FinTech Daily News – Edition 1, 03.07.2017
July 3, 2017
FinTech Daily News – Edition 3, 06.07.2017
July 6, 2017

FinTech Daily News – Edition 2, 05.07.2017

FinTech Daily News

by Florin Oprea

Edition 2, 05.07.2017

Deals, Investments & M&As

Banking Startup Tide Raises $14 Million To ‘Give Small Businesses Back Their Time’

Camilla Hodgson – Business Insider

Banking startup Tide raised $14 million in one of the largest Series A funding rounds closed by a fintech company this year.

FAO: Lead investors were Creandum and Anthemis Group.

Singapore’s Instarem Raises $13 Mn To Expand Payment Infra, Mumbai Ops

Arti Singh -VC Circle

Instarem, a Singapore-headquartered cross-border payments company founded by Indian-origin entrepreneur Prajit Nanu, has raised $13 million in a Series B funding round led by Chinese venture capital firm GSR Ventures.

FAO: Silicon Valley Bank was also a lead investor. InstaReM charges users an amount that covers the intra-day Forex fluctuations, and no other fees.

Singapore’s Validus Capital Raises $2.9M To Grow SME Lending Platform


FAO: Raised from Vertex Ventures to expand regionally and grow its online lending platform.  

Angellist Launches Intros For Canada To Give Startups Access To Angels

Jessica Galang – Betakit

AngelList has launched Intros for Canada to give more startups access to seed-stage funding through the network.

The European Investment Bank Pledges €18.5 Million To Finance Continental European SMEs through Lendix

Therese Torris – Crowdfund Insider


J.P. Morgan’s Worldpay Move Signals Loosened Curbs On Banks

Max Colchester, Emily Glazer – The Wall Street Journal (subscription)

J.P. Morgan made a preliminary approach to acquire U.K. payments business Worldpay Group, potentially marking one of the biggest deals for a U.S. bank since the financial crisis and reflecting banks’ growing confidence in a shifting regulatory environment.

Remittance Startups Moving Into Asia Face Stiff Competition

Samantha Cheh – Tech Wire Asia

THE REMITTANCE market is a largely saturated one, with banks traditionally having significant control over it due to their outsized financial power. But more financial technology startups have been entering the scene in recent times, disrupting this lucrative US$429 billion market.

How Fintech Companies Are Tackling Payments – And Who’s Helping

Danny Bradbury – Financial Post

When it comes to rethinking how we pay each other, fintechs are a driving force. Young, aggressive companies are eager to disrupt many aspects of the financial industry, and payments are no exception.

China Targets US$3.4 Trillion Global Digital Payments Market

Fintech Innovation

A new Juniper Research study reveals the increasing dominance of Chinese companies in digital payments, with players such as Alibaba, Tencent and UnionPay seeking to bolster their revenues through international expansion.

FAO: I remember we had this story during our soft launch. China is leading the way in fintech adoption, according to EY’s Fintech Adoption Index 2017.

Six Months After Acquisition, SoFi Is Shutting Down Zenbanx

Ryan Lawler  – Tech Crunch

Online lending company SoFi is closing down Zenbanx, the online banking provider it bought earlier this year. In an email sent to Zenbanx customers, the company announced that it will close all accounts at the end of next month.

Fintech App Curve Lets You Change The Account You Pay With After You’ve Made A Purchase

Arjun Kharpal – CNBC

Ever have a situation where you pay on the wrong card and then have to spend time sending money from one bank account to the next?

That’s a problem financial technology or fintech start-up Curve is trying to solve with the launch of its patent-pending “time travel” feature on Monday.

DNT: Really a very useful feature!


RateSetter To Ramp Up Direct Strategy To Find Business Borrowers

Peer2Peer Finance News

RateSetter  is planning to boost its direct marketing methods to diversify its sources of new business borrowers.

Fintechs Seek Slice of Brazil’s Small Business Loan Market

The New York Times

Financial technology firms in Brazil are targeting lending to small- and mid-sized companies to fill a gap in the credit market left by large lenders deterred by rising delinquencies and narrow margins.

FAO: Interesting stats – Borrowers in Brazil pay an average 250% a year for the riskiest type of unsecured rollover credit.

Fintech Firm Beats APRA Over Its ‘bank’ Name

Financial Review (subscription)

A small fintech company has beaten the financial services regulator and will able to use “bank” in its trading name.

FAO: Australian Prudential and Regulation Authority (APRA) refused to approve the name Bankrolla.

FinTech People

Dave McClure Of 500 Startups Resigns Following Harassment Scandal

Tas Bindi – ZD Net

500 Startup’s co-founder and frontman Dave McClure handed in his resignation on Monday after being outed (reported earlier this week) by whistleblowers for sexual misconduct towards a number of women in professional settings.

Valley Of Change: 500 Startups’ McClure Apologises, Christine Tsai Takes Over As CEO

John Kennedy – Siliconrepublic

After a watershed week of revelations about inappropriate behaviour among Silicon Valley’s elite investors, seismic changes are afoot.

Via PR Newswire – Funding Circle announced that Sean Glithero will join the company as its new global Chief Financial Officer. Glithero will join from Auto Trader.

Lessons Indian Entrepreneurs Can Learn From Israel – The Startup Nation

Shubham Raj – Moneycontrol

How is it that Israel — a country of 7.1 million people, only sixty years old, surrounded by enemies, in a constant state of war since its founding, with no natural resources — produces more startups than large, peaceful, and stable nations like Japan, China, India, Korea, Canada, and the United Kingdom?

Via Business Insider – Phil Kenworthy, the former CEO of CHAPS, has joined the board of ClearBank’s the UK’s first purpose-built clearing bank in 250 years.

Latest Developments & Agreements

Equinix Opens New Flagship Data Centre In Frankfurt

Natalie Bannerman – Capacity

Equinix has announced the opening of its new flagship data centre in Frankfurt, its sixth exchange in the German city.

FAO: It’s called FR6 and is located on Equinix’s Campus Kleyer part of the digital campus in Frankfurt.


Fintech Charter Debate Boils On

John Ginovsky – Banking Exchange

The controversy over the possible establishment of a national banking charter available to fintech companies came into sharp focus at the recent ABA Payments Forum in Washington, D.C.

Accelerators & Hubs

Which Global Cities Offer The Best Prospects For Start-Ups? The Answers May Surprise You

David Prosser – Forbes

Vancouver on the West coast of Canada is the best city in the world in which to start a new business and if you’re a UK entrepreneur, you’re better off launching your start-up in Manchester than in London.

Denmark Unveils Its Fintech ‘Hygge’

Aggelos Andreou – Waters Technology

Denmark has had a digital culture for years. It is practically a cashless country where people never stop picking up new technologies to simplify their already simple and uncluttered lives. It is therefore not that hard to get a grip on what is going on fintech-wise.

FAO: Aggelos Andreou asks “Could Denmark compete London as Europe’s biggest fintech hub?” – No, not really.

Abu Dhabi Partners With China To Promote Investment, Fintech


The UAE’s second biggest financial free zone has agreed to work with a Chinese cooperation zone to promote investment and fintech in both countries, Abu Dhabi’s financial free zone said on its website on Monday.

Other news

Political Donations Stir U.K. Shareholder Revolt At NEX Group

David Hellier, Giles Turner – Bloomberg

Michael Spencer’s NEX Group (formerly known as ICAP Plc) is facing the prospect of an investor rebellion at its shareholder meeting next week after asking for authority to make 100,000 pounds ($129,300) in political donations.

FAO: That’s what happens when you mix business and politics…


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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News