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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: Square Acquires Jay-Z Led Streaming Service Tidal For $297M

March 4, 2021

Square Inc (NYSE: SQ), the payments giant, announced today its acquisition of a majority interest in TIDAL, the audio and video streaming platform led by Jay-Z, for $297 million in cash and stock. Existing artist shareholders will be the remaining stakeholders, the announcement said, and Shawn “JAY-Z” Carter would be named to Square’s board of directors.

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More Stories on FinTech

FinTech: Robinhood Rides Gamestop Tumult To $3.4B Debt Financing

February 2, 2021

In a sprint to gain scale after the Gamestop (NYSE: GME) episode showed the massive adoption of trading by retail investors, Robinhood raised $3.4 billion from top-notch investors. The firm, which charges no commissions, said it intended to “fuel record customer growth.”

FinTech: Brazilian Fintech Nubank Pulls In $400M At Massive $25B Valuation

January 29, 2021

Nubank, the Brazilian fintech bank that promised to serve the country’s vastly underbanked population has delivered. The bank now has 34 million customers today, and that number is more than three times its 2019 base of 12 million. After the latest G Round funding of $400 million, Nubank is valued at a solid $25 billion.

Alternative Investments: BMO Launches 11 New ‘Megatrend’ ETFs

January 28, 2021

BMO announced Tuesday the launch of 11 new Exchange Trade Funds (ETFs). Five of these ETFs form part of an Innovation suite, while the other six focus on clean energy, covered calls, fixed income, and ESG.

FinTech: Stilt, The Loan Provider To Immigrants, Raises $100M Debt

January 28, 2021

Stilt provides loans and financial services to immigrants and people underserved by the banking system. The five-year old startup announced Wednesday its raise of $100 million as a warehouse lending facility from Silicon Valley Bank (NASDAQ: SIVB). With this loan, Stilt has raised in aggregate $225 million of loans for onward lending to its customers.

FinTech: Infinity Maritime Names Four Shipbrokers For Its Alternative Ship Finance Platform

January 27, 2021

Infinity Maritime aims to provide a sustainable solution for maritime finance by digitizing ship portfolios on its platform. This enables fractional ownership, secondary trading in ships, and the financing of environmentally sustainable fleets. The London-based platform announced Wednesday a collaboration with four major shipbrokers to source ships for the creation of a sustainable fleet.

FinTech: Kamath’s Rainmatter VC Incubator Mulling Alternative Investment Fund

January 26, 2021

Indian entrepreneur Nikhil Kamath, who achieved fame and fortune by bootstrapping Zerodha, India’s first discount broker, to unicorn status, is setting up a fund for investing in fintechs. Rainmatter, Kamath’s VC arm, is considering the launch of an Alternate Investment Fund that would be open to Gulf investors, and as well invest in startups in that region.

FinTech: MoneyGram Offers Money Transfers In Real-Time In Europe

January 25, 2021

Moneygram’s (NASDAQ: MGI) highly successful cross-border transfer service from the United States using Visa (NYSE: V) Direct, which launched in 2019, is now rolling out in Europe. Customers in 25 European countries can now use Moneygram’s website or mobile app to transfer funds instantly to Visa debit cards.

FinTech: China Tightens Antitrust Regulatory Screws On Fintechs

January 22, 2021

The People’s Bank of China published a draft set of rules on Wednesday for anti-trust regulation of the non-bank payment providers in the fintech sector. The draft is in the public opinion domain until February 19.

FinTech: TransferWise Appoints Goldman Sachs and Morgan Stanley For IPO

January 21, 2021

According to an exclusive report by Sky News, Wall Street investment banks Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) will lead the floatation of Transferwise’s IPO in London.

FinTech: Jack Ma is Back! Alibaba Stock Soars 8.52% In Hong Kong

January 20, 2021

Fears that Jack Ma, the billionaire co-founder of Alibaba Group Holding (NYSE: BABA) was missing were laid to rest after he participated in the online ceremony of the annual Rural Teacher Initiative event today, January 20.

FinTech: On Rebound From Failed Gojek Merger, Grab Mulls $2B U.S. IPO

January 19, 2021

Reuters said in an exclusive report on Monday that Southeast Asian ride-hailing, food delivery, and fintech giant Grab was considering a US IPO this year. The news agency quoted three sources familiar with the matter, saying the IPO could be worth as much as $ 2 billion.

