Ryan Browne – CNBC
China’s SenseTime has raised $600 million in a round of funding led by e-commerce giant Alibaba. The company said that it had broken the record for the largest venture capital investment in the AI industry.
FAO: Don’t say we didn’t warn at the beginning of this year – this year is the year of AI…
Crystal Tse – Bloomberg (subscription)
Chinese peer-to-peer lender Weidai Hangzhou Financial Information Service Co. is planning an IPO that could raise about $400 million, according to people with knowledge of the matter.
FAO: After all HKEx’s efforts to attract new Chinese (fin)tech listings and Weidai seems to choose US too, like so many others did last year.
The Chinese fintech 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
Dutch Payments Company Adyen Eyes June IPO: Sources
Toby Sterling, Dasha Afanasieva & Arno Schuetze – Reuters
Adyen is eyeing a stock market listing in June that could value it at 6-9 billion euros ($7-$11 billion), sources familiar with the matter said. Following Spotify’s IPO last week, Adyen’s listing would be one of the largest in Europe for a fintech company.
FAO: New rumours – new valuations? Better check these previous projections as Adyen is one of the most expected listings this year in Europe. Some recent reports signaled that Adyen is poised to pick JPMorgan and Morgan Stanley to advise on a potential IPO.
Cat Rutter Pooley – Financial Times (subscription)
Fareed Sahloul – Financial News (subscription)
Fidessa said that an April 5 meeting to vote on the Temenos offer would now take place on April 27. The decision was taken to allow the group to explore potential rival bids from ION Investment Group and SS&C Technologies.
FAO: They choose to wait and see if others “put their money where their mouths are”? We need to admit this will be a very hot year in fintech deals. All the signs suggest this, at least for now…More coverage related to Temenos’ bid – here.
Carolina Mandl – Reuters
General Atlantic is in talks to buy a minority stake in closely held Brazilian online lending startup Geru Tecnologia e Serviços SA, according to two sources with knowledge of the matter.
FAO: GA planning an investment in one of the hottest places right now in the fintech world – LATAM.
Seismic Foundry Capital Markets FinTech Fund closed its final investment for the current tax year by acting as lead investor in RegTech start-up, Waymark Tech.
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!
Peter Rudegeair – The Wall Street Journal
Sarah Perez – TechCrunch
PayPal is expanding into traditional banking through partnership with smaller banks to offer consumers debit cards connected to their PayPal accounts, along with direct deposit for paychecks and other services. The company says its new products are targeted specifically at the unbanked, and will launch in the first half of 2018, following consumer testing.
FAO: First – use a debit card. Second – credit card? Clearly these small banks will have to “win” something out of this “win-win” deal, right?
Matthew Lynley – TechCrunch
Stripe has made its name by providing developers with a simpler way to start charging customers and handling transactions, but today they hope to take another step by launching a billing product for online businesses. That’ll allow them to handle subscription recurring revenue, as well as invoicing, within the Stripe platform and get everything all in the same place.
Yimian Wu – China Money Network
Alipay has been fined RMB180,000 (US$28,535) for inadequate customer rights protection, publishing misleading advertising and improper data protection, according to an administrative penalty notice from People’s Bank of China, Hangzhou branch. As China has increased its efforts to control financial risk, the central bank has strengthen oversight of online financial activities, especially by non-financial institutions.
Ben McLannahan – Financial Times
Renaud Laplanche, the fintech pioneer who took a bite out of big banks’ credit card balances through his online lending venture Lending Club, is opening up a new line of attack on the industry. Upgrade, the new consumer lending business he launched about a year ago, is to begin offering lines of credit that combine features from fixed-rate personal loans with the flexibility of credit card borrowing.
Katanga Johnson – Reuters
The fintech community has been watching closely to see if Joseph Otting, appointed U.S. Comptroller of the Currency in November, would push ahead with a charter to allow fintech firms to do business nationwide that was first announced in 2016 by his predecessor Thomas Curry.
Selina Wang & Julie Verhage – Bloomberg (subscription)
Social Finance said it will start offering deposit accounts and debit cards to some customers next month, the first major new product under Chief Executive Officer Anthony Noto.
FAO: Noto is moving fast with SoFi’s reconstruction.
Antony Currie – Reuters
Fintech lenders will struggle to regain their mojo all by themselves. As industry executives head to a major industry confab in San Francisco, their loan books, and earnings, still look small. And the banks they once dared to threaten have been catching up on tech prowess.
Wealthsimple has launched Wealthsimple Smart Savings to help savers reach their short- and medium-term goals. It offers a host of advantages: a 1% interest rate that doesn’t expire, unlimited and free transaction, and zero additional fees. Smart Savings is now available to new and existing clients through Wealthsimple’s website or app.
Kellie Ell – CNBC
Socially responsible investing is gaining popularity, especially among millennials, says Michael Katchen, founder of WealthSimple.
JD Alois – Crowdfund Insider
Ocrolus has announced a $4 million Series A investment led by Bullpen Capital. Additional investors include QED Investors, Laconia Capital Group, ValueStream Ventures, and RiverPark Ventures.
Matt Levine – Bloomberg (subscription)
An amazing product is nothing without access to money.
Karl Flinders – Computer Weekly
HSBC is using software from fintech startup Quantexa to help it automate the fight against money laundering. This follows a pilot of the software by the bank in 2017.The software will analyse billions of data records including internal and external sources to spot potential money-laundering activity. This will help HSBC meet regulatory compliance and reduce risk for its business.
Via SCMP – Ant Financial executive chairman Lucy Peng steps down to focus on Lazada
Via American Banker – SoFi names longtime Goldman Sachs exec Michelle Gill as next CFO
Lucy Burton – The Telegraph (subscription)
When the former Tory party treasurer Michael Spencer arrived at the Mandarin Oriental in New York on February 2, he came armed with two precious gifts for his dinner companion Terry Duffy. One was a bottle of expensive red wine for Duffy’s wife, whose birthday it was that day. The other was a present that had been on the 59-year-old’s wish-list for at least a year – the chance to buy Spencer’s bond trading business Nex Group.
FAO: Behind the scenes of this year’s most interesting deal in global capital markets. Check previous coverage using our FREE ARCHIVE.
Eyk Henning – Bloomberg (subscription)
Fintech firms MyBucks and Naga Group are poised to enter into a strategic partnership that would pair Naga’s cryptocurrency with the Luxembourg company’s mobile payment solutions for the African market.
Lea Nonninger – Business Insider
LATTICE80, which claims to be the world’s biggest fintech hub, has announced the closure of its post in Singapore. In its place, it will establish a Crypto Hub, which will focus only on blockchain and crypto startups in the city-state. Its fintech hubs in other countries will remain active.
FAO: In line with the city-state’s vision and actions sustaining financial innovation through blockchain related projects.
Gulf Digital News
The current Mena fintech market is estimated at $2 billion and expected to witness an annual growth of $125 million until 2022, according to Mena Research Partners.
Luzi-Ann Javier – Bloomberg
Did the chicken you just buy at the supermarket have a nice life, roam free, and eat healthy grains? If you’re the kind of person who cares, Carrefour SA, the big France-based grocery chain, has the bird for you. Every chicken it sells under its house brand comes complete with its very own life story, thanks to the wonders of blockchain software. All you need to do is scan the label with your smartphone to get all the details.
Yen Nee Lee – CNBC
The growth in China’s fintech industry may look like it’s peaking given the wide usage of internet payments, but the sector has yet to reach its full potential, David Ye, co-founder and chairman of Rong360 said.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News