by Florin Oprea
Incorta, the real-time analytics platform that makes the traditional data warehouse obsolete, announced an additional $15 million in funding led by new investor Kleiner Perkins. Existing investors, including GV (previously Google Ventures) and former Oracle Executive Vice President Ron Wohl also participated in the round. GV led Incorta’s $10 million Series A in May 2016.
FAO: Founded in 2013, Incorta raised a total of $27.37m in 3 funding rounds.
Anjani Trivedi – Wall Street Journal (subscription)
The latest frontier in Chinese insurance: the internet. But investors are perhaps giving it too much faith.
FAO: Is ZhongAn overvalued? The company is looking to raise $1.5b in HK, valuing the company at $11 billion.
Hugh Son – Bloomberg
JPMorgan Chase & Co. is partnering with another fast-growing technology firm, this time to help business clients eradicate paper checks.
FAO: The Bill.com system will be integrated into JPMorgan’s tools and will enable clients to send and receive electronic payments and invoices.
If you’ve got preconceptions about what fintech looks like and where it’s happening, then Aleksey Chubar, head of digital transformation at VTB, has news for you. Russia is becoming a hotbed of fintech innovation – not just domestically, but internationally too
FAO: VTB Group and another big Russian lender, Sberbank, have developed Masterchain, a distributed ledger. You can find out more HERE, in a Blockchain Daily News August edition.
The European Commission is proposing to reform financial supervision across the EU with a renewed focus on new technology developments and the promotion of the emerging fintech sector.
FAO: Steps are being taken for achieving a full Capital Markets Union within the EU.
The New York Times
The European Commission is set to propose stricter controls of foreign financial firms that do business in the EU, a move that would extend European regulators’ supervision over London, Europe’s biggest financial centre, after Britain leaves the bloc.
FAO: Who do you think will have to support the costs for this?
JD Alois – Crowdfund Insider
Innovate Finance and Magister Advisors have published a report that shows later stage Fintech funding rounds are increasing. Overall, the average size deal has been rising – with the exception of the Brexit induced hurdle in 2016. The number of investment rounds that top $20 million has increased with valuations moving upward with multiples frequently above publicly traded firms.
FAO: Looks like $8 billion of cumulative capital was invested into the European Fintech sector in 2017 YTD. Full report can be checked here.
Many Latin Americans are hard pressed to obtain credit for their businesses or family needs, as 49% of adults do not have bank accounts. No wonder fintech entrepreneurs and investors are eyeing this market for potential clients.
FAO: Wow! Great potential indeed. There are about 2 billion unbanked people worldwide. Better check this World Economic Forum post, dated 2016. Check the Sub-Saharan Africa stats in the Figure 1. Amazing facts!
Upcoming event: Immersion Tour Hong Kong FinTech Week, 23-27.10.2017 – details HERE
Upcoming event: Immersion Tour Singapore FinTech Festival, 14.-16.11.2017 – details HERE
FAO: Want even more details regarding these events? Don’t hesitate to contact us…
Upcoming event: Index Ventures is coming in force to TechCrunch Disrupt Berlin this December – details HERE
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News