FinTech Daily News – Edition 33, 17.08.2017
August 17, 2017
FinTech Daily News – Edition 35, 21.08.2017
August 21, 2017

FinTech Daily News – Edition 34, 18.08.2017

FinTech Daily News

by Florin Oprea

Edition 34, 18.08.2017

Deals, Investments & M&As

Goldman Boosts Funding to Brazilian Credit-Card Startup Nubank

Felipe Marques & Cristiane Lucchesi – Bloomberg

Nubank can now borrow as much as 455 million reais ($144 million) for about two years to finance its revolving credit portfolio, up from 375 million reais.

FAO: Nubank has raised about $178 million since its founding. Among its investors: Tiger Global Management, Sequoia Capital, Kaszek Ventures, QED Investors, DST Global and Founders Fund.

Workday Acquires The Team Behind Pattern

Connie Loizos – TechCrunch

The team behind Pattern, a two-year-old, Redwood City, Calif.- based startup, has been quietly acquired by Workday, the financial management and HR software vendor that went public in 2012 and now boasts a market cap of $20.9 billion.

FAO: Pattern’s cofounders Derek Draper, Zack Moy, and Josh Valdez, used to work for Google.

KeyBank Takes Equity Stake In Fintech Firm Billtrust

Jeremy Nobile – Crain’s Cleveland Business

Terms of the investment, including what stake Key holds in the company, were not disclosed.

FAO: Billtrust is a provider of automated invoice-to-cash solutions. Earlier this year it has raised $50 mln in a funding round led by Riverwood Capital.

VC Fundraising On Pace To Exceed $40B For 4th Consecutive Year In North America & Europe

Geek Wire

PitchBook released its 2017 PE and VC Fundraising report today for North America and Europe. Through July, $27.5 billion has been raised across 165 firms as venture fundraising is on pace to exceed $40 billion for the fourth consecutive year. It’s also approaching the record $51 billion raised last year.

Payments

China’s Digital-Payments Giant Keeps Bank Chiefs Up At Night

The Economist (subscription)

Ant Financial, with 500m customers at home, plans to expand.

FAO: We had multiple reports concerning the aggressive development plans of Ant Financial, yesterday too.

Better Late Than Never to the Fintech Party

The National Law Review

Oracle has finally realised that it wants to hang out with the cool FinTech kids on the block, having recently announced the release of its Oracle Banking Payments application programming interface (API) service.

FAO: Is it? Better late than never?!??

Business tech

This Start-Up Aims To Replace 40,000 Worth Of Man Hours With One Click

Lora Kolodny – CNBC

A search start-up called ThoughtSpot revealed a new product: SpotIQ, which employs AI to create hundreds of insights from data in a company’s cloud or on-premise storage systems. These include charts that are tailored to the interests of a particular worker, team or executive.

FAO: Wow! New AI products begin to show up more frequently. ThoughtSpot raised $60 million earlier this year, with LightSpeed Venture Partners and Capital One Growth Ventures as lead investors.

Wealth & Personal Finance

€4 billion Has Now Been Invested Using German Savings Startup Raisin

Oscar Williams-Grut – Business Insider

German fintech Raisin has doubled the total amount invested over its platform since the start of the year, reaching €4 billion (£3.6 billion).

FAO: This Berlin based company raised a total of $64.16m in 3 rounds since its founding in 2013.

FinTech People

Via Business Wire – Zenefits appointed Lisa Reeves as SVP of product.

Via PRNewswire – Riskalyze appointed Andrew Palmer as CFO.

Accelerators & Hubs

UAE: Silicon Valley of Middle East

Sandhya D’Mello – Khaleej Times

The city has bagged second spot in a latest research conducted by CBInsights under the theme ‘Rise of the (global) rest – Identifying new startup and venture capital frontiers globally’ and has placed the UAE at the sixth spot in top 10 frontier markets among the countries that take .01 per cent and .5 per cent of global disclosed VC deals.

FAO: The Middle East is a constant presence in our newsletters, not only Dubai (see latest initiatives here and here) but also others (see here, here and here).

Why Ireland Fintech Sector is set to Flourish in Post-Brexit Europe

Angela Scott-Briggs – Tech Bullion

A recent report by KPMG suggests that Fintech startups are preferring Dublin to London as the uncertainty looms over the terms on which the UK will effectively leave the EU. Following a 2016 referendum vote in which the British voted to leave the 28 nations block, talks are underway to come up with the modalities for the actual exit of the UK.

FAO: Looks like everybody is rushing to grab a new piece of the post-Brexit “fintech pie” in Europe…

Events

RBS to bring Silicon Valley to Edinburgh

Finextra

Royal Bank of Scotland is inviting tech entrepreneurs from across the world to its Edinburgh HQ to discuss the latest trends in technology and mingle with local fintech entrepreneurs, customers and bank staff at an event dubbed Disrupt 17.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News