FinTech Daily News – Edition 57, 21.09.2017
September 21, 2017
FinTech Daily News – Edition 59, 25.09.2017
September 25, 2017

FinTech Daily News – Edition 58, 22.09.2017

FinTech Daily News

by Florin Oprea

Edition 58, 22.09.2017

Deals, Investments & M&As

Ex-Barclays CEO Jenkins Bags $46 Million For His Fintech Startup

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.

YC Wants To Let People Invest In Its Startups Through The Blockchain

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.

Lending

Atlanta-Based Fintech Lender Secures $500 Million Credit Facility

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

Business tech

B2B Startups Are Taking Over European Fintech

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…

State Street Embraces Artificial Intelligence

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.

Wealth & Personal Finance

Activehours Announces $39 Million Funding Round Led by Andreessen Horowitz To End Rigid Paychecks

PR Newswire

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.

FinTech People

Via Finextra – Tom Cunningham, former CTO at Jupiter Asset Management, appointed as COO at thinkFolio.

Latest Developments & Agreements

FCA Strikes Third Fintech Pact With Hong Kong

Vivek Ahuja – Financial News

European Fintech Deals Indicate Change Of Stance Towards Booming Industry By Conservative Hong Kong

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.

Regulation

Japan wants To Roll Back Regulations For Financial Technology Startups — Here’s Why It Could Be Bad For The US

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.

Accelerators & Hubs

Fintech Sector Crucial To London’s Future Prosperity, According To Research

Anisa Choudhary – London School of Business & Finance

Banks And Startups Rally Behind UK Fintech Industry Post-Brexit In Fresh Push To Keep Britain A World Leader

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…

Events

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

Other news

How Estonia Is Leading The Way To Our Digital Future

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.

Opinion

The Great Fintech Debate: Disruption Versus Evolution

Nasdaq

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