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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: Across The Pond, Property Finance Fintechs Report Record Business

October 23, 2020

LendInvest, a leading property finance platform that offers short-term, development and buy-to-let mortgages to intermediaries, landlords, and developers across the UK reported a record quarter in Q3 for property bridge loan applications. EstateGuru, a crowdfunding marketplace for property-backed loans, reported record loan volumes during August and September.

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More Stories on FinTech

FinTech: Visa’s Tap-To-Phone Transforms Android Smartphones Into POS Terminals

October 22, 2020

Visa (NYSE: V) said Wednesday that its innovative new Tap to Phone product was now live in more than 15 markets. After extensive piloting, Visa’s simple new mobile app is now ready to enable millions of small scale businesses to receive contactless payments using no other equipment except an Android smartphone.

FinTech: Digitization And Fintechs Make Inroads Into Asia’s Retirement Funds

October 21, 2020

A report from Cerulli Associates shows that retirement funds in Asia are upping their game in a drive to become more transparent, streamline their administrative processes, and give fund members greater access to their accounts.

FinTech: Home Loans Get Quicker And Easier With Google’s Lending DocAI

October 20, 2020

Banks and mortgage brokers have to grapple with the hundreds of pages of paperwork for every home loan. Apart from being very time consuming, the highly manual process adds heavily to the cost of making the loan. Through its Document AI, Google (NASDAQ: GOOGL) has already started to tackle some of the largest enterprise content problems plaguing the world. Lending DocAI is the first vertically specialized solution within Document AI and it addresses the mortgage industry.

FinTech: Ant Group Gets China’s Go-Ahead For Mammoth IPO in Hong Kong

October 19, 2020

The China Securities Regulatory Commission has cleared the Ant Group’s listing in Hong Kong of what may be the world’s largest-ever initial public offering (IPO). Ant can now go ahead and request a listing hearing with the Hong Kong Exchanges and Clearing Ltd.

FinTech: Stripe Buys Nigerian Payments Processor Paystack For $200M

October 16, 2020

Stripe, the fintech and payments processing giant last valued at $36 billion, has snapped up Paystack, the Nigeria-based international payments processor for a reported $200 million.

FinTech: PayPal Challenges Klarna In U.K. BNPL Tussle

October 15, 2020

Fresh from its “Pay in 4” launch in the U.S. last month, payments behemoth PayPal (NASDAQ: PYPL) ratcheted up the ante in the BNPL wars with its launch Wednesday of a “Pay in 3” offer in the Buy-Now-Pay-Later (BNPL) category in the U.K.

FinTech: Mining Giant Rio Tinto Ties With Chinsay To Digitize Commodity Contracts

October 14, 2020

Rio Tinto Limited (ASX: RIO) has picked Chinsay, a firm specializing in the automation of systems for the commodities and freight markets, for digitizing its commercial contracting process. Rio Tinto will use Chinsay’s ICP to leverage blockchain technology and digitize the process from issue of a contract through to its completion.

Venture Capital: Razorpay Is India’s Latest Unicorn

October 14, 2020

Razorpay, which enables businesses in India to accept, process, and disburse payments with its product suite, has achieved the hallowed unicorn status. The fintech raised $100 million in a Series D funding round led by Singapore sovereign wealth fund GIC and Sequoia with participation from previous investors Ribbit Capital, Tiger Global, Y-Combinator, and Matrix Partners.

FinTech: Revolut Sets Sights On U.S. Banking License

October 13, 2020

Revolut, the European fintech giant and digital bank, is likely to apply for a U.S. banking license at the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions in the coming weeks

FinTech: U.K. Digital Lender Molo Raises £266M As The Pandemic Boosts Demand

October 12, 2020

Digital lender Molo, which focuses on buy-to-let purchases or remortgages only, raised £ 266 million to cater to a sharp rise in mortgage applications since the onset of the coronavirus pandemic.

FinTech: Banking Platform Mambu Ties Up With Digital Lending Platform Ranqx

October 9, 2020

Global, white-label, SaaS-on-cloud banking platform Mambu will parter with New Zealand-based digital banking platform Ranqx. According to an announcement, RanqX will utilize Mambu’s API-first digital banking platform for loan origination, decisioning, and monitoring as part of a frictionless digital lending experience for small and medium-sized enterprises (SMEs).

Fintech: Fraudsters Use Fintechs To Milk The PPP Loan Program

October 8, 2020

After the virus pandemic broke, small businesses were desperate to get their hand on the forgivable loans offered under the Paycheck Protection Program administered by the Small Business Administration. As banks lumbered along with disbursements, often described as slow and cumbersome, the SBA roped in fintech companies to speed up payments. However, it appears that some checks and balances failed, because nearly three-quarters of the loans found fraudulent by the U.S. Deptt of Justice were processed by fintechs.

