by Florin Oprea
GMEX would also acquire 5% stake in Metropolitan Clearing Corporation of India, an arm of Metropolitan Stock Exchange.
MSE’s shareholders include India’s top public and private sector banks and domestic financial institutions, who together hold over 34% stake in the exchange. Besides ace market men Rakesh Jhunjhunwala, Radhakishan Damani and Nemish S. Shah also have shareholding in the bourse.
FAO: Congrats to Hirander Misra & co. This goes well alongside other investments in market structure entities in Africa and other places, if I remember well.
John Pletz – Crain’s Chicago Business
The four-year-old Chicago tech company has broken out, raising $30 million from Accel Partners, one of Silicon Valley’s top venture capital firms, along with LinkedIn, Pritzker Group Venture Capital and others.
Times of India
US-based software solutions provider Ebix has bought an 80% stake,
The transaction will give exits to venture capital investors Matrix Partners, Intel Capital and Lightspeed Venture Partners, which collectively owned around one-third of the company. They are likely to have clocked 3-5X return on their initial investments mopping up about $45 million among the three of them.
The rest of the stake was sold by the promoters, the Essel group, and the management. The promoters will now hold the remaining 20% stake after the new funding.
FAO: Looks like India is on the fintech move.
Tom Groenfeldt – Forbes
Six years after launching a cross-border money transfer business in Europe that was much less costly than banks, TransferWise has launched a platform that provides individuals and businesses with local currency in multiple countries.
FAO: More coverage on the Borderless Account TransferWise launched earlier this week.
JD Alois – Crowdfund Insider
LendingClub is celebrating its tenth anniversary. It is pretty hard to believe that LendingClub is now ten years old.
FAO: Happy Bday, LendingClub!
Oscar Williams-Grut – Business Insider
CEO Mark Wilson declared at a press conference on Wednesday: “We want to turn Aviva into a fintech.”
Ryan Lawler – TechCrunch
Robo-advisor Wealthfront originally came to market with a product to automate retirement savings, but over time has expanded to provide other financial tools. Today, the company is announcing a new product aimed at helping parents save for their children’s college education.
Håkan Nordfjell – American Banker
In Europe, the open banking sea change has largely been brought about by the revised Payment Services Directive — known as PSD2 — which requires European banks to share data with financial technology companies if customers request they do so. The regulation aims to stimulate competition by giving fintech companies access to customer data that they have been collecting piecemeal for years (without banks’ authorization).
NEX Markets, a NEX Group business which provides electronic trading technology services in the fixed income and foreign exchange (FX) markets, announces today that following the publication of the FX Code of Conduct, it plans to adopt the Code’s principles across its FX trading platforms.
Gordon Hunt – Silicon Republic
Boston-based Redline Trading Solutions has opened a new support centre in Belfast, with the promise of 20 new jobs to come.
The largest grant worth $5.4 million went to NEX Group CEO Michael Spencer.
FAO: Well, they deserve it.
Jason Lee (CEO of DailyPay) – Forbes
Eeva Haaramo – ComputerWeekly
First they were deemed a threat, now they are potential partners. According to a new report by Nordic accelerator Fintech Mundi, banks are increasingly turning to financial technology (fintech) startups in their hunt for new ideas and market opportunities.
FAO: Remember this week we reported about the Danish Fintech startup Clearhaus which recently acquired 33% (worth 10 mil EUR) of the Copenhagen Cooperative Bank.
The Korean government is seeking 50 high-potential startups from around the world to join the K-Startup Grand Challenge for four months of business acceleration in Korea.
Ryan Lawler – TechCrunch
A new accelerator program being run by Canada’s Creative Destruction Lab (CDL) is hoping to find technologists in the quantum machine learning field who want to become founders and give them access to cutting-edge equipment to make their projects into companies. The program will be run out of the University of Toronto’s Rotman School of Management, and will include investment from venture funds Bloomberg Beta, Data Collective and Spectrum 28.