by Florin Oprea
Sayan Chakraborty – Forbes India
Snapdeal is likely to sell its payment subsidiary Freecharge to private sector lender Axis Bank for about $60 million in an all cash deal. The deal will give the cash starved company a much needed financial reprieve until it finalises a sale of its online marketplace to larger rival Flipkart.
FAO: Looks like Amazon’s India shopping session is not going that well. Remember their $50-$80m bid for Freecharge the other day?
London Loves Business
Cennox, the global supplier of Banking Solutions, has completed the successful acquisition of 3SI Security System’s European Division.
DNT: A big move in the Fintech arena and the “battle” for the best solutions for clients security!
Ryan Lawler – TechCrunch
As it looks to expand internationally and sign up customers around the globe, the company has taken $25 million in strategic investment led by payments heavyweight Visa.
FAO: Visa is moving fast. Last month it bought a strategic stake in Klarna.
Julie Verhage – Forbes
Financial technology startups are on pace to see funding reach a record as insurance, wealth management, lending and blockchain-related companies attract new dollars.
So far this year there have been 496 deals globally, raising a total of $8 billion, according to a new report from CB Insights, a technology industry research firm.
FAO: Forbes coverage on CB Insights’ latest report. More useful numbers from their report – here.
DNT: Good news. There is some kind of truth in the statement that blockchain is the greatest thing since the internet!
Angela Castles – Smart Company
Australia has emerged alongside Brazil as a leading fintech market after facilitating the largest fintech investment deals outside of the core markets of Asia, Europe and North America in the past 12 months, a report from CB Insights has found.
FAO: Should we read this as “Best of the Rest”? Joking! Bravo for Australia! Things are moving Down Under. These stats come in the light of the announcement (reported earlier this month) regarding Sydney’s proposed new 11-floor start-up hub. Go Aussies!
JD Alois – Crowdfund Insider.
Transferwise has added Apple Pay to the list of options its users may leverage to move money around the world. Transferwise has been working with Apple Pay for some time now but according to a report in Reuters the integration with Apple Pay will now be a global feature.
FAO: Hmmm…remember Paypal’s CEO statement dismissing Apple Pay challenge. Oh, that’s right, only some of you were part of the soft launch distribution list. Here it is anyway. I am sure you have an opinion regarding Apple’s latest move. Why don’t you share it with us. Send me an email.
China’s Ant Financial is making a move on the Malaysian market, forming a mobile wallet joint venture with a subsidiary of local bank CIMB.
CircleUp is adding a new way to invest in consumer packaged goods (CPG) brands.
The crowdfunding platform will now begin lending directly to companies seeking funding. This will be accomplished by the rollout of the new CircleUp Credit Advisors offering.
Addepar announced it will join Schwab OpenView Gateway, a technology platform that enables integration between Schwab systems and select technology providers. Through this collaboration, mutual clients will be able to seamlessly navigate between Schwab Advisor Center and the Addepar platform.
Ben Steverman – Bloomberg
Credit Karma claims 75 million members, including almost half of all U.S. millennials and a third of all Americans with credit reports. The private, San Francisco-based company, which says it has been profitable for the past two years, recently revealed that its revenue jumped 50% last year, to more than $500 million.
FAO: “Almost half of all U.S. millennials”…I think this is the real success of Credit Karma. I am sure we will hear a lot more from them in the future.
Via Finextra: Xero appoints fintech expert Damon Anderson, former Worldpay man, to head up partnerships in Emea.
Paul Sawers – Venture Beat
Yancey Strickler, cofounder and CEO of Kickstarter, has announced that he’s stepping down from the crowdfunding giant later this year. A hunt for his replacement is now in motion.
Lizette Chapman – Bloomberg
The head of BetterWorks Systems Inc. is stepping down following a lawsuit alleging he physically assaulted a former employee. The change comes as Silicon Valley looks to take firmer action against allegations of sexual harassment and other misconduct by executives.
Julie Zhu, Elzio Barreto – Reuters
Co-working space startup WeWork has set up a Chinese unit, with the help of a $500 million investment from China’s Hony Capital and Japan’s SoftBank Group Corp, to tap into a booming demand for shared office space in the world’s No.2 economy.
To stimulate the development of technology innovation and entrepreneurship, Taiwan’s government has launched the “HeadStart Taiwan” project and other startup-related schemes. Their goal is three-pronged: connect local startups with global markets, attract venture capital, and lure foreign talents by easing regulatory barriers
FAO: It was about time to hear something about Taiwan in this section…
Sarah Campbell-Miller – Arkansas Business
As the Venture Center of Little Rock wrapped up its 2017 VC FinTech Accelerator on Thursday with a four-hour demo day, global technology provider FIS announced that it has partnered with two startups that graduated from last year’s inaugural accelerator.
Ed O’Brien – Forbes
If you think the biggest innovations in fintech come from startups, then in many cases, you’re probably right. Despite being larger and better funded, Fortune 500 financial companies often fall short of their small and scrappy competitors that bring to life the “less is more” concept – operating at lower costs and using smaller teams and minimal regulation to their advantage.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News