by Florin Oprea
Total global fintech investment more than doubled QoQ in Q2’17 to US $8.4 billion, up from US$3.6 billion in Q1’17, according to the KPMG Pulse of Fintech report.
FAO: Ooohh mama! New KPMG report is out! Here it is. Fintech investment is booming. Is this a peak? Can’t wait to read this report more thoroughly.
Lizette Chapman – Bloomberg
Kleiner Perkins Caufield & Byers shut its seed investing program, a two year-old effort to get the venture capital firm back into the potentially lucrative field of early-stage startup investing.
FAO: Because Anjney Midha, Roneil Rumburg and Ruby Lee, the partners running the program, left the firm recently.
Romain Dillet – TechCrunch
Fintech startup Klarna grew thanks to its e-commerce payment service, but now the startup is diversifying a bit. The Swedish company is launching Wavy, a free peer-to-peer payment app and service.
FAO: One of the ingredients for growth: diversification. Interesting launch. Last month Visa bought a strategic stake in Klarna.
Yolanda Redrup – Financial Review
A new payments app is set to launch in Australia that will offer businesses a way to take credit card payments on a phone, without any extra hardware, unlike traditional Eftpos terminals or even the Square reader.
Lendico, the international P2P lending provider for SME, has concluded a cooperation with solarisBank, the first digital banking platform with a full banking licence.
FAO: One partnership per day. Yesterday we reported about mobile bank N26 teaming up with credit marketplace Auxmoney to offer loans in Germany.
Hybrid digital wealth management leader Personal Capital announced that its current investors are providing an additional $40 million of growth capital in an extension of the firm’s Series E round at a higher valuation. The investment builds on the $75 million that IGM invested in Personal Capital in 2016.
FAO: This company raised $240.3 m in 9 funding rounds, from 2009 till now. Question (valid only if you read Blockchain Daily News too): why do some blockchain startups need so much money upfront i.e. Bancor $150m (reported here), Block.one $185m (reported here) and Tezos’ $232 mln (reported here). They have raised in days and sometimes in minutes what others raised in years. Something is definitely wrong with this picture.
Mary Wisniewski – American Banker
Prosper Marketplace is discontinuing the Prosper Daily app. The app, formerly known as BillGuard and a favorite of many fintech insiders, helped users protect their identities and monitor their credit scores.
James Eyers – Financial Review
The NSW government needs to lift efforts to ensure Sydney captures new financial services jobs in fintech as competition from the likes of Melbourne and Singapore to attract them intensifies.
FAO: Competition is great, even if we talk about fintech hubs.
Eyal Lifshitz – Entrepreneur
Your success as an entrepreneur is often measured by how fast you grow. This is especially true in the world of venture-backed startups where the predominant attitude is the faster, the better. Your ability to grow fast is how you’ll be judged by your investors, your employees, the people you’re trying to hire, your competitors and the media.
The Committee for Sydney, an independent think tank championing the Australian city’s potential as an economic hub, is calling for fresh impetus from the NSW Government to boost the fintech ecosystem.
FAO: Remember Sydney plans to launch a new 11-floor start-up hub (reported here). Go Aussies!
Saritha Rai – Bloomberg
As a spate of sexual harassment scandals rock Silicon Valley, half a world away in Bangalore startups are developing plans and strategies to avoid a similar disaster.
FAO: Good! Here you can find some reports from Silicon Valley.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News