FinTech Daily News – Edition 12, 19.07.2017
July 19, 2017
FinTech Daily News – Edition 14, 21.07.2017
July 21, 2017

FinTech Daily News – Edition 13, 20.07.2017

FinTech Daily News

by Florin Oprea

Edition 13, 20.07.2017

Deals, Investments & M&As

Alation Raises $23 Million For Its Data Cataloging Software

Bérénice Magistretti – Venture Beat

Alation, which provides software that allows businesses to have a single source of reference for their data, announced funding of $23 million.

FAO: Good job! Round led by Icon Ventures. Other investors: Harmony Partners, Costanoa Ventures and Data Collective.

Karmic Secures $17.2M Series B Financing And Adds Two Board Members

Benzinga

Karmic, a leader in the convergence of payment cards and mobile software, has raised $17.2 million in a Series B round of financing. The company also announced that Wei Hopeman and Jim Whims have joined its board of directors.

FAO: Lead investors: Alsop Louie Partners and Arbor Ventures. Wei Hopeman and Jim Whims are joining the company’s board of directors. Total funds raised in three rounds: $24.9m.

Mangrove raises $170M for Its New Fund To Invest In Europe And Israeli Startups

Mike Butcher – Tech Crunch

Luxembourg-based Mangrove Capital Partners, one of Europe’s leading early-stage venture capital firms, has raised $170 million for its latest fund.

Mangrove V will be used to invest across Europe and Israel. The amount matches that of its previous funds, and was completed inside two months with 90 percent coming from returning investors, said the firm.

FAO: Mangrove has a history of successful investments, such as Skype and Wix.com.

Oleg Boyko’s Finstar Will Invest $150 Million Into Fintech

JD Alois – Crowdfund Insider

Finstar Financial Group has announced it will dedicate $150 million into Fintech startups over the next five years. Finstar is a private equity founded by Oleg Boyko who launched the firm in 1996. Finstar invests in IT, consumer retail and real estate.

FAO: Primary markets for Finstar are Europe, Latin America, South-East and South Asia.

Alibaba Affiliate Ant Invests In Shanghai startup VFinance

Deal Street Asia

Ant Financial Services Group, the payment affiliate of Alibaba Group Holding Ltd, has invested an undisclosed amount in Shanghai-based financial solution provider VFinance.

Payments

Bank of England Opens Up Payments Systems To Spur Fintech

Huw Jones – Reuters

The Bank of England has widened access to Britain’s interbank payments system to increase competition from new fintech firms in the financial system, where the “Big Four” high street banks have long dominated.

FAO: Good move! The game is on! Proposed new framework will allows payments and remittance companies to access the RTGS payments system.

Payments Firm Episode Six Expands To Tokyo

Banking Tech

Payments software technology provider, Episode Six, is opening an office in Tokyo to meet “the growing demand” for fintech solutions in Asia, reports Banking Technology‘s sister publication Paybefore.

FAO: Another fitech company looking for new business. Among many more others, big or small. Asians beware! “Hodor”!

PayU India CEO Amrish Rau: Wallet Business May Not Work In India

Hita Gupta – Financial Express

PayU India CEO Amrish Rau in conversation with Hita Gupta explains the upside of Citrus acquisition and its plans in the credit-lending space.

Business tech

Fintechs in Money Laundering Fight

Finews Asia

Singaporean bank OCBC has piloted two fintech solutions to enhance its competency in fighting money laundering and terrorism financing.

Retail banking

There Is No ‘Existential Crisis’ Challenge For Banks From Fintech, HSBC’s Digital Chief Says

Ryan Browne – CNBC

The idea that big banks are facing an “existential crisis” from financial technology (fintech) challengers is “overblown”, the digital chief of HSBC told CNBC.

FAO: Seems like HSBC feels no pressure and no threat from fintech challengers…Well maybe HSBC is just ignoring the market. Big players in other sectors (see Nokia) did that in the past….What do you think of HSBC’s digital chief remarks? Send us your comments.

BankThink I’m A Banker And I Say Let SoFi Into The Club

Kent Landvatter – American Banker.

The fact that SoFi, an increasingly persistent antagonist of the banking industry, is applying for a bank charter and embracing all the strings attached to FDIC insurance is a huge victory for the industry.

FinTech People

Via Tech Crunch: Taavet Hinrikus hands over CEO reins at TransferWise to cofounder Kristo Kaarmann

AngelList Is Latest Startup Investor Ensnared In Sexual Harassment Scandals

Cromwell Schubarth – Silicon Valley Business Journal

An AngelList employee has reportedly been put on indefinite paid leave of absence pending an investigation into alleged sexual misconduct that happened before he joined the organization.

FAO: Angellist partner Lee Jacobs is on leave. Silicon Valley hit by another scandal. See here previous reports regarding the 500 Startups scandal.

Via Banking Technology – Episode Six announced that payments and finance industry veteran, Oko Okamoto, will oversee its new Tokyo office as general manager.

Regulation

New Banking Regulator Defends Agency Effort To Regulate Fintech

Pete Schroeder – Reuters

The new head of a U.S. banking regulatory agency on Wednesday defended his predecessor’s efforts to explore granting special federal charters to startup online lenders.

Accelerators & Hubs

Fintech Adoption In Singapore Lags Other Economies But Expected To Beat Global Average In Future: Report

Today Online

Fintech adoption in Singapore lags far behind other economies around the world, although it is expected to catch up and exceed the global average in the next several years, largely because of Government-led efforts.

FAO: Fintech adoption in Singapore rose to 23% from 15% in 2015, but below the average of 33% among 20 markets. Many more interesting stats in latest EY report.

Bahrain Aiming To Become A Regional Tech Hub By Investing In The Fintech Industry

Tasnim Nazeer –  Forbes

Bahrain is spearheading investment in the lucrative fintech industry in order to position itself as a major financial hub.

FAO: Middle East countries are clearly targeting investments in the sector. A lot of new initiatives were announced recently, see more coverage here and here.  

South Asian Fintech Startups Find A Champion In This Emerging Market Accelerator

Casey Hynes – Forbes

CreditFix, a credit marketplace that draws on alternative data to assess creditworthiness among unbanked consumers will launch a pilot program in Pakistan in August with 50,000 potential customers

Other News

Fintech Growth Is UK Wide

Finextra

Video interview with Edward Twiddy, Chief Innovation Officer, Atom bank, at the International Fintech conference 2017.

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News