Ant Financial has started raising $1 billion for a fund focused on Southeast Asia and India. The fintech arm of Alibaba is looking to expand its presence across the growing region.
MiddleGame Ventures, which focuses on financial services innovation at early-stage fintech startups, closed its $165 million Fund I MGV fund. The fund will invest in startups transforming financial services from “analog to digital, and from centralized to decentralized.” It willl back B2B and B2B2C fintech startups.
Chinese Investors Pump In $120 Million Into Nigerian Fintech OPay. Nigerian fintech OPay is an arm of Opera, which is based in Norway and majority-owned by Chinese. Opera founded OPay in 2018, leveraging its success as a browser of choice on the African continent. OPay’s Series B round of $120 million was subscribed by investors that included Meituan-Dianping, GaoRong, Source Code Capital, Softbank Asia, BAI, Redpoint, IDG Capital, Sequoia China, and GSR Ventures.
OPay previously raised $50 million in June.
Alipay is the 800-pound gorilla in the global fintech room. It processed more than US$38 billion of payments in a single day.
Alipay’s global fintech supremacy is without question. On the highly-anticipated Singles Day in China, Alipay processed all the online payments emanating from Alibaba’s e-commerce platforms.
Traditional bank Santander paid £350 million for 50.1% of payments fintech Ebury.
Banco Santander’s focus on small businesses as new clientele led it to buy a controlling interest in Ebury. The bank is planning to build a new trade platform for businesses. London-based Ebury is a startup fintech that provides a gamut of corporate services to small-to-medium sized international companies. These services include cash management, foreign exchange, and trade finance.