by Florin Oprea
James Eyers – Australian Financial Review
Global credit investor Fortress Investment Group will invest $100 million in debt capital to support MoneyMe’s consumer lending growth as the fintech considers an initial public offering in early 2019.Fortress’s investment is part of a $120 million asset-backed securitisation deal, which also includes a $20 million bond, issued by Evans & Partners, which was oversubscribed.
Steve O’Hear – TechCrunch
More VC money sloshing around Europe: In what was probably one of the worst kept secrets in European VC, London-based Balderton Capital is announcing a new $375 million fund. The new fund — the firm’s sixth — will target startups anywhere in Europe at mostly Series A stage, with the occasional seed deal or Series B investment, in addition to follow ons.
Sindhu Hariharan – Entrepreneur
TreasuryXpress, an on-demand treasury management solutions provider, has closed a Series B investment of US$5 million from an investor consortium that includes Middle East Venture Partners , iSME Capital, The Luxury Fund, and others.
DNT: TreasuryXpress aims to “make financial technology accessible to companies of all sizes”.
Shannon Manders – Global Trade Review
Ovamba, a fintech firm that uses blockchain and other new technologies to connect investors with African SMEs, has facilitated a €30mn deal for the purchase and export of cocoa for Cameroonian commodity marketing company Producam.
Tom Ball – Computer Business Review
Cash proves to be unshakable at the point of sale, with a majority using it in countries including Germany and Austria.With modern, mobile payment alternatives on the rise globally, it may be a surprise to some that there is no sign of cash being displaced any time soon at the point of sale.The position held by cash is fortified, with a commanding 79% of point of sale transactions being conducted in the traditional manner in 2016. In contrast, just 19% of POS transactions were made using cards.
DNT: Hmm, this European Central Bank statistics raise some question marks about the contactless payment infrastructure in EU and also about the payment behaviour of the europeans. Seems that a cashless society is still far.
WorldRemit has expanded its remittance service to South Korea.WorldRemit’s mobile-first, digital model allows hard working migrants to send money to South Korea in a few taps, directly from their phones or via the website – without the need to visit or stand in line at a bricks and mortar agent.
DNT: In June, WorldRemit enabled digital money transfers from Singapore.
Swedish online payment services firm Klarna reported sharply higher revenues and earnings for the first nine months of 2017. Klarna said in a statement its sales rose 24% year-on-year to 3.16 billion Swedish crowns ($382 million) in January through September while net earnings climbed 75% to 349 million.
DNT: Pretty good result for the tech unicorn. Recently, Klarna announced a partnership with PPRO Group in order to enable Payment Service Providers and to offer credit-based payments through PPRO’s payment hub to European merchants, risk-free – details here – Deals, Investments & M&As Section. Back in September, Klarna acquired german online payments company BillPay – details here, Deals, Investments & M&As Section as well.
The Financial Markets Authority (FMA) today published its first statistical report on peer-to-peer lending and crowdfunding in New Zealand.The data shows $259.9 million is currently loaned to individuals and $29.5 million loaned to businesses through peer-to-peer lending in the year ending 30 June 2017.A total of $74.2 million was raised from investors through crowdfunding, including wholesale investors, in the same period.
Australian Financial Review
Australian superannuation funds have been heavily weighted to the familiar asset class of Australian shares. That needs to be reviewed as superannuation fund assets head toward $3 trillion of Australian savings. At the same time, Australia’s banks are being lumbered with post-GFC requirements to hold much more capital against their lending in order to protect depositors. That’s making it less profitable for them to lend to business borrowers for fixed terms of more than five years or more. The risk capital rules make it much more profitable for the banks to lend to property.
Property-and-casualty insurer Sompo has set up a fintech hub in Israel, becoming the first Japanese insurer to do so in a country where it hopes to tap local expertise in digital and cyber-security technologies.
DNT: Sompo is one of Japan’s top three property and casualty insurers.
Chen Meiling – China Daily
Lenders invest heavily as online financial firms make rapid strides. Chinese banks have begun giving more importance to financial technology, or fintech, in order to become more competitive as internet-based companies are taking rapid strides in the field, industry insiders said.
Ankit Doshi – VC Circle
India’s second-largest lender by assets Punjab National Bank Ltd will sell 6% stake in its housing finance arm through an offer for sale.The two-day share sale in PNB Housing Finance, which counts private equity firms Carlyle Group and General Atlantic as its backers, will begin on Tuesday, PNB said in a stock exchange filing.
Via Mondovisione – Banking And FinTech Industry Heavyweight Chris Skinner Becomes Shareholder In Meniga
Via Efinancialcareers – Citi’s ex-head of equity derivatives, Imraan Moola, joins AI fund manager Q2Q Capital
Via Forbes – The latest dive in the stock price of China online lender Qudian at the New York Stock Exchange has knocked CEO Luo Min from the ranks of the world’s billionaires.
Naga is currently working on several different projects, including a social network for stock traders, a virtual item exchange platform, a currency exchange app, and a trading application.
Huw Jones – Independent
Huw Jones – Reuters
The European Commission approved rules to increase competition and toughen up security in how people pay for goods and services across the European Union, pitting banks against financial technology firms. The rules flesh out an update to the bloc’s payment services law and are among the most disputed in recent financial regulation, sparking intense lobbying as banks and fintech firms clashed over access to customer data.
DNT: Good. Let’s hope that this new set of rules will indeed offer better payment services to consumers and eliminate security breaches and data leakage.
Yomi Kazeem – Quartz
As Africa’s tech startups and their founders go about creating disrupting industries or, in some cases, building new ones, they’ve typically tended to mushroom across three major ecosystems: Nairobi, Cape Town and Lagos. But over the past year, Lagos’ claim as the continent’s startup epicenter has gained currency. For starters, it’s the continent’s most valuable ecosystem with its startups typically raising far more in early-stage funding.
Kabelo Khumalo – Independent Online
The rise of Fintech has forced South Africa’s banks and insurance companies to look at their value propositions, to meet the demands of changing consumer behaviour. Digital solutions, low-cost operating models and supply-chain integration have moved to the top of the bank’s’ business agendas, with non-traditional players pursuing various aspects of these trends, enabling them to provide their customers with in-house banking solutions.
Chen Jia – China Daily
Chinese financial technology or fintech firms are expected to lead industry innovation and facilitate growth of small and medium-sized enterprises or SMEs in the Asia-Pacific region, said an executive of a leading Chinese fintech company. Tang Ning, founder and CEO of Beijing-based CreditEase, said tremendous development opportunities await fintech firms as well as peer-to-peer or P2P lenders in the next decade despite a stricter regulatory environment.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News