FinTech Daily News – Edition 183, 03.04.2018
April 3, 2018
FinTech Daily News – Edition 185, 05.04.2018
April 5, 2018

FinTech Daily News – Edition 184, 04.04.2018

Deals & Investments

Rival Bidders Look To Gatecrash £1.4bn Bid For City Software Firm Fidessa

Lucy Burton – The Telegraph 

Temenos Takeover Target Fidessa Gets Two New Potential Offers

Reuters Staff – Reuters

British software firm Fidessa, which has been in takeover talks with Swiss banking software supplier Temenos, said it was approached by two separate undisclosed buyers.

One of the possible offers would give Fidessa shareholders 38.297 pounds/share, representing a 5% premium to Temenos’ cash offer to buy Fidessa for 1.4 billion pounds ($1.97 billion) or 36.467 pounds/share.

FAO: The deal was announced in February – reported here. More coverage related to this deal – here.

China Fintech Groups Ride Boom To List In US

Joshua Bateman – Financial Times (subscription)

Fintech changed how the Chinese make payments, transact business, buy insurance, lend money, and invest capital. It also spawned a cohort of start-ups that have listed on international stock exchanges, providing high-growth investment opportunities. But there are also risks.

“The fintech market in China is at least one generation ahead of the US, if not two,” said Schulte Research founder Paul Schulte.

DNT: Oh, a provocative statement…But, it just might be true. What do you think about it? Don’t be shy, share your thoughts – join our LINKEDIN GROUP or TELEGRAM GROUP!

FAO: Check at least this scorecard of companies listed in US markets in 2017:

China Rapid Finance – NYSE

Qudian – NYSE

Yirendai – NYSE

PPDAI Group – NYSE

Jianpu Technology – NYSE

Hexindai – Nasdaq

China Commercial Credit – Nasdaq

FYI I agree with Schulte, especially because we watch the fintech & blockchain industry very closely, every day, and our focus is global. BTW if you need professional advice in Financial Markets, FinTech, Blockchain and Crypto Assets you can contact me directly via email or via Earn.com – here’s my profile.

Abu Dhabi Investor Takes Stake In Venture Capital Firm 500 Startups

Nicolas Parasie & Cat Zakrzewski – The Wall Street Journal (subscription) 

Abu Dhabi Financial Group, a United Arab Emirates-based investment company, said it is taking a large minority stake in 500 Startups, the first time the Silicon Valley startup accelerator’s parent has accepted outside funding.

DNT: After the last year drama, when the VC firm was hit by the sexual harassment which led to the departure of its CEO Dave McClure, (check our FREE ARCHIVE for details) 500 Startups is trying to recover.

FAO: …so any help is good now?!?

GoFundMe Acquires YouCaring As Charitable Crowdfunding Continues To Consolidate

Ingrid Lunden – TechCrunch

GoFundMe, has made another acquisition to scale up its platform: It has acquired YouCaring, a smaller rival, creating a combined community of around 60 million donors in some 19 countries in the process. Financial terms of the deal are not being disclosed.

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!

Payments

Money-Exchange App Transferwise Hit By Major Technical Glitch

Mark Dorman – Yahoo Finance

Transferwise has been hit by a major technical glitch leaving scores of users worrying if their transactions have gone through. The app, which has an estimated 1 million users, admitted gremlins had struck at its website meaning new payments could not be set up.

FAO: Uh oh? Better keep an eye on those gremlins.

CannaSys To Acquire Hyper Financial Technologies Company To Acquire Crypto Payments Platform Focused On Emerging Industries

Nasdaq

CannaSys, a marketing, branding, and technology company, announces that it has signed a letter of intent to acquire Hyper Financial Technologies, a Wyoming based cryptocurrency payments platform, whose core product operates under the Hyfin™ brand.

Lending

LendingClub Settles With Mass. Banking Regulator For $2M

Laura Alix – American Banker 

LendingClub has settled with the Massachusetts banking regulator to the tune of $2 million over claims that the company made unlicensed loans in the state.

The state division of banks said that the San Francisco-based LendingClub made over 46,000 loans to Massachusetts consumers without a license since 2011, when it surrendered its small loan company license as a condition of a consent order.