FinTech: BNPL Partnerships To The Fore As Holiday Shopping Looms

October 7, 2020

Macy’s (NYSE: M), the iconic American departmental store, has bought a stake in the Swedish payments group Klarna which is known for its BNPL service. The two companies have also inked a five-year partnership whereby Klarna will make its BNPL offer available to Macy’s online customers. Under the offer, shoppers can choose to pay for their purchases in four interest-free installments.

FinTech: Italian Payments Providers Nexi And SIA To Combine In €15B Deal

October 6, 2020

Nexi Spa and SIA Spa, both companies in the payments sector, announced Monday their merger by incorporation of SIA into Nexi. The transaction will create a digital behemoth with approximately €1.8 billion in annual revenues and about €1 billion of EBITDA. The market cap of the merged organization will be approximately €15 billion.

FinTech: Blackline Acquires Rimilia, Which Automates A/R Using AI

October 5, 2020

Blackline (NASDAQ: BL) helps businesses automate their manual accounting processes with its cloud-based solutions and customer service. It announced October 2 the acquisition of Rimilia, a SaaS platform that helps automate Accounts Receivable (A/R) using the cloud.

FinTech: Goldman Sachs Acquires GM Credit Cards In Continuing Consumer Thrust

October 2, 2020

Goldman Sachs (NYSE: GS) is making a second foray into credit cards after its partnership with Apple (NASDAQ: AAPL) for Apple Card. According to the Wall Street Journal, which first reported the development, Goldman Sachs pipped Barclays plc (LON: BARC) to the finishing line with a bid of approximately $ 2.5 billion for the GM credit cards business.

FinTech: October, An Alternative Lender To European SMEs, Raises $300M

October 1, 2020

October is a pan-European lending platform founded in 2014. It focuses on European SMEs and connects them to private and institutional lenders for their financing requirements. It announced Wednesday its raise during summer of € 258 million in cooperation with major international investors.

FinTech: Blank Check Company Raises $230M In SPAC IPO

September 30, 2020

Fintech Acquisition Corp. IV (NASDAQ: FTIVU) began trading on the Nasdaq from September 25 after completing its IPO. It issued 23,000,000 units at $10.00 per unit, including 3,000,000 units issued under the underwriters’ over-allotment option.

FinTech: Ant Bank, The All-New Virtual Bank From Ant Group, Is Live in HK

September 29, 2020

Hong Kong’s citizens can now look forward to bank with an arm of the largest fintech unicorn in the world. Ant Bank, a part of the Ant Group, has launched its virtual banking services after the Hong Kong Monetary Authority granted it a banking license. Ant Bank was one of eight such lucky applicants.

FinTech: Target To Test BNPL Waters With Sezzle

September 28, 2020

Shoppers are making a beeline for offers that allow them to pay for their purchases in instalments. Also known as BNPL products, these instalment facilities, generally interest- and fee-free, are grabbing share from credit cards. Sezzle (ASX: SZL) is a leading BNPL platform with 1.6 million customers across the U.S. and Canada. It announced today it’s launch of a Proof Of Concept (POC) with retailer Target Corporation (NYSE: TGT).

FinTech: Stripe To Process Cloud Payments For Salesforce’s Digital 360

September 25, 2020

CRM leader Salesforce (NYSE: CRM) announced that Stripe, the leader in global payments processing, will power its Commerce Cloud Payments for its all-new Digital 360 platform. The Digital 360 platform seeks to drive commerce and digital transformation in enterprises by bringing together marketing, commerce, and digital experience products.

Venture Capital: Greenlight Financial’s Series C Earns It $215M And Unicorn Badge

September 25, 2020

Greenlight’s mission to help kids save and spend smart with its debit cards received a $215 million boost Thursday via its Series C funding. Led by Canapi Ventures and TTV Capital, the round also received participation from new investors BOND, DST Global, Goodwater Capital, and Fin VC. Greenlight also welcomed aboard Relay Ventures as its first institutional investor.

FinTech: Tech Giant Yandex To Acquire Pole Position In Russia’s Fintech Industry

September 24, 2020

Investors made a bee-line for the stock of Russian technology giant Yandex (NASDAQ: YNDX) after it bid Tuesday for Tinkoff, a leading online bank in the country. Yandex shares touched a record high after analysts and investors apparently thought it was a marriage made in heaven.

Venture Capital: Robinhood, The ‘Go-To’ Trading App For Millennials, Snags $660M

September 23, 2020

According to an exclusive report today by Reuters, Robinhood Markets Inc. the trading app so popular with millennials, raised $660 million in its latest Series G funding round. Robinhood previously announced its Series G funding with a $200 million investment by D1 Capital Partners. A company spokeswoman told Reuters Tuesday that the round was expanded to $660 million at a valuation of $11.7 billion.