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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Frantic Bidding War for Australian Fintech GBST Holdings
Tumultuous week sees SS&C Technologies and FNZ locked in battle to acquire GBST
UK-based FNZ had the last word in the sequence of bid and counter-bid that unfolded last week between SS&C and FNZ over Australian fintech GBST Holdings.
Challenger bank Revolut launches 3-D secure payments for online transactions
Revolut launched earlier this week a new 3-D Secure payment feature that could protect its users from online fraud
The 3-D Secure payment feature applies only to e-commerce payments, that is those made online, and not to a physical card swipe in a shop.
Credijusto, the Mexican SME lending platform, Raises $42 Million
Point 72 Ventures and Goldman Sachs led Credijusto’s Series B funding round
Participating investors included Thomvest Ventures, Wolfson Group, Third Lake Capital and Argo Ventures, as well as existing investors Kaszek Ventures, QED Investors, Broadhaven Capital Partners, John J. Mack, and Supernode Ventures.
Only six months ago it arranged a credit facility of up to $100 million with Goldman Sachs.
With this round of funding, has raised a total of $153 million in venture and debt capital.
RegTech Revenues Climb in Step with Startup Activity, Says CCAF Benchmarking Report
RegTech revenues in 2018 top $5 billion following a sharp pickup in startup activity
The above statistic is a finding of the “Global RegTech Benchmarking Report,” published by The Cambridge Centre for Alternative Finance (CCAF) and sponsored by EY Japan.
Baton Systems Raises $12 Million in Series A Round
Trinity Ventures leads round with participation from Alsop Louie and Commerce Ventures Baton Systems has raised more than $12 million. The provider of high-speed, blockchain-inspired, bank-to-bank payments infrastructure, aims to increase processing times in the $2 trillion payments market. “This investment provides us with the strategic support and firepower to scale our bank-to-bank payment solution…
Look Ma, No Banks. Small Business Bernal Cutlery Shop Issues SMBX Bonds Instead
Small businesses getting the go-round from banks now have an alternative: Issue bonds on the SMBX platform
Bernal Cutlery, a well-known cutlery shop in San Francisco, raised $130,000 within two weeks by floating a small business bond on SMBX, in what is claimed to be the world’s first such issue.
Small Business Debt Funding Platform Now Available on Your iPhone
Apple has approved the SMBX app, a crowdfunding debt financing platform for small business
Small businesses now have an alternative to their banks on their iPhones. SMBX, an app recently approved by Apple, has come to the rescue of small businesses that are unable to access financing from banks because of their insufficient credit history.
Accenture: Global Fintech Investments Plunge in H1 of 2019
The US-China trade war took a toll on global fintech investments, which slumped 29% in the first half of the year.
According to a report from consulting firm Accenture, fintech deals across the globe in the first half of 2019 amounted to $22 billion, sharply lower than $31.2 billion in the same period in 2018.
The number of deals was higher by 2% to 1,561 this year, however.
Listed Lending Platform Funding Circle Hits $10 Billion in Funds Issued
Listed lending P2P platform Funding Circle, headquartered in London, has surpassed the magic figure of $10 billion in funds loaned
Launched in 2010, Funding Circle is the first P2P platform to be listed in the UK.
Softbank-Backed Brazilian Fintech Looks to Boost Resources and Innovation
São Paulo-based secured lending platform Creditas announced a $231 million funding round on July 10 that values the fintech at $750 million.
The funding round is led by SoftBank Group. Existing investors Vostok Emerging Finance, Santander InnoVentures and Amadeus Capital will also participate.
P2P lending platform Mintos Clocks Over €3 Billion in Loans Given
Mintos is stepping up the pace on its lending activities with over €1 billion in loans advanced since April of this year
The platform provides a large cross-section of loans through 65 loan originators. Most of these loans are in the consumer category, though loan types such as agro, business, and invoice financing are also available.
Gerardus Vos Leaves Barclays to Run BAML Fintech Team
Bank of America Merrill Lynch continues its global expansion Fintech analyst Gerardus Vos is heading to Bank of America Merrill Lynch. The U.S. bank has hired Vos to lead head a financial technology investment banking team for Europe, the Middle East, and Africa (EMEA). Once he starts in September, Vos will report to Giorgio Cocini…
Fintech 2020: Reflections from Fortune’s Brainstorm Finance conference
A summary of the fintech soundbites from the event on the foggy shores of Montauk
Key trends: Facebook’s Libra, bank fortunes, Amazon, and millennials’ wallets.
IBM Unveils “Trust Your Provider” Blockchain Project
The new project aims to reduce time-consuming manual processes The new IBM blockchain project “Trust Your Supplier” (TYS) debuted this week. In a press release, IBM said TYS is “designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors, ultimately creating frictionless connectivity across supply chains.” The project is part…
Klarna payments platform hits $5.5 billion valuation
The darling of Scandanavia just became the largest private fintech startup in Europe. It didn’t take long for the Klarna payments platform to hit a valuation of $5.5 billion. Ahead of a possible IPO, the Swedish payments firm just raised $460 million in equity from a number of investors. Founded in 2005, Klarna says it…
Challenger bank Monzo boosts valuation north of £2B after funding round
A recent £113 million investment by Y Combinator in digital challenger bank Monzo has ratcheted up the latter’s valuation to over £2 billion, double what it was just eight months ago.
German Fintech and Digital Bank N26 Gets a $3.5 Billion Valuation
The kind of valuations European fintechs are getting these days is calling into question the belief that Silicon Valley alone is the birthplace of the most promising startups.
The recent raising of $170 million by challenger German bank N26 Gmbh gives it a valuation of $3.5 billion. That valuation puts N26 in the top echelons of European fintechs.
Revolut Valuation: Is $10 billion on tap?
Revolut, the digital challenger bank, and fintech poster child may soon amass a worth of $10 billion, according to Simon Cook, investor, and board member.
Marquee Private Equity Investor Henry Kravis invests in alternative fund
Henry Kravis is said to have invested in San Francisco-based ParaFi, an alternative investment fund with a special focus on the fintech and blockchain ecosystem.
ParaFi is led by founder and CIO Ben Forman, an investor with over 10 years of experience across public and private markets at KKR and TPG.
Moody’s Acquires RiskFirst, a Fintech that Analyzes Risk
Moody’s is looking to enhance the product portfolio of its Moody Analytics unit by acquiring risk analysis fintech RiskFirst.
RiskFirst’s offerings are geared towards institutional investors such as asset managers, pension funds and endowments.
Canadian watchdog FINTRAC: Fintechs Vulnerable to Money Laundering
Documents obtained by The Globe and Mail reveal that fintechs in sectors such as alternative lending, electronic payments, online gambling and digital currencies are thought to be particularly vulnerable to the menace of money laundering.
British Fintech Transferwise Eyes U.S. Customers
British-born Netflix star Tan France will endorse the debit card from Transferwise soon to be launched in the US.
Launched in the UK and Europe in 2018, the card has already made waves with 15 million transactions, and over $10 billion deposited.
JPMorgan Chase May Buy Stake in UK FinTech 10x Future Technologies
Former Barclays chief Antony Jenkins, founder of 10X, believes the banking industry’s “Uber moment” is here
According to a report in Financial Times, JPMorgan Chase, the biggest US bank, is in discussions to invest in banking fintech 10x Future Technologies.
SPAC and fintech to raise $220 million
Netfin Acquisition Corp filed with the SEC to raise $220 million in an initial public offering (IPO).
Based in New York, Netfin is a SPAC and fintech.