by Florin Oprea
Ingrid Lunden – TechCrunch
J.P. Morgan Chase has officially closed its acquisition of WePay. Sources close to the company have confirmed the price of the deal: just over $300 million, and up to $400 million including retention bonuses and earn-outs subject to hitting certain targets in coming quarters.
FAO: Quite an amount! We have previously reported this deal in October. WePay is a payment provider for online marketplaces and cloud software providers. Since 2009 the company raised around $74m in six funding rounds.
Ingrid Lunden – TechCrunch
Contentful has raised $28 million to position itself as the platform to manage how all that information is delivered via a set of APIs.
FAO: The Series C funding was led by General Catalyst. Not bad for this Berlin-based company. BTW Berlin is hosting a fintech event these days – Disrupt Berlin – more here.
Marissa Lee – The Business Times
Police reports have been filed by angry investors who fear they have lost millions of dollars invested in a local fintech currency trading firm. SixCapital (SixCap) promised returns as high as 18% a year but stopped making payouts around June. Investors also had difficulties accessing their performance report.
FAO: Hmm, did somebody “untie” the “Nodes”? We found this coverage published in September, via CNBC. Actually users of this company’s web-based strategy game called Tagg Switch, a game that works similarly to currency trading, have been complaining since September about issues in cashing out of the game.
Julie Steinberg, Anjani Trivedi & Chuin-Wei Yap – Wall Street Journal – (subscription)
Dianrong is planning an IPO as soon as next year that could raise at least $500m. The Shanghai-based company is planning to list its shares in Hong Kong.
FAO: It’s been a hot year for Chinese online lending companies looking to list overseas.
Check at least this scorecard of companies listed in US markets:
China Rapid Finance – NYSE
Qudian – NYSE
Yirendai – NYSE
PPDAI Group – NYSE
Jianpu Technology – NYSE
Hexindai – Nasdaq
China Commercial Credit – Nasdaq
LexinFintech is the latest to have announced its intention to list in the US.
HK market is also a good option, especially after ZhongAn’s IPO success.
Elliott Haworth – City A.M.
Starting with just £50,000 in 2009, today Xero UK turns over some £30m, has trumped Sage for the top spot in its field, and surpassed 250,000 UK small business subscribers. Pretty sexy stuff, if you’re into that sort of thing.
FAO: Since Xero is on everyone’s lips these days, because it recently decided to move from NZX to ASX, here’s another useful company profile. It includes some statements of Gary Turner, Xero’s co-founder and managing director.
Prakash Mallya – Forbes
In 2017, India ranked second in the growth rate of fintech adoption among digitally active consumers across the globe; this surge was paralleled by the rise in fintech funding — receiving over $200 million in the first half of the year.
Thomas Blott – Nasdaq
For all the promise of fintech, the debt capital markets have so far proven a tough nut to crack. A handful of investors in Asia got a first glimpse at a new firm taking up the challenge.
FAO: Former Deutsche Bank executives Sanjay Garodia, Mayur Ghelani and Tsu Jung Ho founded (and funded) Covalent. In Singapore, of course.
Via Nasdaq – Former VP of Finance for FINSYNC, Chris Stanley, joined Atlantic Capital Bank as Vice President of Fintech Industry Banking, to lead Atlantic Capital’s Fintech Banking practice.
Li Xiang – China Daily
After a period of explosive growth, fintech sector in China will likely see slower but more regulated growth, with greater emphasis on leveraging technology to drive true innovation, analysts said. China has emerged as a leading fintech market globally, with analysts estimating the market size to have exceeded $243 billion by the end of last year, accounting for about 85% of the global market share.
FAO: Hmm, “more regulated growth” due to the fact that policy makers from the People’s Bank of China and the China Banking Regulatory Commission met the other day to discuss new measures to crackdown on online lending platforms.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News