Lulu Yilun Chen – Bloomberg (subscription)
Ant Financial is seeking to raise at least $10 billion in a funding round that could make the payments giant controlled by Alibaba-founder Jack Ma the most valuable startup in the world.
FAO: Imagine this fintech giant in 10 years from now. Or 5? It grows at a pace that has scared even the Chinese government. It recently started an aggressive expansion throughout Asia (check our FREE ARCHIVE) and it aims to go global. Amazing and scary at the same time. Global banks should clearly be on red alert.
Jasper Jolly – City AM
Two fintech firms trying to snatch Fidessa from under the nose of Swiss rival Temenos have until the end of next to give a firm offer, the UK Takeover Panel ruled.The body, which polices acquisitions, said Ion and SS&C have accepted the ruling that their bids must be in by 5pm on 20 April. That deadline will no longer apply if another firm reveals a firm intention to make a bid, the panel added.
Valentina Kirilova – Leap Rate
AccessFintech has just announced that JPMorgan has become an investor in its series A round, leading the way for participation by additional market participants. The investment, financial terms of which were not disclosed, was made following an initial seed round that was privately funded.
FAO: JP Morgan does it again and steadily transform itself into fintech deals champion. Nothing surprising – it has no other choice if it wants to stay alive in 10 years from now.
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Emma Dunkley – Financial Times (subscription)
When Prospa launched in Australia in 2011, the online lender to small companies had an intimidating task before it: taking business from the country’s biggest banks. Small companies in search of working capital had long relied on traditional lenders, before the global financial crisis curtailed banks’ appetite for risk. Seven years on, Prospa has topped this inaugural list of high-growth companies, in revenue terms, from the Asia-Pacific region.
FAO: …and It has successfully raised almost $97m in funding from its backers in less than 5 years.
Sarah Ponczek – Bloomberg (subscription)
The tricky thing about artificial intelligence and investing is that If AI has an edge, it’s because it’s putting together a jumble of information in ways that humans wouldn’t. But when people trust their money to a fund, they’d like to be able to understand how the manager—or computer—makes decisions.
Eric Auchard – Reuters
WorldRemit will be the exclusive money transfer partner for international call provider Lebara under a deal announced by the London-based brands, which are popular among immigrants to Europe.
FAO: A win-win which would theoretically contribute to WorldRemit’s first profits? Read below.
Ryan Browne – CNBC
WorldRemit expects to turn a profit in 2019, its chief executive said. Ismail Ahmed said that, despite the firm’s heavy investment in partnerships and user acquisition, he believes it will reach profitability by next year.
Melissa Goh – CNBC
There’s a new breed of entrepreneurship programs turning to Asia for their next big ideas.
These accelerators, which groom early-stage tech companies, see Asia as a hotbed for technological innovation. That’s demonstrated in part by the region’s explosive growth in financing activity last year.
DNT: The story brings us some impressive figures. The total annual funding activity in Asia increased by 117% in 2017 compared to the prior year, according to a report released by intelligence platform CB Insights. In the same year, there was $70.8 billion invested across 2,847 deals— up from $32.7 billion the year before. And, of course, Singapore and Hong Kong are leading the way.
Devin Coldewey – TechCrunch
Entrepreneurs have it rough in Africa, India, Pakistan — places where VC cash doesn’t fall from the sky and necessary infrastructure like reliable banking and broadband can be hard to come by. But companies grow and thrive nevertheless in these rugged environments, and DFS Lab is an incubator focused on connecting them with the resources they need to go global.
Lionel Laurent – Bloomberg (subscription)
Private equity has ordered a fresh round of drinks at the fintech party. Francisco Capital’s purchase of electronic payments specialist VeriFone Systems helped to lift shares of French rival Ingenico amid speculation more deals will follow. All this looks more like a hangover cure than a new spin on the dance floor.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News