FinTech Daily News – Edition 228, 13.06.2018
June 13, 2018
FinTech Daily News – Edition 230, 15.06.2018
June 15, 2018

FinTech Daily News – Edition 229, 14.06.2018

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

Europe Has Its Silicon Valley Moment as Adyen Surges in Debut

Edward Robinson – Bloomberg (subscription)

PayPal Rival Adyen Surges 90% In IPO With Valuation Topping $15 Billion

Arjun Kharpal – CNBC

Shares of Adyen surged nearly 90% on their first day of trade Wednesday in Amsterdam, in what is one of Europe’s biggest technology IPO in recent times.

FAO: Today’s edition is loaded with stories about Adyen’s IPO and its success. This is regarded as a breakthrough for Europe’s fintech, by some, or a reiteration of the dotcom bubble, by others. We have been publishing FinTech Daily News for about one year and we said it many times: this is a peak in fintech deals…With no serious fintech IPO prospects in US markets, global investors are channeling their funds to where they see real opportunities. And while European and Chinese fintech companies may make healthy bets, investors’ appetite may often lead to overvaluation. Just take the case of ZhongAn’s IPO in Hong Kong. At the beginning of June its shares were 12% below the IPO price, and 46% below their record high on October 9… just saying.

Payments Company Adyen Evokes Tech Bubble As Share Price Doubles On Market Debut

Toby Sterling – Reuters

Adyen which processes payments for Netflix, Facebook and eBay saw its value double to $17 billion in a market debut, reminiscent of the 1999 tech bubble.

Aquis Shares Jump More Than 20% In Trading Debut

Philip Stafford – Financial Times (subscription)

Shares in Aquis Exchange, the UK share trading venue, rose by more than a fifth on their debut in London further underlining investors’ enthusiasm for new issues.

FAO: Looks like Alasdair Haynes and his team have picked the right moment to get listed.

Abu Dhabi’s Mubadala To Launch $400 Million European Tech Fund

Reuters Staff – Reuters

Abu Dhabi’s Mubadala Investment Company said it plans to launch a $400 million fund to invest in leading European technology companies.The state-owned firm is looking to set up a technology hub in Abu Dhabi next year aiming to attract leading tech companies.

FAO: What did I say about investment appetite and limited opportunities…

Paytm Mall Bags $200 Million From SoftBank

Economic Times

Paytm Mall has received an infusion of $200 million from SoftBank, and has brought on board the Japanese conglomerate’s executive Kabir Misra as director for the ecommerce business.

FAO: To push on in its fight against foreign (payments) invaders…

Prolific Investor Backing SoFi, LendUp, Credit Karma Plans To Raise $150 Million For New Fund

Mark Calvey – San Francisco Business Times (subscription)

It’s good news for Bay Area fintech entrepreneurs, given how much money the prolific investor has already put to work in the region’s promising startups.

Payments

PayPal Buddies Up To Visa, Mastercard – And New Accounts Roll In

Bill Peters – Investor’s Business Daily

When PayPal split from online auction site eBay in 2015, Wall Street wondered whether the digital-payments provider would truly find its place in the world of ushering money between people online. (…) Today, PayPal users can draw on a Mastercard or Visa card or their bank account to pay for something via their phone in such retail locations.

Wealth & Personal Finance

Would You Prefer A Robo-Adviser?

Alice Ross – Financial Times (subscription)

The point of robo-advice was originally to give people who might not otherwise be able to afford financial advice some sort of steer at a lower cost to the banks and other providers. All the high street banks — including HSBC, NatWest and Santander — are busy launching some form of robo-advice. But it turns out higher-net worth types quite fancy the idea as well.

FAO: Of course; who knows what that banker of yours would try to sell you next time…

Artificial Intelligence

Samsung’s Latest Venture Fund Is Looking For The Next Big Way To Build AI

Dave Gershgorn – Quartz

Silicon Valley is glutted with everything that the most popular form of modern AI. The next wave of AI, however, may look quite different. A number of startups are now thinking about ways to minimize the amount of training—and thus, the amount of data and server power—needed for AI. Samsung Next, the South Korean technology company’s VC arm, is pushing this trend forward with the launch of a venture team called Q Fund.

Retail banking

Brazil Fintech Nubank Reaches 1.5 Million Digital Accounts

Reuters Staff – Reuters

Brazilian fintech company Nubank said it has started to offer digital bank accounts to people beyond its existing client base of credit card holders, as it ramps up competition with traditional banks. Nubank has already signed up 1.5 million customers to digital accounts during a test period limited to a portion of its 4 million existing credit card holders, Chief Executive David Velez said.

FAO: Nicely done! The race for the unbanked is definitely on (we had a pertinent story yesterday about the state of things in Latam), and it seems that Nubank might have “jumped the gun” in competition with traditional banks.

FinTech People

Via Financial News (subscription) – Cinnober Financial Technology is set to appoint City analyst Peter Lenardos as its CFO.

DNT: According to the story, Peter Lenardos has rejected the chance to join Australian bank Macquarie in favour of becoming the CFO at Cinnober.

FAO: Cinnober tries and tries to get back to profit. Having Peter on board will definitely help, but additional measures will probably be needed.

In Second Bet On Fintech, Former Hong Kong Financial Secretary John Tsang Backs Identification Project

Enoch Yiu – SCMP

John Tsang Chun-wah, former Hong Kong financial secretary and CEO aspirant in 2017, has embarked on a new chapter, one that he has promoted since his time in office – fintech investment.

Sweden’s Klarna Plans Big Boost To Staffing, To Hire 1,000 New Employees

Reuters Staff – Reuters

Klarna plans to recruit 1,000 people within the next year, growing its staff by some 50% it said. The firm, founded in 2005 and backed by investors such as Sequoia Capital, Atomico, Visa and Permira, currently has 2,000 employees and is active in 14 countries.

FAO: Good luck with that! Where do they plan to find them?

Sponsors

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Regulation

How Treasury Could Come Down On Fintech Regulation

Rachel Witkowski – American Banker (subscription)

The Treasury Department is expected to strike a middle path in upcoming recommendations on regulating the fintech sector, laying out how fintech oversight could be incorporated in existing rules without creation of an entirely new regulatory framework, according to sources familiar with the matter.

Accelerators & Hubs

UK Launches £2.5bn Startup Initiative

Finextra

The UK government has launched a series of initiatives designed to attract more foreign fintech experts to work for UK startups and to encourage those same startups to remain in the UK rather than uproot to an EU-based neighbouring jurisdiction.

FAO: Now this is much more useful. So it’s not just free dinners & U.S. trips then?

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

Adyen IPO Could Unleash A Backlog Of Fintech ‘Unicorns’

Emily Bary – MarketWatch

Though U.S. investors aren’t able to trade shares of Adyen NV, the company’s public debut could still give an opportunity to investors interested in young financial-services companies.

Other news

Judge Sends Lawsuit Over PayPal Charity Website To Arbitration

Dena Aubin – Reuters

A federal judge in Chicago has ruled that PayPal can force arbitration of a proposed class action alleging that the company’s charitable donations website “Giving Fund” withheld donations from some of the intended groups.

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News