by Florin Oprea
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, 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.
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.
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.
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.
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 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”!
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.
Singaporean bank OCBC has piloted two fintech solutions to enhance its competency in fighting money laundering and terrorism financing.
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.
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.
Via Tech Crunch: Taavet Hinrikus hands over CEO reins at TransferWise to cofounder Kristo Kaarmann
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.
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.
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.
Tasnim Nazeer – Forbes
Bahrain is spearheading investment in the lucrative fintech industry in order to position itself as a major financial hub.
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
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