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FinTech Daily News – Soft launch Edition #21, 22.06.2017

FinTech Daily News

by Florin Oprea

Edition #21, 22.06.2017

Deals, Investments & M&As

SoftBank Corp Invests $100m Into Cybersecurity Start-up Cybereason

Saheli Roy Choudhury – CNBC

Cybereason, a Boston-based cybersecurity firm specializing in end-point detection and response to digital security breaches, on announced it secured a $100 million funding from Japanese telecommunications firm SoftBank Corp — a subsidiary of SoftBank Group.

FAO: SoftBank was lead investor in Cybereason’s $59m Series C funding in October 2015.

Atom Bank Gets £30m From The Government as Philip Hammond Pledges Investment Boost

Oscar Williams-Grut – Business Insider

Startup bank Atom has received a £30 million funding boost from the state-owned British Business Bank (BBB).

British Business Bank Investments, the commercial arm of the BBB, announced it has agreed a £30 million Tier 2 capital facility with Atom, a digital-only bank founded in 2014. The facility, effectively a loan to Atom, will allow the Durham-based bank to lend out more money to small businesses.

FAO: I think we will soon have to ban Atom Bank articles in our newsletter, as they are too many….just joking! Atom – keep up the good job!

Soldo Raises $11M Led By Accel

Steve O’Hear – TechCrunch

Soldo, the London-based fintech startup that offers a multi-user spending account, first launched for consumers and since tailored to businesses too, has raised $11 million in Series A funding. Venture Capital firm Accel led the round, with participation from Connect Ventures, InReach Ventures, U-Start and R204 Partners.

TrueLayer Raises $3M Series A

Steve O’Hear – TechCrunch

TrueLayer, a London startup that’s built a developer platform to make it easy for fintech companies to access bank APIs — and ride the PSD2 gravy train — has raised $3 million in Series A funding. The round was led by Anthemis Group, with participation from existing investor Connect Ventures, and will be used by TrueLayer to expand its team and increase coverage of supported banks before opening up beyond beta testers later this year.

Fintech Startup Akulaku Bags Funding From DCM Ventures, Others

Deals Street Asia

Southeast Asian fintech firm Akulaku is understood to have raised between $5-10 million in funding from a clutch of overseas venture capital investors. The round also included an investment from DCM Ventures. The transaction is learnt to have been closed a few months ago.


Visa Launches Initiative In MENA

CPI Financial

Entrants in Visa’s first-ever MENA Everywhere Initiative will have the opportunity to compete for a chance to win up to $50,000 to support a development programme with Visa, or through business partnership with Visa’s clients, and potentially have access to Visa APIs, executive mentors and technologists.

FAO: There are four main hubs in MENA – UAE (leeader), Lebanon, Jordan and Egypt.

Business tech

Former Traiana Founder Roy Saadon Launches Access Fintech


Access FinTech brings together fintech providers and in-house technology, orchestrating the interaction of the distributed providers and creating a single visual display of the risk of financial transactions in a global sharable view.

Wealth & Personal Finance

Robos Get The Press, But Adviser Tech Is Getting The Money

Suleman Din – Financial Planning

Addepar CEO Eric Poirier says the eight-year old performance reporting platform has seen the number of assets its clients hold grow from $300 billion last year to $700 billion.

Retail banking

BBVA Becomes The Latest Incumbent To Join The Digital ID Race

Maria Terekhova – Business Insider

Amid growing interest from the financial services industry in digital identity technologies, major Spanish bank BBVA has announced it’s co-launched Veridas, a new tech company specializing in digital identity tools, in collaboration with biometrics and nanotechnology startup Das-Nano.

FAO: BBVA is also experimenting with blockchain, as reported last month.

Retail Banking Faces Significant Threat From FinTech Entrants

The Economic Times

Despite retail banking being a tech-intensive industry, FinTech providers – having few similarities to traditional banks – are attacking virtually every product category in banking, said the joint study by Tata Consultancy Services and Clayton Christensen Institute for Disruptive Innovation.

Data Centers

Aussie IoT Start-Up Taps Equinix For Global Reach

Chris Player – ARN

Australian Internet of Things (IoT) Platform-as-a-Service Provider (PaaS) Reekoh, has signed a deal with global data centre operator, Equinix, to offer its integration platform to enterprises through the provider’s facilities.

Cap Markets & Other

OptionsCity Software To Be Acquired By Vela Trading Technologies

Lynne Marek – Crain’s Chicago Business

OptionsCity CEO Hazem Dawani said in a letter that he expects the transaction with Vela Trading Technologies to close by the end of the month. In an email he declined to tell Crain’s how much Vela is paying.

FAO: Vela Trading Technologies was known as SR Labs until June 2016. The company raised $53m in 2013 and acquired Wombat Financial Software from NYSE Technologies in 2014.

FinTech People

via PR Newswire – Credit Karma named Susannah Wright its first general counsel. Previously head of compliance at SolarCity and Tesla, Wright also joins Credit Karma’s executive committee.

via Insurance Journal – San Francisco, Calif.-based Metromile has named Carrie Dolan CFO. Dolan most recently served as CFO of Lending Club.

Latest Developments & Agreements

Fintech Lender ZestMoney To Team Up With RBL

Times of India

PayU-funded startup ZestMoney is taking the business correspondent route to enable banks provide loans at checkout during online purchases. The company has already tied up with DCB and is in advanced talks with Ratnakar Bank to extend loans for online purchases. ZestMoney is also considering getting an NBFC licence to lend from its own balance sheet.


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