FinTech Daily News – Edition 29, 11.08.2017
August 11, 2017
FinTech Daily News – Edition 31, 15.08.2017
August 15, 2017

FinTech Daily News – Edition 30, 14.08.2017

FinTech Daily News

by Florin Oprea

Edition 30, 14.08.2017

Deals, Investments & M&As

Austin Ventures Leads $13m Investment In Vyze’s Multi-Lender Platform

Berenice Magistretti – Venture Beat

Vyze, which offers retailers a platform to connect with various lenders to increase credit approval, announced funding of $13.1 million in a round led by Austin Ventures. New investor Fathom Capital and returning investor Starvest Partners also joined.

FAO: Vyze raised a total of $47.24m in 5 funding rounds.

Fintech Startup “Money Forward” IPO Expected September

Nikkei Asian Review

Money Forward could go public on the Tokyo Stock Exchange’s Mothers market by September.

The funds raised from the IPO will be spent on boosting sales offices and expanding operations and the company’s market capitalization is expected to be between aprox. $92m to $184m.

FAO: Money forward for ‘Money Forward”. The company raised a total of $41.9m in 4 funding rounds. Latest round ($11m) was last October and was led by Isetan Mitsukoshi Holdings and Mizuho Capital.

Payments

Stripe Has A Master Plan To Take Over The World

Matt Weinberger – Business Insider

The infrastructure that Stripe is putting in place is going to help more people start businesses in different countries. That will encourage other companies to do business in those countries. And that cycle will drive more demand for Stripe’s services.

FAO: Omg just read that title again. Hope the Collisons are not that aggressive…

Foreign-Transaction Fees On Credit Cards May Soon Be A Thing Of The Past

John Detrixhe – Quartz

One of the most annoying things about spending money abroad—foreign-transaction fees—is gradually fading away. Fewer credit cards are imposing that levy each year, according to a survey of US cards by CreditCards.com.

FAO: Hope companies like Transferwise,  Revolut and Circle would eventually “take over the world”…

Moneytis Is Like A Travel Fare Aggregator, But For Sending Money Abroad

Romain Dillet – TechCrunch

If you don’t care too much about loyalty programs, chances are that you’ve been relying on platforms like Booking.com and Expedia to find the cheapest flights and hotel rooms. Moneytis wants to do the exact same thing, but for foreign exchange services.

FAO: How cosy…I am sure we will hear more about them in the future.

Lending

Earnest Is Shopping For A Buyer, As It Scrambles To Raise $50m

Riley McDermid – San Francisco Business Times

San Francisco fintech Earnest has hired Barclays to help it find a buyer and raise $50 million in equity, a “dual track” process that could see the company sold for around $200 million.

FAO: Ahem…how about an ICO?!?? Oh, this is sooo old school….

Cap Markets & Other

Instinet Completes Purchase of BlockCross ATS from State Street

PR Newswire

Instinet announced its intention to purchase the BlockCross ATS from State Street on June 22, 2017. The terms were not disclosed.

FinTech People

Another Silicon Valley Start-Up Faces Sexual Harassment Claims

NY Times

A former employee of Social Finance, better known as SoFi, said in a lawsuit filed Friday in a California state court that he had witnessed female employees being harassed by managers and was fired after he reported it.

The former employee who filed the suit, Brandon Charles, worked at SoFi for only a few months this year. But the lawyer handling the case, Robert Ottinger, said that he expected to file another lawsuit next week claiming broader mistreatment of other SoFi employees and seek class-action status.

FAO: This is getting bigger and bigger. See here previous reports regarding the, now famous, 500 Startups scandal.

Accelerators & Hubs

Hong Kong Fintech Accelerator Sets Up Shop In Malaysia

Finextra

Hong Kong’s SuperCharger fintech accelerator is moving to Malaysia with the support of founding partner Standard Chartered Bank, Allianz Malaysia and the country’s Digital Economic Corporation (MDEC).

FAO: As previously noted, things are getting quite hot in this part of the world. HK is dueling Singapore (last week it was ranked no. 1 startup city in the world)  and Sydney (where there is a lot of “fintech push” lately) for the region’s supremacy in fintech.

After Beijing And Shenzhen, Which Are China’s Rising Tech Hubs?

Zen Soo & Celia Chen – SCMP

As the big boys in the “Silicon Valleys of China” – Beijing, Shanghai and Shenzhen – awe the world with multi-billion ventures, several second- and lower-tier cities have quietly blossomed to become some of the country’s fastest-growing hi-tech hubs.

FAO: Speaking of growing competition in Asia, don’t forget China.

Bahrain Woos Indian Fintech Startups

K.R. Srivats – The Hindu Business Line

Bahrain plans to set up a Fintech Centre next year to provide accelerators and co-working spaces for fintech companies, Simon Galpin, Managing Director, Bahrain Economic Development Board (EDB) has said.

The Fintech Centre, which is likely to be opened in February or March 2018, would also provide networking opportunities for both startups and big banks interested in the fintech area.

FAO: Yeah, Middle East is another “hot point” in the fintech world nowadays, with a lot of public projects being announced lately.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News