by Florin Oprea
Edward Robinson – Bloomberg
Deposit Solutions GmbH, a Hamburg-based company that enables consumers to move their savings around a network of 15 European banks to find the best interest rate, acquired Savedo GmbH, a Berlin startup in the same field. The terms of the deal, which Deposit Solutions announced in a statement, were not disclosed.
FAO: In its latest funding round Deposit Solutions was valued at EUR 110 million.
Jemima Whyte – AFR
The developer of Spriggy, an app which allows parents to pay their children’s pocket money into a linked account and prepaid card has closed a $2.5 million funding round, just two years after raising $300,000 to launch the product and attracting 35,000 users since then.
FAO: Alium Capital led the funding round.
Luke Gallin – Reinsurancene
As a flurry of InsurTech and FinTech startups continue to enter the global insurance and reinsurance industry, undoubtedly some will be very good and should be promoted for the industry, however, they will not be able to disrupt the entire risk transfer space, according to Torsten Jeworrek, Munich Re’s CEO of Reinsurance.
FAO: Not the entire industry, of course.
Jeff Wagner – OGFJ
IT’S 2017. So, you may be surprised to learn that every week billions of dollars in the oil and gas industry are settled using a manual process that relies on paper invoices, spreadsheets, PDFs, and emails. But that’s today’s reality for many energy settlement departments across the globe.
FAO: Nothing surprises me anymore. The fintech revolution will change almost everything. It’s only a matter of time.
Peggy Anne Salz – Forbes
The next wave of personal finance apps is going one giant step better by not going it alone. Driven by the realization that there is real strength in numbers, smart fintech companies are pairing, partnering and joining forces to deliver apps that offer life solutions (not point solutions) aligned with users’ lifestyles, life stages and context at the magical “mobile moment” when they reach to their fiercely personal devices for seriously helpful assistance.
FAO: Here are some of the latest partnerships: Acorns – Clarity Money, Revolut – PensionBee, Starling Bank – Transferwise etc.
Getting access to a bank’s APIs is the holy grail of open banking and a key that unlocks all sorts of opportunities for FinTechs wanting to develop 21st century financial services that require a bank connection.
FAO: Open banking in Europe has already started.
Lynsey Barber – City A.M.
For the uninitiated, the portmanteau of financial technology threatens to bring the disruptive innovation felt already in industries such as retail by the likes of Amazon to the traditional world of banking.
And for those looking to stay ahead of the curve, here are four ways to study fintech.
FAO: Oxford Fintech Programme, Open University, Princeton’s bitcoin and cryptocurrency technologies, Imperial College. I am sure more and more educational initiatives will soon begin to surface. And we will promote anything we can find.
PayPal is to open two new innovation labs in India to tap into the local talent pool and the country’s expertise in AI, data science, virtual reality and the Internet of Things.
FAO: India is currently ranked 2nd in EY Fintech Adoption Index (reported here), after China, the uncontested leader.
WeWork Cos has started legal action against shared-office landlord UrWork in London, accusing its fast-growing Chinese rival of infringing on its trademarks.
The world’s fifth-largest startup filed a claim with the UK’s High Court of Justice’s Chancery Division using London-based law firm Mishcon de Reya LLP on July 26. The New York-based office sharing company said its rival was “passing off”, which can take place when one business misrepresents their services as being the product of another.
The Market Mogul
Financial technology consolidates innovative business models with technology to disrupt the financial services sector. The services provided are analogous to traditional banks. Among them are mobile payments, peer-to-peer lending, money transfers, investments and e-commerce.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News