by Florin Oprea
Steve O’Hear – TechCrunch
Raisin, the savings deposit marketplace that lets you shop for a better interest rate across Europe, has picked up backing from PayPal. Described as a “strategic investment,” the new funding round remains undisclosed.
FAO: Backers of previous funding rounds in Raisin, totalling Euro 57.5m, are Index Ventures and Thrive Capital.
Debora Lima – South Florida Business Journal (subscription)
FinTech Acquisition will acquire Miami-based wire transfer platform provider Intermex Holdings II in a deal valued at about $260 million.
FAO: The merged company will continue to the listed on the Nasdaq. Looks like everybody is rushing to announce their deals before Christmas.
Sarah Thompson, Anthony Macdonald & Joyce Moullakis – Financial Review (subscription)
Investment bankers lining up for a stronger 2018 pipeline of ICOs have online business lender Prospa in their sights.
FAO: Prospa recently raised $20m from Silicon Valley-based Partners for Growth.
Charlie Taylor – The Irish Times
European VC activity is still relatively small compared with Silicon Valley and Asia, but the situation is rapidly changing. While things look positive for our near neighbours, there are doubts as to how far Ireland can go in terms of funding for tech start-ups.
FAO: Why don’t you “ICO” more often?
Samidha Sharma| – Times Of India
Tiger Global is leading a new round of funding at payments firm Razorpay. Tiger, which is an existing investor in the Bengaluru company, is backing it along with Silicon Valley’s famed accelerator Y Combinator (via its Continuity Fund) and Apoletto Managers, a personal investment vehicle run by the partners at the Russian billionaire Yuri Milner’s DST Global.
FAO: Total funding prior to this round was $11.6m.
David Henry & Elizabeth Dilts – Reuters
JPMorgan Chase is powering up a lower-cost computerized investment management tool this week and plans to offer the robo-adviser to some clients next March and on a wide scale in the middle of the year.
FAO: Welcome JPMorgan! It’s a pretty crowded “party”, but we can at least try to “squeeze” you in…Check our FREE ARCHIVE to check what an amazing year was in the ROBO-LAND.
Lynsey Barber – City A.M.
Entrepreneurs at fintech startups have been left little surprised after more than half of the UK’s banks revealed they would miss a deadline for Open Banking – but how they implement it is of more concern. Nine banks have been forced to make their data open to third parties – many of them fintech startups – under rules from the competition authority due to come into force in January.
FAO: So then, nobody’s quite that “open” to be open…on either sides of the Atlantic…
Penny Crosman – American Banker
In the U.S. open banking is largely ad hoc and more of a workaround. Many data aggregators and fintechs screen-scrape customers’ account data without their bank’s approval or involvement. A few large banks, such as Wells Fargo and JPMorgan Chase, have made bilateral agreements with data aggregators and accounting software providers. And a small number of banks — Capital One, BBVA Compass, Silicon Valley Bank, Citi and CBW Bank in Weir, Kans. – have embraced open banking and offer APIs to almost anyone.
The rest have mostly opted out.
Cromwell Schubarth – Silicon Valley Business Journal (subscription)
From venture capital bigshots behaving badly, to startups that went out of business, to a subdued IPO scene, 2017 in Silicon Valley will be remembered more for its scandals than its successes.
DNT: Hmm, guess this is only half true. There was some success too..and some big scandals as well. So, check our FREE ARCHIVE to refresh your knowledge.
Via Finextra – Credit Karma announced it has appointed former president of Renew Financial, Gannesh Bharadhwaj as GM of credit cards.
Lan Anh Vu – Huffington Post
DNT: We recommend this interview with Jacob de Geer, a serial entrepreneur, recognised as one of the most influential leaders in fintech. He is co-founder and CEO of iZettle, which is said to be open to a sale as an alternative to preparing for an IPO – more details here.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News