FinTech Daily News –Soft launch Edition #2, 23.05.2017
May 23, 2017

FinTech Daily News – Soft launch Edition #1, 22.05.2017

FinTech Daily News

by Florin Oprea

Edition #1, 22.05.2017

Deals, Investments & M&As

Addepar Acquires AltX To Double Down On High-Growth Alternatives Market

Hedgeweek

Addepar has acquired AltX, an intelligence platform for the alternative investments market.

The acquisition deepens Addepar’s capabilities in alternative investments – which comprise USD120 billion of the USD600-plus billion of assets on Addepar’s platform.

FAO: Last year Addepar had over 200 clients and $560 billion assets on its platform.

Paytm Raises $1.4 Billion From Japan’s SoftBank

Reuters

SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications.

PayU Invests USD123M in Germany’s Kreditech

Tony Zerucha – Bankless Times

Global online payment service provider PayU has invested €110M (USD 123M) in Kreditech, a technology group for digital consumer credit that employs machine learning-based underwriting. The two companies will also partner to deliver a joint POS finance proposition.

Kreditech will provide its Lending as a Service technology to PayU’s 300,000-merchant network while PayU acquires a significant minority stake in Kreditech.

Capital Appreciation Acquires Synthesis Software Technologies, for USD 10M

businesstech

Synthesis provides software development, consulting and integration services to financial institutions, with current clients on its books including Investec, Absa, Standard Bank, Capitec and Nedbank.

How Data Convinced Menlo Ventures To Raise $450M For Its New Fund

Alex Konrad – Forbes

Before investing in a startup, Menlo Ventures runs the company’s stats through proprietary software that helps tell the venture capital firm if the business is growing on pace with rivals or keeping customers at an impressive rate. But for the firm’s new fourteenth fund, the partners tried something new: turning the software on themselves.

FAO:  …one of the earliest venture capital firms in Silicon Valley.

PaySense Gets $5.3m in Series A

Mugdha Variyar – Economic Times

Fintech startup PaySense, which runs a digital credit platform, has raised $5.3 million in its Series-A round, led by Jungle Ventures with Naspers Group and Nexus Venture Partners. The startup had earlier raised $2.3 million from Nexus Venture Partners and angel investors in 2015.

Bahrain’s New Fintech Fund to Invest in Indian Startups

bwdisrupt

Bahrain’s EDB sets up office in Mumbai to accelerate its fintech development program.

A New Era For Startup Investing In Latin America

Nathan Lustig – TechCrunch

Startups in Latin America are using creative solutions to address not just local but also global problems.

Payments

PayPal Sues Pandora Over Similar Logo

Eileen AJ Connelly – NY Post

The digital-payment company says Pandora’s big blue “P,” unveiled in October, damages its business because customers are mistakenly opening the wrong app on their phones.

Telr Gets $3M Funding

The Hindu

Received an investment worth $3 million from Innovations East fund as part of its series-B funding round.

Telr, which is a payment gateway aggregator of multiple payment methods such as cards and online banking, has operations in West Asia, South East-Asia and India.

Lending

First Federal Lakewood Invests In Boston Startup Numerated Growth Technologies

Jeremy Nobile – Crain’s Cleveland Business

Numerated Growth Technologies is a fintech startup spun out of Boston-based mutual Eastern Bank own in-house fintech accelerator, Eastern Labs.

Numerated’s platform focuses on small-dollar loans, allowing the loan process to be managed in real-time — reportedly conducting the process in as quick as five minutes, according to the firm.

Wealth & Personal Finance

Singapore Fintech Startup StashAway Raises US $2.2M in Series A

Jonathan Nieh – Crowdfund Insider

StashAway is a software solution for individual investors to manage their investment portfolio. StashAway claims to utilize dozens of algorithms, automation, and an expert team of investors to create a tech-based investment management platform, what some in the industry have termed “robo-advisors”.

Only A ‘Handful’ Of Robo-Advice Startups Will Survive

Frank Chaparro – Business Insider

While robo pioneers Betterment, Wealthfront and Nutmeg have been growing at a fast clip, it’s actually the legacy firms such as Vanguard and Charles Schwab that will drive growth in the robo-advice space moving forward, according to Morgan Stanley. Schwab already has close to $50 billion in robo assets, up from $4.2 billion in 2014.

Accelerators & Hubs

Starta Accelerator Will Hold ICO Crowdsale to Fund Early Stage Companies

JD Alois – Crowdfund Insider

Starta Accelerator is based in New York City and is an offshoot of Starta VC based in Moscow. The forthcoming Starta Initial Coin Offering (ICO) will allow individuals to make early stage investments into Eastern European tech companies that are participating in the accelerator program.  

Hong Kong’s Startup Ecosystem Is Thriving – But This Is How It Becomes A Global Hub

Jay Kim – Forbes

There are currently over 50 co-working spaces, accelerators, incubators and innovation labs in Hong Kong.

FAO: Happy to be part of the startup ecosystem.

Why London Is The Best Place For Fintech – Even With Brexit

Wired

Eileen Burbidge told WIRED Money how she expects London’s fintech scene to continue to grow over the next few years.

Other news

Why Scotland Needs To Act Now To Cap On Fintech Boom

Laura Hamilton & Nick Freer – Scotsman

Scotland’s financial sector has a proud history and despite a tumultuous decade still stands relatively tall in UK and European terms.