by Florin Oprea
Julie Verhage – Bloomberg (subscription)
YieldStreet a New York-based startup that packages and sells business loans to investors, said it raised $113 million in debt and equity to expand its offerings. The three-year-old company specializes in loans to real-estate projects, small businesses and law firms. It pitches the assets as an alternative to stocks and bonds.
FAO: A strong debut for fintech deals in the US. It was a great week, at least. Check our FREE ARCHIVE for information regarding previous deals.
Alkami Technology announced that General Atlantic, a leading global growth equity firm, has made a strategic investment in the company.
FAO: Total funds raised in the Series D round – $70m. Total funding in Alkami reaches almost $120m.
Tanaya Macheel – Digiday
TD Bank just bought its first technology firm, Toronto-based artificial intelligence startup Layer 6. The Canadian banking giant, also based in Toronto, invested an undisclosed amount in Layer 6 to help it “continue to transform itself” in the industry shift from mobile-first to AI-first customer experiences, said Rizwan Khalfan, TD’s chief digital and payments officer.
Josh Chin & Chuin-Wei Yap – The Wall Street Journal (subscription)
Chinese internet regulators scolded the country’s leading mobile-payments company for compromising its customers’ privacy, putting pressure on firms to better protect personal data in a society subject to heavy state surveillance.
The Cyberspace Administration of China said that it had summoned representatives of Alibaba affiliate Ant Financial to dress them down for automatically enrolling users in its credit-scoring system.
FAO: This will go on and on and on…
Rob Price – Business Insider (subscription)
Californian fintech firm Marqeta has hired its first London employee as it gears up to launch in Europe in 2018. The Oakland firm, founded in 2010, provides underlying payment card technology that helps power some big startups including fintech firms like Square and Kabbage and on-demand startups like Instacart and Doordash.
Thomas Ohr – EU Startups
TransferWise just announced (reported yesterday) its borderless current account, which enables users to spend money in a choice of up to 28 foreign currrencies with a debit card. Tranferwise’s choice of a neon green colour for its first debit card was met with anger by Berlin-based SME challenger bank Penta, which turned to Twitter to express its anger at the striking resemblance to its own neon green card.
FAO: “Haters gonna hate”…
Stripe has announced an addition to its Stripe Atlas toolkit that will help founders file their corporate tax returns in minutes.This new tool can be especially important for resource-strapped startups, which often have difficulty with the tax process even with the help of an adviser.
Ladder has raised $30M in Series B financing, led by RRE Ventures, with participation from Thomvest Ventures, as well as Ladder’s existing investors: Canaan Partners, Lightspeed Venture Partners and Nyca Partners.
FAO: The previous funding round, a $14m Series A in 2016, was led by Canaan Partners.
Shrutika Verma – Livemint
Paytm has set up a new entity called Paytm Money Ltd that will offer investment and wealth management products and will invest close to $10 million upfront in the new entity. Paytm Money is the fourth product from One97’s stable after Paytm Mall, Paytm Payments Bank and Paytm wallet; it will be available as a separate mobile application to users, said Vijay Shekhar Sharma, founder of One97 Communications.
FAO: They stick to the plans. Moving fast! More details regarding their business development strategy – here.
Ian Allison – Internațional Business Times
Hedge funds and high finance are no longer the preserve of a tiny, entitled elite. Quantopian crowdsources raw coding talent onto its open platform where the best trading algorithms are awarded assets, licensed and paid in cash prizes each month.Thus Quantopian is casting its net wide, searching for new talent in places outside the Ivy League or Wall Street, to attract computer scientists from all over the world.
Polina Marinova – Fortune
DNT: An interesting interview with David Pakman, a Venture Capitalist who thinks that “cryptos are the most interesting innovations in front of us right now.” Worth a few minutes.
Tom Turula – Business Insider
The Church of Sweden is now investing in tech startups. Its sustainable investment fund has joined as a Limited Partner of $60 million seed stage fund Luminar Ventures, which was launched by two Swedish business angels.
DNT: First, I couldn’t believe my eyes! How cool is that?
Nisha Gopalan – Bloomberg (subscription)
Pity the Hong Kong investor. Just as a slew of desirable new-economy Chinese players look like they’re coming to list in the city — including perhaps Alibaba Group Holding Ltd. and its affiliate Ant Financial — Beijing plans to allow yuan-denominated IPOs for companies involved in its signature Belt and Road initiative.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News