FinTech: “Absolutely, We Should Be Scared S—less” – Jamie Dimon On Fintech Threat

January 18, 2021

On a conference call on Friday, JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon made no secret of his apprehensions about the threat from fast-growing fintechs and tech giants across the globe. He was responding to analysts who said that fintechs’ leap-frogging valuations showed their rising ascendancy over traditional banks.

FinTech: Goldman Sachs’ Twin Moves To Advance Consumer Banking Ambitions

January 15, 2021

Goldman Sachs (NYSE: GS) is continuing moves to boost its presence in consumer banking. The Wall Street giant is already the issuer for Apple Cards. Today it announced a multi-year partnership with General Motors Co. (NYSE: GM) along with Mastercard (NYSE: MA) for co-branded reward-based credit cards.

FinTech: Warburg Pincus Invests $125M Preferred Equity In LendingPoint

January 14, 2021

Fintech and loan originating platform LendingPoint today announced an investment by Warburg Pincus of $125 million in preferred equity. With this financing, the fintech has raised over $325 million equity to date.

FinTech: Capitol Riot – Fintechs (And Techs) Hit Back At Trump

January 13, 2021

Fintechs took the lead in castigating President Trump for egging on a crowd of his supporters to attack and ransack the U.S. Capitol building last week. The horrific incident left five dead. Voices, and actions, from big tech followed with even Republican politicians welcoming the impeachment of Trump.

Venture Capital: Checkout.com Triples Its Valuation…Again

January 12, 2021

Fintech and online payments firm Checkout.com announced a Series C fundraising of $450 million led by Tiger Global Management. The valuation tag of $15 billion makes Checkout.com Europe’s most valuable fintech startup and the fourth most valuable globally.

FinTech: Walmart Will Partner With Ribbit Capital To Create New Fintech

January 12, 2021

Walmart (NYSE: WMT) announced Monday its launch of a new fintech startup to be created jointly with Ribbit Capital, the investment firm whose mantra is innovation in financial services. Ribbit is a backer of renowned fintechs such as Robinhood, Credit Karma, and Affirm. The new venture will deliver tech-driven financial experiences tailored to Walmart’s customers and associates.

FinTech: How The Pandemic Stifled Use Of Cash In Saudi Arabia

January 11, 2021

The pandemic triggered a significant shift in the way Saudis used money during 2020. They wholeheartedly embraced online shopping, resulting in a 75% jump in digital payments. On the other hand, cash drawn from ATMs, and its use at payment points, fell sharply by 30%.

FinTech: SaaS Banking Platform Mambu Scores €110 Million In New Capital

January 8, 2021

After reporting 100% year-on-year growth, SaaS banking platform Mambu announced a new funding round of €110 million. This round was led by TCV, while additional investment was received from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital, and Acton Capital Partners.

FinTech: Green Dot’s New Mobile Bank To Help Financially Challenged Americans

January 7, 2021

Green Dot Corporation (NYSE: GDOT) announced Wednesday the launch of GO2bank, a new mobile bank that is FDIC-insured. The new bank will address the problems faced by those Americans that have limited financial means. Typically, these families are forced to eke out their lives from one payday to another.

FinTech: European P2P Lending Platform Robo.cash Reports Surge In Loan Offtake

January 6, 2021

The year 2020 ended with a flourish for European P2P lender Robo.cash. In November, the platform funded € 9.2 million – a monthly record. In December, it chalked up a cumulative lending of € 200 million, the highest total ever.

FinTech: Spend Management Fintech Divvy Nabs $165M In Series D Round

January 5, 2021

Big-name, new investors such as Hanaco, PayPal Ventures, Whale Rock, and Schonfeld participated in Divvy’s latest investment round. Previous investors such as NEA, Insight Venture Partners, Acrew, and Pelion also chipped in, catapulting the leader in spend management to unicorn status.

Alternative Investments: Simplify Asset Management Launches Four New Disruptive Technology ETFs

January 5, 2021

Four new ‘bleeding edge’ ETFs are on the anvil from Simplify Asset Management. Founded by Paul Kim and David M. Berns, Ph.D., the firm’s new thematic ETFs focus on firms that have important technological or cultural edges and provide meaningful concentration to their stock price.

FinTech: Fintech And Ecommerce Billionaire Jack Ma Maybe Missing

January 4, 2021

Media chatter surrounds Jack Ma’s whereabouts after his controversial anti-establishment remarks at a Shanghai forum in late October.