FinTech Daily News – Edition 226, 11.06.2018
June 11, 2018
FinTech Daily News – Edition 228, 13.06.2018
June 13, 2018

FinTech Daily News – Edition 227, 12.06.2018

Time for your daily fintech dosis brought to you by Editor-in-chief Florin Adrian Oprea (FAO) & Editor Decebal Nicolaie Todarita (DNT)! 6 hours of our work for 6 minutes of your time! We have read the FinTech news for you, so scroll down to read the best (STILL FREE) daily newsletter in this industry!

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Deals & Investments

Adyen IPO: 5 things To Know About The PayPal Rival

MarketWatch

Adyen IPO Price Likely 240 Euros/Share, Top Of Range – Bookrunners

Reuters Staff – Reuters

Shares in the IPO of Adyen are likely to price at the top of the 220-240 euro range indicated in the company’s prospectus, bookrunners said. That suggests a valuation for the company, whose existing shareholders are selling a stake of up to 14.2% of around 7.3 billion euros ($8.6 billion) when it lists on Wednesday.

FAO: Adyen will soon replace PayPal as EBay’s payment processor, so the investors’ optimism is justified. You can read more about the EBay deal here, Payments section.

City Heavyweights Back Aquis Exchange IPO

Samuel Agini – Financial News

Aquis Exchange To Float On June 14, Raise A Net 12 Mln Stg

Huw Jones – Reuters

Pan-European share trading platform Aquis Exchange said it will float on Thursday to raise a net 12 million pounds ($16 million) to build up its user base.The float would value Aquis at 73 million pounds.

FAO: The team at Aquis, launched November 2013, has manage to build up a roughly 2% market share in European equity trading.

CapitalG Leads $21.5M Investment In Aye Finance, Its First Fintech Deal In India

Jon Russell – TechCrunch

FAO: BTW I am looking forward to attending the The Growth Net, 18-19 June 2018, at the Taj Diplomatic Enclave, New Delhi, India. Get your discounted tickets below – in Events!

‘Sesame Street’ Has A Venture Fund, And It’s Investing In A Start-up That Wants To Simplify Coding For Kids

Ryan Browne – CNBC

A venture fund formed by the company behind the beloved TV show “Sesame Street” has invested in a start-up that wants computer building and coding to return to the forefront of consumer technology. Kano, known for its do-it-yourself computer building kits for kids, said that it had bagged the funding from Sesame Ventures, the social-minded venture arm of Sesame Workshop, to help it fuel growth and work on new products.

FAO: Here’s a famous Elmo quote: “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”

Global Fintech Firm InvestCloud Acquires rplan Limited For $20 Million

Samantha Hurst – Crowdfund Insider

Global fintech InvestCloud announced it has acquired London-based rplan Limited for $20 million. According to InvestCloud, rplan is a provider of client engagement technology to support investment propositions for web and mobile. The company’s client base includes four of the top eight UK institutional asset managers.

Canadian Luge Capital Fintech Fund Launches With $75m

Finextra

Luge Capital, a Canadian fintech venture capital fund with a focus on AI, has opened for business after securing a $75 million investment pot from several Quebec-based financial institutions.

SoftBank Vision Fund Makes Second-Ever Enterprise Software Investment

Heather Somerville – Reuters

The $100 billion SoftBank Vision Fund has made its second-ever investment in an enterprise software company, as the massive fund broadens its portfolio beyond consumer tech firms such as Uber and DoorDash.The Vision Fund led a $250 million investment into data storage company Cohesity, a California-based company that provides services to help businesses store, manage and protect their data.

DNT: The investment, which came at a valuation of more than $1 billion, brings the company’s total fundraising to $410 million, according to Rob Salmon, president and COO, cited by Reuters.

Africa Roundup: African Startup Investments Turn To Fintech This Winter Season

Jake Bright – TechCrunch

Forty-seven and a half million dollars is a big commitment to African technology companies — even with the recent uptick in VC investment on the continent.But for the Kenyan-based fintech firm Cellulant, whose digital payments platform processed 7 million transactions worth $350 million across 33 African countries in the last month alone, raising that amount in a series C round led by TPG Growth’s Rise Fund just makes sense.

Payments

Swedish Banks Told To Safeguard Cash Access Despite Rise In Digital Payments

Reuters Staff – Reuters

Swedish banks must ensure savers have access to cash withdrawal and deposit facilities despite a dramatic drop in the number of people using coins and notes, a government-appointed committee said.

