by Florin Oprea
Edward Robinson – Bloomberg
10X Future Technologies has raised 34 million pounds ($46 million) in a Series A round led by Ping An Insurance and Oliver Wyman. The value of the investment is 17 times greater than the median of other early-stage fundraising deals in global fintech startups in Q2.
FAO: Antony Jenkins struck an amazing deal and now plans to put the money where his mouth is, helping banks to revamp technology.
Ingrid Lunden – TechCrunch
ICOs are emerging as a route for startups to raise money from a wide pool of investors through cryptocurrency networks. Now, one of the biggest and best-known accelerators in the world is mulling a way to use cryptocurrency networks and the blockchain to help get more people involved in backing their cohorts, according to its president.
DNT: Some thoughts of Sam Altman, president of Y Combinator, at TechCrunch Disrupt conference in San Francisco. The result: a mixed image of ICOs role in the tech world. With good and bad things, facts and questions to be solved. Interesting.
Eric Mandel – Atlanta Business Chronicle
LendingPoint LLC has landed one of the largest credit facilities of 2017, which the company says will significantly lower costs for its online consumers. The Atlanta-based fintech company said that it closed an up to $500 million credit facility, arranged by Guggenheim Securities, a subsidiary of Guggenheim Partners
Maria Terekhova – Business Insider
There has been a growing number of fintechs either launching in, or pivoting toward, the B2B market, with many of these players focused on helping incumbents better serve previously neglected consumers like small- and medium-sized businesses. Now, new research from Innovate Finance and Pitchbook suggests these fintechs are on the right track.
FAO: Yesterday we had the announcement of a deal struck by Bill.com with JPM…a deal which confirms the trend…
Charles Stein, Ivan Levingston – Bloomberg
State Street Corp., founded in 1792, and artificial intelligence haven’t often been mentioned in the same sentence — until now. The bank unveiled Quantextual Idea Lab, which uses machine learning and natural language processing to help clients better organize and extract information from their reams of research.
DNT: The digital transformation it’s a must, even for the most conservative banking institutions, in the effort to compete with rivals who are one step ahead.
Activehours announced a $39 million investment round led by Andreessen Horowitz, along with participation from earlier-stage investors Matrix Partners, Ribbit Capital and March Capital Partners.
FAO: Founded 2012 Activehours reached a total equity funding of $65.1m in 3 rounds.
Via Finextra – Tom Cunningham, former CTO at Jupiter Asset Management, appointed as COO at thinkFolio.
Vivek Ahuja – Financial News
Nikki Sun, Tony Cheung – SCMP
Hong Kong is teaming up with British partners to boost its fintech sector as two deals were cut in London to strengthen the city’s role as a fintech hub in Asia.
FAO: Everything looks perfectly swell between the Brits and their former colony…The FCA had entered a co-operation agreement with the Hong Kong Insurance Authority, TNG FinTech Group signed a deal with Tranglo Europe while Hong Kong Institute of Financial Technologists of Asia (IFTA) signed an agreement with Certificate in Finance and Technology Limited.
Frank Chaparro – Business Insider
Japan’s push to attract innovative fintech startups to the country could spell trouble for the US. Japanese Prime Minister Shinzo Abe said the government was moving forward with a plan to roll back regulations on some fintech startups to help spur the development of emerging technology and drive growth in the country.
FAO: Good! Abe wants a regulatory sandbox program for fintech companies. Japan could easily secure a higher position in the “fintech” universe, maybe even become a regional leader of the “cryptoverse”, especially after China’s latest aggressive actions…more in Blockchain Daily News.
Anisa Choudhary – London School of Business & Finance
Lynsey Barber – City A.M.
Banks and startups are rallying behind the fintech industry in a fresh push to keep Britain ahead as a world leader in the high-flying and innovative sector after Brexit.
DNT: Ready, steady…GO! Oh, wait, the start has already been given by the Brexit vote..
FAO: Here’s a famous quote: “Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is true strength.” Arnold Schwarzenegger said that…
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
Hollie Wong, Uptin Saiidi – CNBC
Formerly a part of the Soviet Union, since gaining its independence Estonia has reinvented itself by modernizing and digitising many of its old analogue systems.
FAO: An interesting interview with Taavet Hinrikus, the Estonian-born CEO and co-founder of TransferWise. Estonia is a leader in technology and innovation and its success story should be an example for many other countries in Eastern Europe. We will continue to report any new initiatives coming from this part of Europe.
The financial system is the core of our global ecosystem and has gained the trust of billions of people worldwide. While many see blockchain as the ultimate competitor of the banking system, both can certainly peacefully co-exist and even complement each other.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News