FinTech Daily News – Edition 248, 11.07.2018
July 11, 2018
FinTech Daily News – Edition 250, 13.07.2018
July 13, 2018

FinTech Daily News – Edition 249, 12.07.2018

Today’s Highlights: JD Finance raises $2 billion, more than doubles valuation, US Fund Tiger Global invests $1bn in SoftBank, Britain’s NEX Group says Q1 revenue rose 7% & Shanghai Stock Exchange says new regulation is ‘crucial’ to clear way for DLT.

Editors’ thoughts today:

Editor-in-chief Florin Adrian Oprea (FAO): Today I am thinking of the billions of USD flying all over the place in (fin)tech investments. So much money to be spent…this is making me a bit dizzy. Something is definitely “boiling” somewhere…

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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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Breaking News

JD Finance Raises $2 billion, More Than Doubles Valuation

Kane Wu & Julie Zhu – Reuters

JD.com Inc’s finance affiliate said It has signed binding agreements with investors to raise 13 billion yuan ($1.96 billion) in fresh equity at a valuation of nearly $20 billion. The fundraising underscores investor enthusiasm for big, privately-held Chinese technology companies even as public valuations falter.

FAO: Still some “ammo” left for China’s fintechs…Investors in this round include CICC Capital, a unit of investment bank China International Capital Corp (CICC), brokerage China Securities, private equity firm Citic Capital and BOCGI, Bank of China’s investment arm.

Coleman’s Tiger Global Is Taking $1 Billion SoftBank Stake

Katia Porzecanski – Bloomberg (subscription)

US Fund Invests $1bn In SoftBank, Calling It ‘Undervalued’

Momoe Ban – Nikkei Asian Review (subscription)

Tiger Global revealed that it had acquired a stake of more than $1 billion in SoftBank Group, telling investors that the Japanese telecom and technology company’s stock is underpriced relative to its assets.

FAO: A “tiger” with a “vision”? Here’s the updated list of SoftBank’s Vision Fund $100 billion investments – via Recode.

Deals & Investments

Next Insurance, An Insurtech Targeting Small Businesses, Scores $83M Series B Led By Redpoint

Steve O’Hear – TechCrunch

Next Insurance, the Israeli digital insurance startup that helps small businesses get coverage, has raised a significant new funding round, adding another $83 million to its balance sheet.

Britain’s NEX Group Says First-Quarter Revenue Rose 7%

Reuters Staff – Reuters

NEX Group reported a 7% rise in Q1 revenue on a constant currency basis. The company, set to be taken over by CME Group in the H2 2018, pointed to some periods of increased volatility on financial markets as driving revenues.

Ayondo Needs To Turn Hype Into Results To Live Up To Its Promise

Angela Tan – The Business Times (subscription)

It has been slightly over three months since the IPO of Europe-based Ayondo, the first loss-making fintech to make its debut on the Singapore Exchange. But SGX’s maiden pure-play fintech IPO performance appears struggling to live up to its hype.

DNT: Ayondo made its debut on the Singapore Exchange’s Catalist board at S$0.24 apiece – details hereDeals and Investments section.

Payments

Exclusive: India Proposes Easing Local Data Storage Rules For Foreign Payment Firms – Document

Aditi Shah & Aditya Kalra – Reuters

India’s finance ministry has proposed relaxing a directive from the country’s central bank that would compel global payment firms to store customer data only locally, following weeks of intense lobbying by U.S. companies and trade bodies.

PayPal: How iZettle Could Widen Profits

David Marino-Nachison – Barron’s

Recent acquisitions should boost profitability at PayPal as they make it a stronger player in offline, “face-to-face” retail commerce—and the shares should benefit, according to new research. In a note, Susquehanna analysts examined three recent buys by the company, focusing on the largest: The more-than-$2 billion buy of Sweden’s iZettle, sometimes referred to as Europe’s version of Square.

FAO: More about this in Analysis section…

Wealth & Personal Finance

Going For Gold: London Fintech Glint Is Heading To The US And Japan, And Will Be Raising £15m To Do It

Emily Nicolle – City A.M.

Glint, a London startup that lets you spend and save in physical gold, is looking to raise a £15m Series A to help bolster its target of launching in the US and Japan by the end of the year.

Cap Markets & Other

Shanghai Stock Exchange: New Regulation ‘Crucial’ to Clear Way For DLT

Wolfie Zhao – CoinDesk (subscription)

Shanghai Stock Exchange is eyeing the use of distributed ledger technology in the securities market.

The SSE published a research paper which analyzed the use of DLT in various stages of a security transaction, such as the pre-trading customer registration, securities issuance and trading, and post-trading settlement.

FinTech People

Via Financial News (subscription) – Nomura hires head of technology banking Nezahat Gultekin from Temasek.

DNT: Nezahat Gultekin will lead Nomura’s team in London. Nezahat Gultekin has returned to the Japanese bank after five years working in private equity, including two-years at the UK office of Temasek, the story informs.

How Theresia Gouw Became America’s Richest Female Venture Capitalist

Angel Au-Yeung – Forbes

Theresia Gouw, co-founder of Aspect Ventures, began forging a path that led her to become a top American venture capitalist decades ago.

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Regulation

Turkish Government Sets Up Fintech Task Force

Finextra

To help in fulfilling the objectives of making Turkey a global hub for the FinTech industry and improving the FinTech ecosystem in the country, a FinTech task force was launched.

Accelerators & Hubs

Stone & Chalk Launches ‘Mega-Hub’ To Rev Up Fintech In Australia

Jennifer O’Brien – CIO

Business incubator, Stone & Chalk, has unveiled a ‘mega-hub’ that aims to unite fintech across Sydney and Melbourne, further cementing Australia as a natural “centre of gravity” for fintech. The not-for-profit organisation is considered the largest fintech hub in Asia and the centre of gravity for fintech in Australia.

Events

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Analysis

China’s Plan To Lure Homegrown Tech Unicorns Falters

Financial Times (subscription)

China’s plan to lure homegrown tech unicorns such as Alibaba and Baidu on to domestic capital markets has been hit by a bearish mainland stock market and concerns by investors and issuers over a government-enforced cap on share prices.

PayPal Price Target Gets A Boost From Susquehanna On iZettle Buy

Liz Kiesche – Seeking Alpha

Susquehanna analyst James Friedman increased his price target for PayPal to $105 from $93 on gains expected from its iZettle purchase.Though deal will cut EPS in the near term, every 100bps PayPal captures offline adds about 8% to revenue growth and 10c-15c to EPS.

 

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News