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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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.
Katia Porzecanski – Bloomberg (subscription)
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.
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.
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.
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.
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.
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…
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.
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.
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.
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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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.
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.
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.
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