by Florin Oprea
Michael J. Coren – Quartz
Y Combinator was a heretic among venture capitalists when it backed its first eight companies in 2005. Co-founder Paul Graham later wrote that his philosophy was that “investors should be making more, smaller investments, they should be funding hackers instead of suits, and they should be willing to fund younger founders.”
FAO: Y Combinator funded almost 1500 startups in 12 years.
Apple unveiled its new peer-to-peer mobile payment service at its annual Worldwide Developers Conference on Monday. Now that the world’s largest technology company has entered into the scorching hot, millennial-driven payment market, should the rest of the mobile money-moving industry be nervous?
FAO: Oh yeah…
Zosia Wasik – Financial Times
Poland’s most popular mobile payments service was not created in a garage or innovation lab. It was designed around a conference table by the heads of country’s six biggest banks, who had decided the market needed a new service.
FAO: It’s called BLIK and it has more than 4m users in Poland. Quite a popular service.
Nikolai Kuznetsov – Forbes
Having processed a whopping €3.2 billion in transactions in 2016, payment startup Trustly has recently emerged as a leader in the global fintech scene. Based in Stockholm, Trustly offers a fresh perspective on payments by putting the bank account at the center of digital payments instead of credit cards. The company is now used in 29 European countries, enabling merchants to perform cross-border business easily.
Laura Noonan – Financial Times
The Financial Conduct Authority (FCA) recently launched a review of current accounts, which will not deliver initial findings until next year.
This has opened the possibility of further restrictions for current account providers just a year after the Competition and Markets Authority finished its own two-year review of the staple banking product.
via NBR – Xero signalled director Craig Elliott won’t seek re-election at next month’s meeting after five years on the company’s board.
via press release – Digital wealth management firm Personal Capital announced that former Securities and Exchange Commissioner and advocate for investors small and large Luis A. Aguilar has joined the company’s Board of Advisors. –
Crowdsurfer, the world’s most comprehensive source of intelligence on the global alternative finance market, has announced that Zopa has become the latest peer-to-peer lender to submit its data to the Crowdsurfer analysis.
FAO: An important “acquisition”. Last week we reported that the UK firm raised £32m to launch a bank.
Henry Engler – Reuters
The U.S. Commodity Futures Trading Commission has taken a lead among fellow American regulators in its “LabCFTC” initiative to engage emerging fintech and regtech companies. The effort seeks to enhance the agency’s oversight of commodity and derivatives markets, but also to make compliance and regulatory reporting more effective for the industry participants.
FAO: More commentary on CFTC fintech initiative. Also covered last week.
Oscar Williams-Grut – Business Insider
The CEO and cofounder of TransferWise says cities around the world are becoming increasingly competitive in attempts to attract tech companies.
FAO: After Brexit vote, Paris and Luxembourg try to attract more fintech firms.
Zosia Wasik – Financial Times
Entrepreneurs are worried it will become hard to do business in the UK.
Plug and Play will launch the first startup accelerator program in Tokyo this fall, partnering with Mitsubishi UFJ Financial Group (MUFG).
An aggressive scenario in our valuation model shows an upside potential up to 15%, while our base scenario suggests that the company’s shares are fairly valued.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News