by Florin Oprea
Paul Vigna – The Wall Street Journal (subscription)
Two obscure companies with no sales raised nearly $400 million combined in recent days from outside investors. How did they do it? Via a new, unregulated fundraising method that has no connection to Wall Street and is based in the world of cryptocurrencies.
FAO: The ICO phenomenon is making waves. Those latest offerings have amazed the financial world by volume and speed of execution.
Pan Yue – China Money Network
Asian alternative investment management firm PAG and China-focused PE firm Primavera Capital Group have led a RMB800 million (US$117 million) series C round in Dashu Finance, a Shenzhen-based online lender of unsecured loans to small and micro enterprises that traditionally could not secure funding from banks.
Jeff Blumenthal – Philadelphia Business Journal
First Data Corp. has completed its acquisition of King of Prussia-based payment processor CardConnect Corp.
FAO: Acquisition procedures started in May.
Rupert Hargreaves – ValueWalk
Payday lender DFC Global is eyeing securitization as a funding source.
Derrick Hong – The Asset
In a bid to cater to SMEs’ burgeoning demand for liquidity, fintechs, factoring companies and banks are all eyeing SMEs in need of cash.
Samuel Gerber – Finews
Deutsche Asset Management has unveiled Baloise as the first client to deploy its investment robot. A tool that paves the way for a new era in the digitization of banking, also in Switzerland, said Roger Bootz in an interview with finews.com.
FAO: Deutsche Bank said last week it’s making progress in the partial IPO of its asset management arm, Deutsche Asset Management.
Nikolai Kuznetsov- Entrepreneur
Financial technology has been all the rage these days, and there’s no shortage of fintech startups popping up across the globe. However, investments have been slowing down, indicating that the industry is reaching saturation for certain verticals. As such, startups should expect stiff competition.
Nordea is to introduce artificial intelligence technology to analyse customer text queries and forward the correspondence to the right department.
DNT: “Speed ..Give me what I need..”..Now, seriously, a very good idea in order to target efficiency!
Michael del Castillo – CoinDesk
CFTC has granted blockchain startup LedgerX its formal registration as a swap execution facility (SEF), making it the second company ever to be granted the ability to trade digital currency derivatives.
FAO: TeraExchange was the first one. It was registered as a SEF in 2016.
Via Business Wire – Zenefits named Kevin Marasco as Chief Marketing Officer.
Jon Chesto – The Boston Globe (subscription)
Does the Boston area have what it takes to lead the nation in the next wave of financial technology startups?
FAO: Boston is ranked 9 in the Global Financial Centres Index (GFCI 21) published by Z/Yen Partners.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News