FinTech Daily News – Edition 167, 12.03.2018
March 12, 2018
FinTech Daily News – Edition 169, 14.03.2018
March 14, 2018

FinTech Daily News – Edition 168, 13.03.2018

Deals & Investments

Woodford Cuts Atom Bank Stake Amid £1bn Slide In Fund Value

James Booth – City A.M.

Star fund manager Neil Woodford has cut his stake in Atom Bank amid a £1bn fall in the value of his flagship fund. Following the rights issue Woodford’s stake in Atom Bank will fall from 20 to 18%.

FAO: Woodford Investment Management refused to participate in Atom’s latest share issue, which has grabbed £150m (reported last week), with BBVA increasing its stake in the neobank.

U.S. Fintech FinFit Announces $35 Million Senior Credit Facility With Ares Management

Samantha Hurst – Crowdfund Insider

FinFit announced the closing of a $35 million senior credit facility with Ares Management. The company stated it has the ability to increase the senior credit facility to $70 million and this capital raise follows a $16 million investment from Bison Capital Partners. Keefe, Bruyette & Woods was the exclusive financial advisor for the senior credit facility.

Future Stars?

Have an interesting project/company looking for more visibility? Why don’t you send us more details, and after our review your project might get listed it in this section! Contact us HERE!

Amazon Wants To Dominate Office Supplies With Its Credit Card

Hugh Son, Spencer Soper & Jennifer Surane – Bloomberg (subscription)

Amazon is planning to offer a credit card to U.S. small-business customers, furthering its push to supply companies with everything from reams of paper to factory parts, according to people with knowledge of the matter.

FAO: Check our previous editions to find out more about Amazon’s recent forays into banking territory – use our FREE ARCHIVE.

Payments

Old Dogs Learn New Tricks In Payments Battle

Aaron Back – The Wall Street Journal (subscription)

Now that they’ve gotten their act together, don’t count big banks out of the mobile payments war.

DNT: If banks want (and they do!) to be part of the future of payments, it’s a must to act in this “war”…But war is not meaning only battles, but also alliances. So, be ready for a surprising unfolding of events.

FAO: Everybody wants a piece of the (new) action in the huge payments market, especially banks. They are obliged to enter this “war” if they want to (at least) preserve their market shares. Fintech companies have opened new trails because they are inexhaustible sources of innovation and flexibility. Payments companies (like the one below, for example) have demonstrated that success (and profit) can come from leveraging people’s discontent in the costs and quality of products and services offered by banks. Now banks are changing tactics and getting new “weapons”. This should be interesting…  

Transferwise Selects Wirecard For Debit Card Roll Out

Finextra

Wirecard, the leading international specialists for digital fintech has been chosen by TransferWise, the international money transfer company based in London, to issue a debit card to serve alongside its digital borderless account.

Lending

Why 2018 Could Be The Make-Or-Break Year For P2P Lenders

Patrick Jenkins – Financial Times (subscription)

“Take your business further”, urges the homepage of peer-to-peer lender Funding Circle. That is just what the financing group is itself aiming to do when it launches an attempt to list on the UK stock exchange in the coming months. According to people close to the situation, investment banking advisers are close to being confirmed, with a potential listing feasible before the summer.

FAO: A report yesterday said (according to sources) Funding Circle has picked Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and Numis to help manage its IPO.

Cap Markets & Other

EU Wants Capital Market Plan In Place Before Brexit

Huw Jones – Reuters

The European Union stepped up efforts to create a more unified and cheaper capital market by next year when it faces the loss of Britain, the bloc’s biggest financial center.

FAO: Not our main focus but anyway this has a big impact on Europe’s fintech universe. Remember the recent draft law issued by European Union’s executive to offer crowdfunding platforms bloc-wide. Efforts are being made to ensure EU stays strong after Brexit. What do you think? Share your thoughts – join our LINKEDIN GROUP or TELEGRAM GROUP!

Finance Seeks App Connectivity

Shanny Basar – Markets Media

OpenFin, which provides the operating layer for desktops in the financial industry, is leading an initiative for universal connectivity as the lack of agreed-upon standards has been identified as the biggest barrier for the adoption of utilities by the Association for Financial Markets in Europe.

Accelerators & Hubs

The Future Of Innovation Is Fintech – And Long Let The City’s Dominance Continue

Luke Seaman – City A.M.

Fintech is now the firepower of innovation in the City. Such innovation has driven a complete rethink in how firms, governments, and consumers across the world think about finance.

From streamlining capital markets, to debunking traditional insurance practices and offering completely new ways to bank, the UK sector has it all.

FAO: A propos of EU’s capital market plan and its recent push for completion before Brexit.

Events

Ashton Kutcher: Searching For Startups At SXSW

Julia Boorstin & Stephen Desaulniers – CNBC

Ashton Kutcher’s Venture Fund Held One Of The Most Exclusive And Bonkers Parties At SXSW, The World’s Wildest Tech Conference

Melia Robinson – Business Insider

Sound Ventures, a tech-investment firm founded by Kutcher and the talent manager Guy Oseary held one of the most exclusive and lavish parties at the SXSW film festival and tech conference.  Powerful forces from Hollywood and Silicon Valley came together for the event — dubbed “The Party” — set on a rooftop bar in Austin.

DNT: I wonder what did they have in the menu. 🙂 I am sure it was not a Crypto Sanctum kind of experience…Read more about it in yesterday’s edition of Blockchain Daily News, Events section as well.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News