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.
Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that may run into millions of pounds. It was also not known how much the transaction valued Bink.
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Wise (LON: WISE), the global payments processor previously known as TransferWise, announced a 2022 expansion plan for its operations in North America given its solid growth in the half year concluded on September 30, 2021.
Afterpay enters subscriptions market, Monzo’s Pay Later, Suncorp hops onto the BNPL bandwagon, and BNPL stocks get clobbered in Australia
Klarna, the Stockholm-headquartered fintech powerhouse last valued at $45.6 billion, has brought a “Pay Now” offering to consumers at retailers wherever Klarna is accepted. The company also announced a Klarna Card to “very soon” hit the US market and which would be loaded with the company’s highly popular Pay in 4 product for interest-free instalment payments.
So said PayTM founder and CEO Vijay Shekhar Sharma at a company town hall after the Indian fintech’s $2.5 billion IPO made a disastrous debut on Thursday. That’s some erosion of wealth. Shares issued at Rs 2,150 in Indian fintech PayTM’s (NSE: PAYTM) record-breaking $2.5 billion IPO, listed at Rs 1,955 on November 18, and…
Venture Capital: MoonPay’s $555M Series ‘A’ Is The Largest For A Bootstrapped Crypto Company Globally
MoonPay, which refers to itself as the PayPal for crypto, announced its massive Series A of $555 million led by Tiger Global Management and Coatue with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. The hitherto bootstrapped startup, which is already profitable, secured a valuation of $3.4 billion in the round. The company sets up the interfaces between fiat channels of finance and crypto entities – a so-called “fiat to crypto on-ramp.”
A month after successfully closing a monster $900 million round that valued it at more than $9 billion, German fintech and challenger bank N26 has announced it is shuttering the US business that it launched in July 2019. It is the latest setback for the company, which has had long-standing issues with German regulator BaFin, and exited its UK operations last year after that country pulled out from the EU.
ETF provider Global X ETFs announced today its launch of seven new UCITS ETFs in Europe that would trade on the London Stock Exchange and Xetra. The seven new ETFs complement Global X’s existing five thematic UCITS ETFs launched after Global X entered Europe in December 2020. The new ETFs center around disruptive, digital transformation around the world.
Is there a bubble forming in fintech? Billionaire investor and CEO of investment firm J C Flowers & Co seems to think so, pointing to soaring valuations of financial technology companies. “I think there are a lot of indicators that there is a bubble” in fintech, Flowers told CNBC’s Annette Weisbach in an interview.
Buy-Now-Pay-Later (BNPL) is fast spreading its wings across the world. Here are some new developments.
Fintech Upgrade announced its $280 million Series F round led by Coatue Management and DST Global. Dragoneer Investment Group and existing investors including Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital and Vy Capital also participated in the round.
Arya.ag is an Indian agtech that provides post-harvest services across the agricultural value chain, including warehousing, warehouse receipt financing, rural storage discovery, collateral management and market linkages. The firm has launched a BNPL service for its commodity buyers.
The Tuttle Capital Short Innovation ETF (NASDAQ: SARK), which started for trading Tuesday, takes a contrarian view on famed stock picker and fund manager Cathie Wood’s flagship fund – the ARK Innovation ETF (NYSEARCA: ARKK). The new ETF, a type of fund also known as a “short” or “inverse” ETF, is actively managed and is structured to achieve the inverse of the return of the ARK ETF in a single day.
MFS Africa announced today its $ 100 million Series C fundraising for a massive expansion across Africa. The funding, a mix of $70 million in equity and $30 million in debt, was co-led by private equity fund and new investor AfricInvest along with existing investors Goodwell Investments and LUN Partners Group.
Grayscale Investments LLC filed Friday with the SEC for the Future of Finance ETF (GFOF), an ETF product focused on companies involved in the advancement of the digital economy. The new ETF would be sub-advised by Vident Investment Advisory, and US Bank would function as custodian.
By connecting their Starling multi-currency account to Xero, transactions made from that account in euros or dollars will automatically feed through to Xero in real time says a Starling Bank announcement addressed to UK businesses that regularly send, receive or hold euros or dollars.
London-based, sustainability focused fintech ekko has launched a debit card, an app, and ecosystem that enable users to make a contribution every time they use the products. While using everyday services such as shopping and banking, they can get comfort from the fact that the company will take climate-friendly actions on their behalf.
Klarna, the BNPL that is valued as a quadradecacorn, announced today its acquisition of price comparison site PriceRunner to enhance the Klarna app via new features including product reviews, rich product discovery and price comparisons.
Sao Paulo-based Nubank, a fintech and challenger bank backed by Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A), is hoping to raise $3 billion at a valuation of $50 billion in its upcoming U.S. IPO.
Net 1 UEPS Technologies Inc (NASDAQ: UEPS) has agreed to acquire all of South African fintech Connect Group for US$242 million in a bid to expand its market and acquire scale as the biggest fintech platform in the country.
Fintech: Pawn Store Operator FirstCash Acquires BNPL And POS Fintech American First Finance For $1.17B
FirstCash, Inc (NASDAQ: FCFS) operates more than 2,800 retail pawn stores in the U.S. and Latin America and is a retailer and provider of financial services to underserved customers. It announced Thursday its $1.17 billion acquisition of American First Finance (AFF), a financial technology firm, in a bid to enter the buy-now-pay-later (BNPL) business.
The US Department of Justice is conducting an anti-trust inquiry of Visa, the largest card network in the US. According to the Wall Street Journal, the US Department of Justice is probing the allegedly cosy relationships Visa (NYSE: V) had with certain large fintechs as part of its anti-trust investigation against the card giant. (FINANCE…
Amount offers banks saddled with legacy technologies a wide range of digital, white label products such as for omnichannel digital account opening, fraud prevention, identity verification, loans, deposits, and credit cards. The firm announced a partnership with card issuing platform Marqeta (NASDAQ: MQ) to help banks compete in the buy-now-pay-later (BNPL) sector, which has been taken over worldwide by fintechs such as Klarna, Afterpay (ASX: APT) and PayPal (NASDAQ: PYPL).
Card issuing platform Marqeta and digital wallet Branch, together with Uber Freight, have devised a system to speed up payments to Uber Freight carriers. Compared to the traditional routing of payments through the accounts payable process, which pays after 30 days or more, carriers can now expect payment within two hours of approved proof of delivery.
Billie, a fintech targeting its BNPL offering at the B2B market, announced today its $100 million Series C raise led by Dawn Capital, and joined by Klarna and Tencent, alongside existing investors Creandum, Speedinvest, Picus and GFC. At $640 million, the startup succeeded in quadrupling its valuation over a previous Series B round that raised $35 million in 2019.