Today’s Highlights: Funding for U.S. fintech startups rose 40% last quarter, fintech is turning China’s cities into cashless societies, Xero connects to BBVA Compass accounts & spare change investing app Acorns now manages $1 billion.
Editors’ thoughts today:
Editor-in-chief Florin Adrian Oprea (FAO): Very good numbers today regarding fintech funding in the US in Q2, but what really grabbed my attention was the compiled data about the fintech ecosystem in Central and Eastern Europe. Check it out below in Accelerators & Hubs section! This part of Europe is clearly a place all investors should keep in mind in the next decade…Want more insight on matters regarding to investing in Eastern Europe? Don’t hesitate to contact us.
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Julie Verhage – Bloomberg (subscription)
A big IPO and strong signs of growth in the financial technology industry are giving startups in the sector a funding boost. Venture backed U.S. fintech companies received about 40% more funding in Q2 of this year than the previous one, according to a report by CB Insights and PwC. The total deal value for the quarter was about $3 billion.
Kavya Kothiyal – Deal Street Asia
Kalaari Capital-backed Rubique Technologies, an online lending marketplace for financial products, is in talks to raise $20-25 million in a round, which will see participation from both existing and new investors, said a senior company executive.
Richard Cook – Asia Times
China’s mobile payment market, by volume, was worth US$5.5 trillion, making it roughly 50 times the size of the United States’ sector.
Patrick Chu – San Francisco Business Times (subscription)
Anthony Noto said SoFi’s “goal is to help people get their money right.”
Melody Hahm – Yahoo Finance
“Every day Americans have saved and invested $1 billion with Acorns so far — spare change, small amounts of money,” Acorns CEO Noah Kerner said.
Alex Morrell – Business Insider
Citi is partnering with fintech company HighRadius to launch Citi Smart Match, which automates a key money-collection process for businesses. The companies have launched Citi Smart Match, which applies artificial intelligence and machine learning to the process of matching open invoices to received payments — painstaking and costly task known as “cash application.”
Atmadip Ray – Economic Times
DBS Bank, which may become the first foreign bank to set up an Indian subsidiary, plans to acquire customers through fintech firms rather than spending much in physical infrastructure. But the bank is not looking at buying strategic stake in such firms or payment apps in India at this point like it did in Singapore, bank chief executive Piyush Gupta said.
Jason Aycock, – Seeking Alpha
Equinix has expanded its collaboration with Amazon Web Services to expand offerings in Latin America. The new arrangement allows private connectivity to AWS Direct Connect via its International Business Centers in the Miami and Sao Paulo metros, combined with an existing deployment at its Rio de Janeiro facility.
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Xero is linking users’ accounts to their BBVA Compass bank accounts via API, the company announced. Using BBVA’s open APIs, Xero lets small businesses and their accountants gain streamlined reconciliation capabilities while maintaining data security. The integration enables data from BBVA Compass accounts to stream into the Xero platform, providing businesses with a consolidated, real-time view of cash positions, the company said.
EU regulatory bodies are failing to address competition issues in their public policy towards fintech developments in financial services, according to a report prepared for the European Parliament.
Amy Mathews – Equities.com
Fintech is growing at an exponential rate. Advanced fintech is changing the way we bank, how we use our money and our dependence on traditional bricks and mortar financial institutions—many of which have remained static for far too long. A report by PwC in 2017 estimated that funding for fintech startups has increased at a compound annual growth rate of 41%, over the last four years, totalling US$40 billion in cumulative investment.
FAO: Poland is clearly the CEE champion but there are a lot of other hot places too. Check the fancy map in the article.
Yasmine Saleh – Zawya
The Bahraini government is working to enhance the ecosystem for start-ups in the kingdom to encourage more entrepreneurs to register their companies in the country to support its economic growth, Saleh Abbas, a Bahrain-based official in the new Flat6Labs start-up accelerator in Bahrain said.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News