FinTech Daily News – Edition 3, 06.07.2017
July 6, 2017
FinTech Daily News – Edition 5, 10.07.2017
July 10, 2017

FinTech Daily News – Edition 4, 07.07.2017

FinTech Daily News

by Florin Oprea

Edition 4, 07.07.2017

Deals, Investments & M&As

IZettle Eyes IPO

Finextra

Having doubled revenues and slashed losses last year, Swedish mPOS outfit iZettle says that it is preparing for a potential IPO.

FAO: iZettle is present in 12 markets across Europe and Latin America and its rapid customer acquisition increased its revenues to EUR66.8m in 2016, up 60%, while losses decreased by 23%.

SEI Buys Archway For $80M

Jeff Blumenthal – Philadelphia Business Journal

SEI agreed to pay $80 million plus growth earn-outs of up to $8 million based on financial targets to take over Indianapolis-based Archway Technology Partners.

FAO: ATWeb is Archway’s proprietary technology. It’s a web-deployed application that simplifies operations, management and reporting.

PayFit Raises $15.9 Million To Manage European Payrolls

Romain Dillet – Tech Crunch

French startup PayFit just raised a $15.9 million Series B round (€14 million) from Accel with Xavier Niel and Otium Venture also participating.

FAO: A total equity funding of $21.49M was raised by PayFit since its launch.

Payments

Some Of The UK’s Hottest Fintech Firms Went Down

Rob Price – Business Insider

A number of UK fintech startups encountered technical issues on Thursday, warning customers that their payments may not go through.

FAO: The problem that hit Monzo, Revolut, Loot, Starling Bank, and Curve, among others, was caused by a supplier that provides a part of their underlying technology.

UK Fintech Startup Curve Launches ‘Financial Time Travel’ for Your Credit and Debit Cards

Maria  Konash  – Coinspeaker

Curve provides one card that can aggregate all of their existing Mastercard and Visa payment cards and lets you retroactively switch the card you use to pay.

FAO: How cool is that?

It All Adds Up For Cashplus: Six Years Of Profitability For Fintech’s Star Player

Sarah Dunsby – London Loves Business

Cashplus (through its parent company, Advanced Payment Solutions Ltd) has announced a 6th consecutive year of profitable growth, with a 28 per cent uplift in revenues and 36 per cent increase in profit.

Retail banking

Happy Together: Why Banks And Startups Should Collaborate On Fintech

Alan McIntyre – Forbes

A few years ago, it was fashionable to say that a revolution was coming in the world of banking. Fintech evangelists harkened back to Bill Gates’ 20-year-old quip that “banks are dinosaurs” and claimed that the asteroid strike that would wipe them out was now imminent.

FAO: Because banks need to change and startups need to scale up…

Cap Markets & Other

NEX SEF Goes Live

Finextra

The Swap Execution Facility (SEF) of NEX Group, NEX SEF Limited (NEX SEF), went live on 3 July 2017.

FAO: Good luck! Happy trading!

FinTech People

Chi-X Veteran Looks To New Frontiers

Samuel Agini – Financial News (subscription)

Hirander Misra made his name the first time Brussels shook up Europe’s trading landscape. Now he is looking further afield.

FAO: Profile of Hirander Misra, Chairman & CEO of GMEX Group. Yesterday we reported that the group closed a deal with Midclear which selected GMEX Technologies to provide and implement AvenirClear CCP product as the core system of the first CCP in Lebanon.

Via PR Newswire – LendingClub announced Kenneth Denman as the newest member of its Board of Directors. Effective June 28, 2017, Denman joined as a Class One director and will serve on the Audit and Compensation Committees.

Accelerators & Hubs

Ireland Is Well Placed To Ride The Fintech Wave

Barry McCall – The Irish Times

It was almost inevitable that Dublin would emerge as the hub of a thriving fintech sector in Ireland.

Estonia Is Trying To Convert The EU To Its Digital Creed

The Economist

Estonia has carved out a niche as a startup hub and a friendly environment for foreign businesses. Its biggest innovation, however, lies in e-government.

FAO: Profiles for two of Europe’s fintech strongholds: Ireland and Estonia. Good progress all around. Europe has to do a lot more although only to reach the development pace of fintech in Asia. See article below and also the coverage in our previous editions, at least here and here.

China And India Are Far Ahead Of The Rest Of The World In Fintech Adoption

John Detrixhe – Quartz India

When it comes to the adopting the newest, digital methods for managing their personal finances, Chinese and Indian consumers are way ahead of the rest of the world. A report by consultancy EY suggests that a lot of this has to do with digital payments.

FAO: Good to see John Detrixhe’s work again, this time in the fintech space. I remember at least a gazzillion of John’s articles back in the time I used to work for Exchange Invest, the daily newsletter focusing exchange space.

Life After Dave McClure Won’t Be Easy For 500 Startups

Cromwell Schubarth – Silicon Valley Business Journal

Dave McClure’s sudden departure from 500 Startups amid shocking stories of sexual harassment is going to be a test of fire for the high-profile startup accelerator. We explore three big questions his resignation raises.

FAO: And the coverage on this week’s shocking topic keeps rolling.

Another 500 Startups Partner resigns, Fed Up Over Sexual Harassment Scandal

Marisa Kendall – Silicon Beat

Elizabeth Yin, a serial entrepreneur who joined 500 Startups as an investor in 2014, is resigning effective Friday.

Beyond Pledges And Tweets: How Can Venture Capital Fix Its Sexual Harassment Problem?

Erin Griffith – Fortune

While the rest of America watched fireworks and ate BBQ, the citizens of Startup Land spent the July 4th holiday weekend glued to their phones as push notifications about the industry’s sexual harassment reckoning rolled in.

Analysis

Vantiv-WorldPay Deal Shows Square And PayPal Value, Jim Cramer Says

USA Today

Why Square and PayPal Jumped on Wednesday

Emily Bary – Barron’s

One payment processor offered $10 billion to buy a smaller one – reported yesterday. The news that Vantiv was buying London-based Worldpay has investors suddenly thinking about other combinations.

FAO: Like in so many other cases.

Other news

Nex Group Chairman Forks Out £25,000 In Donations Targeting Lib Dems Personally After Shareholder Pressure

Jasper Jolly – City A.M.

The chairman of Nex Group has reimbursed the company out of his own pocket for political donations targeting Liberal Democrat MPs at the General Election after major shareholder representatives objected.

FAO: Case reported the other day. Everything settled now? No more business-politics mixing in the future?

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News