FinTech Daily News – Soft launch Edition #19, 20.06.2017
June 20, 2017
FinTech Daily News – Soft launch Edition #21, 22.06.2017
June 22, 2017

FinTech Daily News – Soft launch Edition #20, 21.06.2017

FinTech Daily News

by Florin Oprea

Edition #20, 21.06.2017

Deals, Investments & M&AS

Romania’s Fribourg Capital Launches 20 mln Euro Startups Investment Fund

Ion Sturza – SeeNews

Romanian investment firm Fribourg Capital said on Monday it has launched Fribourg Digital, a 20 million euro ($22.3 million) investment fund which targets startups in the IT sector.

FAO: Always happy to hear about investments in my home country.

AimBrain, A Startup That Uses Biometric Authentication To Fight Fintech Fraud, Raises £4M Series A

Steve O’Hear  – TechCrunch

AimBrain, a London startup that offers “biometric identity” as a service to help fintech companies and other financial institutions fight fraud, has raised £4 million in Series A funding.

FAO: Lead investor was BGF Ventures.

Aussie Fintech Startup Simply Wall St Lands Funding

Iris Dorbian – The PE Hub Network

Simply Wall St, a popular fintech startup aiming to replace human stock brokers and make personalized equities investment advice available to the masses, has raised a Series A financing round of $2.4m AUD from its 100,000-strong user base of retail investors, which has quadrupled over the last 12 months.

FAO: In August last year Simply Wall St acquired Atlanta competitor Capp.io.

Goldman Sachs Is Ready To Disrupt The Financial Industry’s Startups

John Detrixhe – Quartz

Since Goldman Sachs was founded more than a century ago, Wall Street has adapted to everything from the invention of the automobile and the demise of the gold standard to the rise of the internet.

Payments

A US Fintech Used By Google And Airbnb Is Opening A London Office To Take Advantage Of Brexit ‘Opportunity’

Oscar Williams-Grut – Business Insider

US fintech company Payoneer, which works with the likes of Google and Airbnb, is opening its first UK office in London (press release here) to take advantage of the “opportunity” it thinks will be presented by Brexit.

DNT: Interesting or intriguing? But, it is said that everytime and everywhere there is an opportunity. You just need to see it…

Instant Bank Transfers Are Coming To PayPal And Venmo

Sarah Perez  – TechCrunch

PayPal announced this morning a plan to speed up money transfers between its service, Venmo and users’ bank accounts for those with supported MasterCard and Visa debit cards. This new “instant transfers” service will be available at a rate of $0.25 per transaction, and will deliver funds in a matter of minutes, instead of the day or so it typically takes when using PayPal or Venmo.

FAO: I read “This new “instant transfers” service [..]  will deliver funds in a matter of minutes”. Well then, it’s not instant…

Currency Exchange Fintech Launches Partnership API

Ryan Weeks – AltFi News

Peer-to-peer money exchange firm WeSwap has launched a new service called “WeSwap Connect”. The B2B platform is designed to allow other firms to offer WeSwap’s travel money services alongside their own, via a “one-click” API integration.

FAO: WeSwap raised £2.4m through crowdfunding in October 2016.

Lending

KKR Muscles Into US Leveraged Loan Business

Eric Platt – Financial Times (sub)

KKR is challenging Wall Street banks in the lucrative leveraged loans industry with the private equity firm looking to crack the global top 10 for the first time.

US Lenders Rally To Oppose SoFi Banking Move

Ben McLannahan – Financial Times (sub)

A powerful lobby group for US banks is circling the wagons against SoFi, the biggest of a new breed of online lenders, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit.

FAO: Swedish fintech company Klarna moved faster in Europe and secured a banking licence, as reported yesterday.

Wealth & Personal Finance

BlackRock Takes Scalable Capital Stake in Europe ‘Robo-Advisor’ Push

The New York Times

BlackRock, the world’s biggest asset manager, made its first push into Europe’s “robo-advice” market on Tuesday after taking a stake in Anglo-German digital investment manager Scalable Capital.

FAO: Scalable Capital was founded in 2014, and has offices in Munich and London.

Retail banking

Avoka Wins ATB Financial’s Innovation Challenge

Antony Peyton – Bancking Technology

Australia-based digital banking software vendor Avoka has won ATB Financial’s Customer Onboarding Global Innovation Challenge.

FinTech People

Zenefits Hit With $3.4 Million Bill For Failing To Pay Overtime

Marisa Kendall – The Mercury News

In another blow to Zenefits, the human resources software startup must shell out $3.4 million in unpaid overtime to 743 workers who were wrongly classified as exempt from receiving the extra pay, the U.S. Department of Labor said Tuesday.

FAO: Isn’t it ironic? Zenefits is a digital H (uman) R (resources) platform…

Regulation

PBOC Considers New Tactics In Battle To Regulate Fintech

Laura He  – South China Morning Post

The People’s Bank of China (PBOC), the country’s main financial regulator, has recently set up a fintech committee and stressed that it will adopt artificial intelligence (AI) to better monitor fintech players and meet their expanding missions.

FAO: PBOC and four other departments in China have issued a plan of constructing a standardization system for the industry, as reported the other day

Accelerators & Hubs

Dublin Fintech Player Assure Hedge Selected For Regulatory Testing In UK

John Kennedy – Silicon Republic

Dublin firm follows Cork company Blink as the second Irish fintech player to be selected for UK regulatory testing.

Analysis

Rise Of Fintech Has Irish Financial Firms Worried

Pádraig Hoare – Irish Examiner

Three out of four Irish financial services companies believe their business is at risk because of the burgeoning fintech industry, a new report has found.

FAO: Then they will need to adapt / react / improve / change…

Other news

The Trouble Raising Funding For Fintech Startups

Finance Magnates

The recent high profile fundings of Robinhood and Stripe have led many to believe it’s very easy for companies to raise venture capital. Unfortunately, this does not always seem to be the case, especially for fintech companies.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News