FinTech Daily News – Edition 118, 20.12.2017
December 20, 2017
FinTech Daily News – Edition 120, 22.12.2017
December 22, 2017

FinTech Daily News – Edition 119, 21.12.2017

FinTech Daily News

by Florin Oprea

Edition 119, 21.12.2017

Deals, Investments & M&As

PayPal Backs Pan-European Savings Deposit Marketplace Raisin

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.  

Blank-Check Company Acquires Miami Firm For $260M

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.

Online Lender Prospa Joins The 2018 IPO Pipeline

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.

Funding Remains A Problem For Irish Tech Start-Ups

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?


Tiger To Lead Razorpay Funding, YC, Yuri Milner To Join In

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.

Wealth & Personal Finance

JPMorgan Chase Powers Up Robo-Adviser For Fintech Race

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.

Retail banking

Open Banking: Here’s What Fintech Startups Think Of Delays After HSBC, Barclays And More Given Deadline Extension From CMA

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…

Why Do Most U.S. Banks Shut The Door On ‘Open Banking’?

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.

FinTech People

Silicon Valley’s Founders And Funders Ride Turbulent 2017

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.

CEO Talk: Jacob de Geer

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