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FinTech Daily News – Soft launch Edition #10, 02.06.2017

FinTech Daily News

by Florin Oprea

Edition #10, 02.06.2017

Deals, Investments & M&As

KeyCorp to Buy HelloWallet

Mary Wisniewski – American Banker

KeyCorp has agreed to acquire HelloWallet, a personal financial management product it has offered its bank customers since 2015, from the investment research firm Morningstar. Financial terms of the deal were not disclosed.

FAO: 36 HelloWallet employees will continue to work for KeyCorp from Washington and Chicago.

Peter Thiel and Future Fund Venture Firm Invest in Spaceship

John McDuling – AFR

Peter Thiel, and a venture firm backed by the Future Fund, are among a new group of investors in the millennial superannuation provider Spaceship.

Spaceship raised $19.5 million, on top of a $1.5 million seed round last year. US venture capital fund New Enterprise Associates, which counts the Future Fund among its investors, the regional office of Sequoia Capital, and Horizons Ventures, the start-up investment vehicle for Hong Kong billionaire Li-Ka Shing, all invested in the business.

Newalpha Announces Its Sixth Fintech Investment In Austrian Start-up Wikifolio.com

opalesque

NewAlpha Asset Management, an expert in investments targeting the entrepreneurial financial industry worldwide, launched the first French venture capital fund dedicated to Fintech companies in November 2015.

FAO: Vienna based wikifolio was founded by Andreas Kern. Other investors in the company in previous funding rounds include: Speedinvest and VHB Ventures.

Payments

Alipay, China’s Top Mobile Payment Service, Expands To The US

Fred Raillard – Huffington Post

FAO: Alipay recently made some important steps that facilitate its US entry.

B2B Fintech Investment On The Rise

Yizhu Wang & Karen Padley – Forbes

Long overshadowed by their consumer counterparts, B2B payment firms are seeing greater interest from venture capital, private equity and strategic investors. Their target: financing solutions for both buyers and suppliers, as well as software tools that automate management of accounts receivable and accounts payable.

Lending

Online Lender Zopa Raises £32m To Launch A Bank

Oscar Williams-Grut – Business Insider

Indian financial services group Wadhawan Global Capital and European venture capital fund Northzone led the round, both investing in separate deals in recent months.

The investment means Zopa has raised over £80 million in equity funding to date. The company’s last funding round came in January 2014, when it raised £15 million.

FAO: One of the first peer-to-peer lending companies in the world and one of the first fintech firms. It announced its intention to apply for a banking license in November last year.

FinTech People

Stripe’s Billionaire Founders Learn to Let Go

Ellen Huet – Bloomberg

John and Patrick Collison, the twenty-something founders, liked having a say in who got hired because they said it maintained consistency. They would each spend as much as 15 hours a week on job interviews, but finding time on their calendars was a frequent source of frustration for recruiters. A similar practice was made famous by Larry Page, who said he signed off on every Google hire after he returned as CEO in 2011. But the Collisons found the limit of this exercise in January, when they agreed to hand off the responsibility.

Regulation

Barriers Remain to Letting US Fintechs Play in the Regulatory ‘Sandbox’

Stephanie Forshee – The National Law Journal

In a speech delivered May 17, Giancarlo stopped short of referring to the initiative, LabCFTC, as a regulatory sandbox because so far there is no intention of providing any regulatory relief for participating companies.

FAO: Makes reference to the innovation lab Christopher Giancarlo, CFTC acting chairman, announced last month.

Accelerators & Hubs

Paris Is Coming Closer To Toppling London as Europe’s Tech Hub

Shona Ghosh – Business Insider

According to figures from VC firm Atomico, France had more investment than Germany last year.

VCs invested $2.7 billion (£2 billion) in France last year, compared with $2.1 billion (£1.6 billion) in Germany. The UK still leads European investment with $3.7 billion (£4.7 billion).

FAO: Interesting figures. We hope to gather sensible data very soon and publish a pertinent analysis.

Urban.Us Adds Funding, Experience to URBAN-X Startup Accelerator

govtech

Urban.Us, a venture capital firm whose focus area often overlaps with gov tech, is taking on the URBAN-X accelerator in New York.

The venture firm will lend funding and expertise to the relatively new accelerator.

Cambridge Business Incubator And Accelerator Launches

Business Weekly

Incubyte, the newest addition to the Cambridge science & technology hotspot, has opened its doors to innovative startup businesses and invited them to be part of an exciting new community in the cluster.

FAO: jv between  Incubyte Ltd and Paragon Land & Estates.

 

FAO: Florin Adrian Oprea, Editor-in-chief  FinTech Daily News