FinTech Daily News – Edition 39, 25.08.2017
August 25, 2017
FinTech Daily News – Edition 41, 29.08.2017
August 29, 2017

FinTech Daily News – Edition 40, 28.08.2017

FinTech Daily News

by Florin Oprea

Edition 40, 28.08.2017

Deals, Investments & M&As

SoftBank and Fund to Invest $4.4 Billion in WeWork

Michael J. de la Merced – NY Times

SoftBank and its $93 billion Vision Fund are investing in WeWork. Most of the investment, or $3 billion, will go to WeWork itself. The remaining $1.4 billion will go toward expanding the start-up’s operations in China, Japan, South Korea and Southeast Asia more broadly.

FAO: Recently WeWork started legal action against UrWork in London.

Ellevest Secures $32.5 Million

Newscenter.io

According to a recent SEC filing, Ellevest has raised $32.5 million in financing from an undisclosed investor.

FAO: Ellevest has raised a total of $51.46m in three funding rounds, in the last two years.

Cap Markets & Other

FCA Grants First Raft of APA Approvals for MiFID II Reporting

Jamie Hyman – Waters Technology (subscription)

The FCA has granted the following entities APA authorization: Abide Financial DRSP Limited, Bats Trading Limited, Bloomberg Data Reporting Services Limited, the London Stock Exchange, Tradeweb Europe Limited and Xtrakter Limited (now rebranded as Trax).

FinTech People

Via TechCrunch – Zenefits hired Beth Steinberg as its first chief human resources officer.

Via PRWeek – BlogHer co-founder and former CEO Lisa Stone is joining Ellevest, an online investment platform for women, as CMO.

Regulation

Financial Technology Does Not Have Borders

Dan Andersson – Huffington Post

Brexit is clearly Britain’s main preoccupation, it will affect every sector, some will benefit, some I fear may not do so well in the long-term. The fintech sector relies on foreign talent to drive its businesses, many of these businesses are born global and so depend on the skills, knowledge and experience of Europe’s graduates to power their growth in the EU, the world’s largest economy.

FAO: More Brexit talk, and potential consequences for the global fintech players.

Accelerators & Hubs

The Two Largest Fintech Hubs in Europe: Report Compares Germany & the UK for Early Stage Fintech Funding

JD Alois – Crowdfund Insider

CBInsights is out with a brief write up that compares the two countries. Germany is the larger economy in comparison to the Brits. In the world ranking of GDP in Dollars, Germany is number 4 and the UK is in 5th. But when it comes to Fintech, the Brits are victorious.

But Germany is no slouch and in recent years from Berlin to Munich there has been a growing interest in disruptive finance.

FAO: This adds to the cohort of FDN editions covering and discussing the competition between UK and Germany (and France too) for the “domination” of Europe’s fintech scene. Try our Archive

S Korea: SparkLabs Ventures To Launch With $50m Corpus

Shiwen Yap – Deal Street Asia

SparkLabs Group, a South Korean accelerator and fund network established in 2012, is launching a $50-million fund targeting early-stage Korean startups with the potential to expand internationally.

Events

Klarna H1 net profit 228 mln SEK

Reuters

Klarna reported a net profit of 228 million crowns ($28.4 million) for H1 2017.

The firm, which has 1,500 employees and operates in 18 countries, increased revenues by 21% and net profit by 138% from a year earlier.

FAO: Very good results for the Swedish fintech leader which secured a banking license in Europe earlier this year.

Other news

Why Fintech Startups Are Wooing India’s Small Businesses

Sindhuja Balaji – Forbes

India’s booming fintech market could be the savior of SMEs and MSMEs.

Opinion

LinkedIn Co-Founder Reid Hoffman: VCs Have Created A Market Where 90% Of Start-Ups Are Overvalued

Anita Balakrishnan – CNBC

The sky-high valuations in Silicon Valley have left some investors jittery. Hoffman says finding the right pricing for a deal is just part of the challenge of investing.

FAO: We have a very good year for VC funding. Last week was amazing – e.g. Blend raised $100m (reported on Friday).

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News