FAO: Do note that 85% of the people in Sweden access online banking services

Lending

Chinese Fintech Yirendai Debuts Up to $20 million Share Repurchase Program

Samantha Hurst – Crowdfund Insider

Yirendai, a fintech company that’s based in China, announced ts board of directors has approved a share repurchase program whereby Yirendai is authorized to repurchase its ordinary shares in the form of American depositary shares with an initial aggregate value of up to $20 million.

Westpac Ends Prospa Deal As Banks Plan More Unsecured SME Lending

James Eyers – Financial Review

Westpac Banking has ended its referral relationship with Prospa, a sign major banks are preparing to ramp up unsecured small business lending to try to regain some of the market that has been surrendered to start-ups.

FAO: Or was it because Prospa postponed its plan to list on the ASX…

Artificial Intelligence

London Claims To Be AI Capital Of Europe

Finextra

Not content with being Europe’s leading fintech hub, London is also staking a claim to the role of the EU’s Artificial Intelligence capital, home to double the number of AI companies than closest rivals Paris and Berlin combined.

Retail banking

StanChart To Apply For Virtual Banking License In Hong Kong

Reuters Staff – Reuters

Standard Chartered plans to apply for “virtual banking” license in Hong Kong, the emerging market-focussed lender said, amid a rush by global banks to boost their digital presence to attract more young customers.

FAO: Hong Kong Monetary Authority set August 31 as the deadline for receiving applications for online banks. Among prior applicants: WeLab, which is also aiming for a $500m IPO – more here.

Tech Startups Are Trying To Make Bank Accounts Cool

Julie Verhage – Bloomberg (subscription)

Suddenly, a common, simple, and frankly boring product is all the rage in Silicon Valley: bank accounts.In recent months, a slew of startups have been launching products bringing them closer to becoming banks themselves.

DNT: Take a FREE tour of our ARCHIVE in order to refresh your information about the new products launched this year.

AmEx Is Hiring To Help Sell A Ripple Powered Blockchain Product

Christine Kim  – CoinDesk

American Express is deepening its work with blockchain, recent statements and details on a job posting shows. The partnership between American Express, Ripple and Santander Bank that began back in November of last year is reaching new heights as the trio continues to advance blockchain solutions to foster secure, high-speed cross-border payments.

FinTech People

Citi Issues Stark Warning On Automation Of Bank Jobs

Laura Noonan – Financial Times

Citigroup’s investment bank has suggested that it will shed up to half of its 20,000 technology and operations staff in the next five years, as machines supplant humans at a faster pace.

FAO: Surprised? You shouldn’t be. We have often commented on the topic on previous occasions.

Sponsors

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Accelerators & Hubs

Mayor Khan Says Booming Tech Sector To Help London Through Brexit

Kate Holton – Reuters

London’s status as Europe’s leading hub for the tech sector will help it weather Brexit despite the best efforts of Paris, Berlin and others to compete, the British capital’s mayor Sadiq Khan said.

FAO: What else could the mayor of London say about the future of the city in the post-Brexit era? He needs to stay optimistic, although….

Events

18-19 June 2018, New Delhi, India – our Publisher and Editor-in-chief, Florin Adrian Oprea (FAO), is invited to speak at the 6th Annual Meeting of The Growth Net, 18-19 June 2018, at the Taj Diplomatic Enclave, New Delhi, India. Join him for a constructive debate about the impact of blockchain technology beyond the use of cryptocurrencies. Being a reader of our daily publications you now have the opportunity of buying discounted tickets – more HERE (do note that a significant discount is applied!).

***

25-29 June 2018, Frankfurt, Germany – our sister publication, Blockchain Daily News, is a Media Partner of Crypto Startup School, a summer school jointly organized by The Frankfurt School Blockchain Center and the German Tech Entrepreneurship Center. The event will take place from 25th – 29th of June 2018 on the campus of the Frankfurt School of Finance and Management.

Tickets can be purchased HERE and because you are a reader of our daily publications, you can use this voucher code NEWS-BCA-CSS2018 for a 10% discount.

Analysis

GreenSky Is An Investment In Fintech And Commerce

Harold Goldmeier – Seeking Alpha 

There are risks possibly dampering to growth but the platform is solid and market opportunities abound.

Opinion

Fintech Threatens To Eclipse Banks That Do Not Adapt Digitally

Francisco González – Financial Times (subscription)

Big tech’s threat to banking is no longer a headline. It is close to consensus. China is the clearest example: Tencent and Ant Financial absorbing huge parts of the payments market, and a new league of competition is in the making.

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News