FinTech Daily News – Edition 28, 10.08.2017
August 10, 2017
FinTech Daily News – Edition 30, 14.08.2017
August 14, 2017

FinTech Daily News – Edition 29, 11.08.2017

FinTech Daily News

by Florin Oprea

Edition 29, 11.08.2017

Deals, Investments & M&As

Coinbase Becomes First Bitcoin ‘Unicorn’

Robert Hackett – Fortune

A Bitcoin company has finally attained the “unicorn” title, an honorific bestowed upon startups valued at more than $1 billion. Coinbase has raised $100 million at a private valuation of $1.6 billion that includes the capital raised.

FAO: Lead investors were IVP (Institutional Venture Partners). I am sure a lot of other companies will follow this successful track.

DNT: Nice. Congrats to Coinbase!

Sequoia, Norwest Lead $50 Million Funding In Chennai-Based Five Star Finance

Moneycontrol

Investment firms Sequoia Capital and US-based Norwest Venture Partners have led a round of Series C funding in Chennai-based lending company Five Star Business Finance.

FAO: Looks like the “fintech money monsoon” in India.

Railsbank, A New Fintech Startup From Founder Of Currencycloud, Raises $1.2M Led By Firestartr

Steve O’Hear – TechCrunch

Railsbank, a relatively new fintech startup co-founded by CEO Nigel Verdon, who previously founded money exchange and payments platform Currencycloud, has raised $1.2 million in a funding round led by seed investment firm Firestartr.

FAO: Good luck to Nigel Verdon and his team. I am sure we will hear more from Railsbank.

Glint Is A Stealthy London Fintech Startup That Promises To Turn Gold Into A ‘New Global Currency’

Steve O’Hear – TechCrunch

Glint, a stealthy London fintech startup that promises a new “global currency,” has raised £3.1 million from a plethora of individual backers in the financial services and asset management space, alongside early-stage investor Bray Capital.

FAO: Interesting project. We will keep an eye on it.

Santander InnoVentures Pumps More Money Into Digital ID Firm Socure

Finextra

Santander’s fintech venture capital fund has joined a $13.9 million Series B funding round for New York-based digital identity startup Socure.

Payments

PayPal To Acquire Swift Financial To Bolster Small Business Lending

Ryan Lawler – TechCrunch

PayPal has agreed to acquire Swift Financial, which provides small business owners with working capital. Terms of the deal were not disclosed, but the acquisition will give PayPal better tools to expand its own Working Capital product.

FAO: Another good move from PayPal.

Lending

Funding Circle Re-Brands With “Made To Do More” Motto

Suzie Neuwirth – Peer 2 Peer Finance News

Funding Circle has unveiled a new look comprising a redesigned website logo and motto.

The peer-to-peer business lender says its aim is to become the “first choice” for small businesses and investors globally, describing the “heart of the brand” as the phrase “made to do more.”

FAO: They had plenty of resources to fund this rebranding. In the latest funding round, closed last January and lead by Accel Partners, the company raised $100m…

Retail banking

Big Banks On Notice That They’re Losing Ground To China’s Fintech Giants

Josh Ye – South China Morning Post

The giants of the banking world are starting to publicly acknowledge the dominance of mobile payment methods devised by Chinese technology firms – and, more broadly, a failure to keep up with fintech rivals in certain areas.

FAO: Yeah, but not the case of HSBC…The bank’s digital chief said last month that big banks facing an “existential crisis” from fintech challengers is “overblown”…

FinTech People

In The Tech Industry, Sexism Is In The Water

Melissa Batchelor Warnke – Los Angeles Times

It’s been a very bad summer for Silicon Valley bros.

James Damore, the Google engineer and author of the now-infamous memo on gender, “Google’s Ideological Echo Chamber,” was fired Monday.

FAO: Exactly when you started asking yourself how were they spending their summer in Silicon Valley…

Accelerators & Hubs

Singapore Tops New List Of Best Startup Cities

Casey Hynes – Forbes

London Scores Poorly As Start-Up Hub

Marc Shoffman –  Peer 2 Peer Finance News

LONDON may be home to many flourishing peer-to-peer lending platforms but it ranks pretty low down as a start-up hub compared with the rest of the world, research claims.

FAO: Looks like Singapore is the no. 1 startup city and it outranked San Francisco. There is no surprise for us, since our FDN sections are always hosting a Singapore story. A lot of action in the city-state and a very interesting competition on the region’s fintech scene, with HK, Australia and other players “showing muscles”.

Singapore Fintech Hub Will Open India Office

Klaus Wille – Bloomberg

Singapore fintech hub Lattice80 plans to open an office in India by the end of next month, the first step in a global expansion that will spread to London, New York and the Middle East.

FAO: London, New York, Middle East are the next targets for Singapore’s Lattice80.

Events

Addepar’s Growth Accelerates, Marked by AltX Acquisition And $140 Million Funding Round In Q2

PR Newswire

Addepar, the operating system for our financial world, today announced a strong second quarter and continued company momentum. Founded in 2009 by Joe Lonsdale, Addepar now supports 250 firms and $750 billion in assets on its leading investment management platform, a 33 percent increase since the beginning of the year.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News