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.
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.
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San Francisco-based Figure Technologies offers financial services using the blockchain. These include home equity lines, mortgage refinance, a marketplace for buying and selling loans, digital fund services, asset management and cap table management. Figure said it had applied last week for a national bank charter from the Office of the Controller of the Currency (OCC).
Traders of physical crops such as wheat, sorghum, corn, and barley, conducting their trades by telephone in Russia and Europe, now have a digital platform as an alternative. Cerealia SA, based in Pully, Switzerland, has thrown open its blockchain-based physical agriculture trading platform for commercial use.
The Competition Commission of India (CCI) has ordered its investigation arm, the Director-General, to conduct a detailed probe against Google (NASDAQ: GOOGL) for indulging in allegedly anti-competitive practices to promote its Google Pay online payment system and digital wallet platform.
A Bloomberg report estimates that Ant Group’s valuation could plummet by about $ 140 billion.
Last week, what was to be the world’s largest IPO turned out to be a nightmarish fiasco for Ant Group and Jack Ma. Chinese authorities did not allow the Group’s IPO to proceed and proposed regulatory changes that the fintech, valued around $ 280 billion, would have to comply with.
Mark Zuckerberg, founder and CEO of Facebook (NASDAQ: FB) said today in a video message that WhatsApp is now cleared to offer a payment service in 10 Indian regional languages using the United Payments Interface (UPI).
Clarity AI is a fintech whose proprietary technology platform enables investors to understand the social and environmental impact of their portfolios. It is, therefore, a useful tool in the current times when ESG is front-of-mind for both retail and institutional investors.
Chinese authorities pulled rank on Jack Ma following his abrasive comments at the Bund Summit in Shanghai last month, and Ant Group pulled its IPO.
Wealthsimple will unveil an ETF that will offer investors, particularly Muslims, exposure to a diversified index of Shariah-compliant stocks. Dubbed the Wealthsimple Shariah World Equity ETF, it will be managed by Toronto-based Mackenzie Investments, and is expected to list in early 2021.
Coupa Software (NASDAQ: COUP) announced Monday its acquisition of Llamasoft, a supply chain software company for $1.5 billion. Llamasoft’s AI-powered, cloud platform helps companies make better informed and faster crucial supply chain decisions.
Conductor, the Brazilian startup that has become the leading payments & banking as a service (BaaS) platform in Latin America, announced Monday its raise of $150 million. The funding was led by Viking Global Investors , with additional participation from investors such as Sunley House Capital Management, an affiliate of Advent International.
Financial guidance app Nerdwallet announced Friday its acquisition of Fundera, which provides financial advice and comparisons to nearly 28 million small and medium-sized businesses in the U.S. Terms were not disclosed, except that Fundera will become a Nerdwallet subsidiary. All of Fundera’s employees will join Nerdwallet.
Alliance Data Systems (NYSE: ADS) said Thursday that it will acquire Bread and its digital platform for $450 million of which $100 will be paid through Alliance stock. The transaction would expand Alliance Data’s own digital offerings by including buy-now-pay-later (BNPL) products.
CrowdProperty, a leading crowdfunder/lender to the U.K. SME property sector, has lent over £100 million to development professionals. The funding had a beneficial impact on the UK economy because it catalyzed an expenditure of over £ 80 million on construction-related labor, materials, and services. Notably, all of the funded projects have been fully repaid, with platform investors earning, on average, 8% per annum.
UBS Group (SWX: UBSG) announced Tuesday a strategy to increase its interaction with the fintech industry, particularly digital ventures. UBS Next, its new venture arm, will invest US$ 200 million in direct equity investments into early-stage fintechs and other tech companies.
London-based PrimaryBid allows retail investors to digitally access share offerings on the same terms as institutions on its internet-based investment platform. It partners with the London Stock Exchange to cater to retail investors, which it says “is an important constituency in any capital raising activity.” The company announced Monday its close of a $50 million Series B investment round.
Lizzie Chapman, CEO and Co-Founder at ZestMoney, said in a LinkedIn post that her company had partnered with Apple (NASDAQ: AAPL) to “drive affordability in India.” Though premium products, such as those from Apple had so far remained out of reach for India’s price-sensitive consumers, that would change now, Chapman wrote.
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.
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.
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.
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.
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.
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.
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.
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.