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.
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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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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%.
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.
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.
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.
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.
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.