included participation by Adit Ventures, Honeycomb Asset Management and WestCap Group, all existing investors. Klarna achieved a post-money valuation of a staggering $45.6 billion.

FinTech: NeoBank Tonik Awarded Philippines’ Digital Banking License

June 9, 2021

With the award of the two licenses, which marks a further push in favor of fintech banking in Southeast Asia, the Philippines central bank has greenlighted a total of three banks for digital banking in the country. It awarded a license to state-backed Overseas Filipino Bank in March. Tonik had received its initial rural bank license from the BSP in 2019, allowing the neobank to provide retail banking services focused on retail deposits, card payments, and consumer loans. It claims its digital license is the first for any private and purely digital bank in the country.

FinTech: Buffett’s Berkshire Invests $500M In Brazilian Digital Bank Nubank’s $750M Extension Round

June 8, 2021

Brazilian digital bank Nubank, the largest fintech in Brazil and one of the biggest in the world, on Friday closed a $750 million funding round that included an investment of $500 million by Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A).

FinTech: Challenger Bank Dave To Go Public Via $4 Billion SPAC Merger

June 7, 2021

Challenger bank Dave, which is backed by billionaire Mark Cuban and other investors such as Norwest, Section 32, Capital One, The Kraft Group, SV Angel, and The Chernin Group, said today it was going public by merging with VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC), a so-called Special Purpose Acquisition Company or SPAC.

FinTech: U.K. Fintech Wise Teams With South Korea’s Shinhan Bank For International Transfers

June 4, 2021

Shinhan Bank, one of South Korea’s oldest and largest national banks, and a part of the Shinhan Financial Group (KRX: 055550) has integrated Wise Platform from the U.K.-based fintech Wise. Shinhan becomes the first South Korean bank to offer international money transfers without any exchange rate markups.

FinTech: Indonesian Bank Jago To Implement Mambu’s SaaS Banking In The Google Cloud

June 4, 2021

SaaS cloud banking platform Mambu announced Wednesday that PT Bank Jago Tbk (Bank Jago) (IDX: ARTO) an Indonesia-listed bank, has become its first customer in that country. Bank Jago, which is embarking on a path to become a technology-based bank, will implement Mambu’s SaaS banking platform on the Google Cloud.

FinTech: U.K.’s Wise To Challenge Indian Banks’ Strangle On Foreign Remittances

June 2, 2021

Wise has rolled out its foreign remittance services for Indians, offering them transactions that are much faster and cost significantly less compared to legacy banks. Indian citizens can now send money to 44 countries globally, including the UK, US, Singapore, Malaysia, UAE, and other countries in the Eurozone. Wise previously did business as TransferWise.

FinTech: German Digital Insurer wefox Hits Purple Patch With Record $650M Funding

June 1, 2021

The largest Series C funding globally by an insurtech has been achieved by Berlin-based wefox, the startup announced today. The round, which valued the company at US$3 billion post-money, was led by Target Global. In 2020, wefox reported a profit for its insurance business, wefox insurance, making it the first digital insurance company to become profitable. Furthermore, wefox’s revenue increased to $143M in 2020, doubling its 2019 revenue.

FinTech: Klarna Suffers Severe Technical Issue; On Track For New Funding

May 28, 2021

Klarna, the Swedish fintech famous for its Buy-Now-Pay-Later (BNPL) offering, suffered a major technical issue with its app on Thursday morning. Several users complained that when they attempted to log into their accounts, they entered other customers’ accounts.

FinTech: Paytm, India’s Leading Digital Payments Provider, Planning $3B IPO

May 27, 2021

Paytm, the Indian payments giant backed by investors such as Berkshire Hathaway Inc., SoftBank Group Corp., and Ant Group Co., is weighing an IPO worth $3 billion says a Bloomberg report. The firm is targeting a massive valuation of $25 billion to $30 billion.

