by Florin Oprea
Sumeet Chatterjee & Julie Zhu – Reuters
John Detrixhe – Quartz
Ant Financial is planning a funding round that could fetch a valuation similar to the world’s biggest and oldest banks. The digital payment company is raising as much as $5 billion in equity that may value it at more than $100 billion.
FAO: They say one day ants are going to take over the world…Stop rolling your eyes – it’s $100B, we double checked it too…
Salman S.H. – Livemint
Lendingkart said it has raised $87m equity capital in a Series C round of funding led by Singapore’s Fullerton Financial Holdings Pte Ltd and other existing investors.
FAO: Lendingkart helps entrepreneurs and small businesses with Working Capital Loans. Total funding raised by Lendingkart reaches $156m from 7 rounds.
Riley McDermid – San Francisco Business Times (subscription)
SoFi had been expected to report strong loan performance from its portfolio of high-income borrowers, but instead saw borrowers missing more payments.
FAO: Let’s say they chose to say NO TO their payments…I promise this was the last “NO TO” joke…Mr. Noto, freshly named CEO of SoFi (his profile discussed here), has a pretty difficult mission, I am sure he doesn’t need my jokes now…
Niall Ferguson – SCMP
As machines become too sophisticated for human minds to fully comprehend, we could be returning to an age of mystification in which algorithms are the enigmatic forces we blame for unusual developments.
FAO: There were voices last week saying that part of the extreme volatility may be an act of algo trading…
Via Calcalistech – Barclays Taps Israeli Entrepreneur Hila Ovil-Brener to Head Tel Aviv Accelerator
Roger Aitken – Forbes
Blockchain seems to be in the news more often than not these days, whether over bitcoin and other cryptocurrencies, or the burgeoning technology sector using it as a springboard. Such ventures promise “game-changing” solutions to challenges in a variety of industries including fintech supply chain logistics as with IBM’s recent initiatives, media, travel bookings and rentals to name a few.
Alys Key – City A.M.
Citigroup has selected London’s tech hub as the next site in its innovation lab network, creating new jobs on the fringes of the City. Headquartered in one of WeWork’s shared workspaces in Moorgate, the London innovation lab will employ 75 technologists from different backgrounds.
FAO: What did I say last week about London and its powerful allies?
Verdict Staff – Verdict
Tinkoff Bank has opened a fintech development hub at the Skolkovo innovation centre in Moscow, Russia. The new centre will focus on developing new business platforms based on blockchain technology.
Jordan Crook – TechCrunch
WeWork is relaunching WeWork Labs, with 27 spaces secured in 16 markets for 2018.WeWork Labs, which will be run by former Head of Digital Roee Adler, wants to offer super early stage startups a place to work and learn.
DNT: As we are informed in the story, the accelerator-type program called WeWork Labs was initially launched in 2011 but after that, the company focused on other initiatives. Now, WeWork is trying to revitalize it in a new and customized format.
Africa FinTech Summit August 16-17 2018 – Accra, Ghana – Agenda here
FAO: I am one of the speakers at the event, you can check the entire list of speakers here. Please note that I am building up my agenda for 2018 – if you want me as a speaker at your events better get in touch before my year gets uber busy – contact me here.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News