FAO: Troubles don’t seem to find their end at LendingClub…

SoFi Issues Record $2.6 Billion in ABS Notes During the First Quarter Of 2018

Samantha Hurst – Crowdfund Insider 

SoFi announced it completed $2.6 billion in loan securitizations in the first quarter of 2018, a 35% increase over the prior-year period and its largest-ever quarterly ABS issuance volume.

FAO: Looks like the strategy of SoFi’s new CEO, Anthony Noto, is starting to work.  

Wealth & Personal Finance

The Fintech Files: The Robo-Adviser Of Robo-Advisers

David Ricketts – Financial News (subscription) 

The new service, called Personal Investment Assistant — or Your Pia — uses artificial intelligence to help investors sift through a range of robo-advisers, wealth management platforms and IFA networks.

FAO: I feel like I just woke up in 2050. Steady now! Reading some of these headlines might get you dizzy.

Regtech

Can RegTech Help The Financial Industry Fight Crime?

Syeda Mehar – Forbes

Over the past decade there have been rapid global developments in the field of compliance, with a focus on fighting financial crime. To continue raising the bar in the tech era, financial companies could be using RegTech to boost their anti-money laundering regimes and aide the combating of financial terrorism.

Data Centers

Equinix Completes Acquisition Of Infomart Dallas

PR Newswire

Equinix announced the completion of its acquisition of the Infomart Dallas from ASB Real Estate Investments. The US$800 million debt and cash transaction provides approximately 1.6 million gross ft2 of space, which includes multiple diverse fiber entry points and more than 50 tenants including networks, colocation providers and office tenants.

FAO: New story in the “Equinix Section”. Look, we would be happy to report developments of other companies too. Feel free to share if you have any news.

Cap Markets & Other

Steve Cohen’s VC Firm Led A $21 Million Investment In A Startup That Wants To Power Free Stock Trading

Frank Chaparro – Business Insider

DriveWealth, a company building technology to bring the cost of investing to zero, has landed $21 million in an investment round led by four investors including the venture unit of Steve Cohen’s Point72.

FAO: A $21m round led by led by Point72 Ventures, SBI Group, Raptor Group, and Route 66 Ventures, a previous investor in the company.

FinTech People

Threat To Fintech Industry As Young Coders Shun London Over Brexit

Martin Arnold – Financial Times (subscription)

British fintech companies are worried that Brexit is causing a shortage of software engineers and pushing up salaries in the sector, prompting some of them to open offices elsewhere in the EU. Mike Laven, chief executive of Currencycloud, said that the UK-based payments company was planning to open an office in another EU city — probably Amsterdam — because of fears that recruitment problems in London could hamper its growth.

FAO: Of course! And this is just the beginning. But hey, the financial world is bigger than London. Employers should look further East too.

Regulation

Will Hammond’s Fintech Fantasy Become A Political Reality?

Tim Focas – FTSE Global Markets

A genuine commitment to putting the UK at the forefront of fintech, or just another political vanity project to rival that of his predecessor’s Northern powerhouse? With Jacob Rees Mogg and the rest of his backbench Brexiteers baying for cabinet blood, the latter is currently not a political option for this unusually understated Tory chancellor.

Accelerators & Hubs

Y Combinator, Backer Of Dropbox, Vaults From Experiment To Kingmaker

Cat Zakrzewski – The Wall Street Journal (subscription)

Y Combinator has transformed itself from an experiment in angel investing into a Silicon Valley kingmaker.

High-Tech Startups Finding A Better Home In Illinois — But More Can Be Done

Mark Harris – Chicago Sun Times

Akshat Thirani founded his startup, Amper, which helps manufacturers monitor key metrics of their machines, at Northwestern University. He moved it to a technology accelerator in China, and then to another one in Silicon Valley.

Tel Aviv Hosting Google’s New Start-up Accelerator

Max Schindler- Jerusalem Post

Google has picked Tel Aviv to be the site of a new accelerator that will assist start-ups that specialize in machine learning, artificial intelligence and data science.

It’s the first time Google has taken its machine-learning program outside the United States.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News