FinTech Daily News – Edition 108, 06.12.2017
December 6, 2017
FinTech Daily News – Edition 110, 08.12.2017
December 8, 2017

FinTech Daily News – Edition 109, 07.12.2017

FinTech Daily News

by Florin Oprea

Edition 109, 07.12.2017

Deals, Investments & M&As

WorldRemit Valued At Close To $670M As It Raises $40M

Oscar Williams-Grut – Business Insider

WorldRemit has raised $40 million from LeapFrog Investments and existing investors Accel Partners and Technology Crossover Ventures. WorldRemit announced the Series C fundraising on Thursday. It takes the total raised by the London-headquartered company to $220m.

DNT: Recently WorldRemit launched digital money transfers to South Korea and, in June, they enabled digital money transfers from Singapore.

Here’s Why Chinese Tech Giants Are Choosing To List In Hong Kong

Maria Terekhova – Business Insider

Dianrong is planning to IPO in Hong Kong as soon as 2018 with the aim of raising a minimum of $500m. If true, Dianrong’s joining a growing string of Chinese tech behemoths choosing to list in the city rather than on mainland exchanges. These include insurtech Zhong An and alt lender Lufax. There are several reasons why mainland fintechs are opting for Hong Kong listings.

FAO: Chinese fintech “giants” seem to consider only two options for listing: US or Hong Kong. We covered Dianrong’s announcement the other day, when we also issued a scorecard of Chinese online lenders that have chosen the US so far, scorecard which you may find useful at some point.

Viola FinTech Is A New $100M Israel-Based VC Fund Targeting Fintech Startups Around The World

Steve O’Hear – TechCrunch

Viola is launching new independent VC fund targeting fintech startups from anywhere in the world. Dubbed Viola FinTech, the “cross-stage venture fund” has an initial closing of $100m but will extend that towards $120-150m. It is backed by global banks, insurance companies and asset managers from North America, Europe, APAC and Israel, including Scotiabank, The Travelers Companies, Inc and Bank Hapoalim.

Payments

Here’s How To Use Apple Pay Cash, Apple’s New Venmo Competitor That Just Launched

Todd Haselton – CNBC

DNT: Apple Pay Cash launched in iOS 11.2 this week, after it previously managed to launch the Beta Apple Pay Cash in November – details here, in our Payments Section. This payment feature was a lot more than anyone expected, as it was explained here, same section.

Lending

Peer-To-Peer Lender Ratesetter Loses £23m After Ad Investment Flops

Katherine Griffiths – The Times

Ratesetter slumped to a £23m loss for the year after a disastrous investment in an advertising business. The loss was due in large part to a £14m write-off on Adpod Limited, which the lender ended up owning after using its own capital to prevent a huge default on its peer-to-peer loan book from hitting investor.

DNT: Unfortunately for Ratesetter the registered loss was 4 times the one from the previous year (£5.3m), as we are informed.

FAO: Its Aussie branch has raised $10.5m in capital in a round led by Five V Capital which put in $8.5 million.

Retail banking

Scotiabank To Partner With Two Israeli Technology Leaders To Accelerate Its Digital Transformation

PR Newswire

Scotiabank announced partnerships with two prominent Israeli technology leaders, Viola Group and Team8. These partnerships further establish Scotiabank as a leader in the global innovation ecosystem and will help accelerate its development of technology capabilities, best-in-class customer experiences, and expertise in cybersecurity.

Islamic Banks Should Embrace, Not Fear, Disruption From Fintech

The National

The governor of Central Bank of Bahrain, Rasheed Al Maraj, forecast annual growth of 5% for Islamic banking industry in the the next two years – higher than for conventional banking – and pointed to a steady rise in the number of Islamic banks and the total value of their assets.

DNT: There are interesting movements in the Middle East in order to join the fintech wave! Check this related story here – in Accelerators & Hubs Section.

Fintech Transforming Banking, Finance: Experts

Lim Yan Liang – Straits Times

Technologies like big data and artificial intelligence (AI) are helping to resolve two core issues in lending – providing a better estimate of risk, and in building trust, said industry experts at a panel discussion on the World Internet Conference.

FAO: Baidu, JD Finance, AngelList and Dianrong reps are cited in the above article.

FinTech People

Via Reuters – Former HSBC chairman Douglas Flint joins Fintech fund Motive Partners’ advisory board.

Via Bloomberg – Silicon Valley VC Shervin Pishevar takes leave from his companies after misconduct claims.

FAO: What, in the name of the Almighty, is happening in the Valley? Remember this summer’s series of scandals affecting the tech metropolis? Use our Archive, it’s easier, and it’s free.

Latest Developments & Agreements

Worldpay Partners With Klarna To Launch Invoice & Credit Based Payments In 6 Key European Markets

PR Newswire

Worldpay has announced that it will partner with Klarna to further enhance its product portfolio. Customers trading in Austria, Finland, Germany, the Netherlands, Norway, Sweden and the United Kingdom, and wishing to accept payments on invoice or instalments, will be able to use Klarna’s invoice and credit based payments from Worldpay.

FAO: After an initial announcement this summer, The Brits from Worldpay have been bought by Vantiv for $10.4B. I am sure you remember that Vantiv moved a bit faster than J.P. Morgan on this deal – more here.

Regulation

Mexican Senate Passes Fintech Law

Sheky Espejo – Reuters

Mexico’s Senate approved a bill that would regulate its fast-growing fintech sector, including crowdfunding and cryptocurrency firms, paving the way for a vote by the lower house.

FAO: Curious to find out all implications.

Other news

Why HSBC CEO Stuart Gulliver Isn’t Afraid Of Fintech

Geoffrey Smith – Fortune

Technology is going to upend the finance industry, but HSBC chief executive Stuart Gulliver is less concerned than you might expect.

FAO: So BoE governor Mark Carney was right. Right? BoE recently told UK bankers they should take the fintech threat more seriously. Read this edition of FDN of last week, Retail banking section.

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News