Alternative Investments/FinTech: LGIM Launches UCITS ETF Focused On Digital Payments

May 27, 2021

The L&G Digital Payments UCITS ETF from Legal & General Investment Management (LGIM) gives investors the opportunity to profit from the significant growth potential of digital payment technologies. As a thematic play on this market, the new ETF invests in payment acquirer and card issuers, payment gateways and processors, payment technology providers, and card-less payment service providers.

FinTech: SoftBank Invests $250M In Zeta, A Banking Technology Startup

May 26, 2021

Dubai-headquartered, Indian fintech startup Zeta has raised $250 million from SoftBank’s Vision Fund 2 at a valuation of $1.25 billion. The startup, founded by Bhavin Turakhia and Ramki Gaddipati, creates technology for banks to quickly launch user-friendly digital offerings.

FinTech: Zip Acquires BNPL Providers In Europe And UAE

May 25, 2021

Australian fintech Zip (ASX: Z1P) has bought up the entire remaining capital in a Buy-Now-Pay-Later (BNPL) entity each in Europe and the UAE. Zip will pay $140 million for the balance shares in Twisto, which operates in Central Europe, and $21 million for the shares it does not own in Spotii, a BNPL leader in UAE.

FinTech: U.K.’s Hydr Launches Innovative Invoice Financing Platform

May 24, 2021

Co-founded by Mancunian Nicola Weedall and Hector Macandrew, Manchester-based fintech start-up Hydr (pronounced Hi-der) launched today its proprietary invoice finance platform. It pays out small businesses the value of their invoice within 24 hours, less a fee.

FinTech: Blockchain Fintech Figure Tech Scores $200M Round

May 21, 2021

Figure Technologies, a blockchain-based fintech startup, closed a $200 million Series D round at a valuation of $3.2 billion. The round was co-led by 10T Holdings and Morgan Creek Digital. New and existing investors including DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global, and others also participated.

FinTech: Now, Transfer Funds Through Western Union At The Nearby Walmart Store

May 20, 2021

Western Union (NYSE: WU) has brought its remittance services to your neighborhood’s Walmart (NYSE: WMT) store. Customers can send money anywhere in the U.S. and globally to more than 200 countries and territories. The two companies had announced in January that they would work together to make financial services more accessible for Walmart customers.

FinTech: Chicago Welcomes Its Newest Unicorn In Amount, Which Raised $100M

May 19, 2021

Chicago-based Amount, a fintech that spun out of digital consumer lending company Avant in 2020, announced Tuesday its Series D round raise of $100 million at a valuation of $1 billion. Amount thus earned its horn as Chicago’s latest unicorn.

FinTech: Global Payments Platform Nium Launches Maritime Solution

May 18, 2021

Global payments platform Nium has launched its new maritime solution that enables automatic payroll disbursements and remittance for shipping companies, their management, and sailors. The solution has been implemented by Integrated maritime services leader, Bernhard Schulte Shipmanagement (BSM).

FinTech: U.K.-Based Recognise Ropes In Mambu For A Bespoke SME Cloud Banking Platform

May 17, 2021

Fresh from winning its banking license in December 2020, Recognise Bank is rolling out an innovative banking service for SME’s that would be highly cloud-based, customer-centric, and technologically sophisticated. The bank has gone live on Mambu’s SaaS financial services platform.

FinTech: PayPal Shifting More Applications To Google Cloud As Digital Payments Surge Higher

May 14, 2021

PayPal (NASDAQ: PYPL) which has built its hybrid cloud strategy over the years with Google Cloud as a partner, is now moving more and more of its infrastructure workloads to the Google Public cloud to enable the processing of its data on a massive and global scale.

Alternative Investments/ESG: Raisin’s ETF Configurator Allows Investors ‘Do-It-Yourself’ ESG

May 14, 2021

The pan-European savings marketplace Raisin launched its Raisin Invest ETF platform in Germany in 2018. Raisin Invest has since become one of the market’s biggest robo advisers and now boasts of AUM of €950 million. On Wednesday, Raisin announced the launch of a new hybrid-robo “ETF Configurator” for Raisin Invest, and simultaneously, a new ESG pre-set portfolio within the Configurator that offers more than 30 sustainable equity and bond ETFs to choose from.