FinTech Daily News – Edition 69, 10.10.2017
October 10, 2017
FinTech Daily News – Edition 71, 12.10.2017
October 12, 2017

FinTech Daily News – Edition 70, 11.10.2017

FinTech Daily News

by Florin Oprea

Edition 70, 11.10.2017

Deals, Investments & M&As

JPMorgan, Temasek Lead $100 Million Investment In Payments Company Bill.com

Anna Irrera – Reuters

JPMorgan Chase and Temasek Holdings have led a $100 million investment in Bill.com, a Palo Alto, California-based company that helps business digitize their payments.

FAO: This investment comes after an announcement last month (reported here) regarding a partnership between JPMorgan and Bill.com. JPMorgan is integrating Bill.com system to enable clients to send and receive electronic payments and invoices. Mr. Jamie (Dimon) and Temasek now jump in a market full of opportunities since the Association for Financial Professionals said over 50% of B2B payments by organizations in the US were made by check in 2016.

But wait, there’s more…looks like there is a trend in Europe too, since more and more fintech companies are looking into the B2B market – check out this September edition – jump to “Business tech” section.

Temasek Co-Leads $72.8M Round In Chinese Fintech Firm Tongdun Technology

Pan Yue – China Money Network

Singapore’s state investment firm Temasek Holdings, Chinese investment firm Tiantu Capital and Xindahanshi Capital have led a $72.8m new funding round in Tongdun Technology, a Chinese fintech start-up specializing in risk control.

FAO: Looks like Temasek is having a busy deals’ schedule – the Singaporeans are all over the globe. Tongdun’s total funding reaches $144,8m in 5 rounds.

Spotcap Raises €22M In Equity And Debt Funding

Finsmes

Spotcap, a Berlin, Germany-based online lender, raised an additional €22m in equity and debt funding. The company intends to use the funds to continue to work with its intermediary partner network to increase its global market share.

FAO: Total funding in the Berlin-based company reaches $112,9m from 6 rounds.

Old Mutual To Back $1.6bn Payments App TransferWise Ahead Of IPO

Mark Kleinman – News Sky

The asset management giant Old Mutual Global Investors (OMGI) is in talks to take a stake in TransferWise, the British technology “unicorn”, providing a further signal of its long-term plans to become a public company.

FAO: Story of the day! This comes after the rumours this summer (reported here in August) that IVP is looking to invest tens of millions of pounds in TransferWise.

OMGI and IVP will participate in the deal which is expected to be announced by the end of the month. Before the new funds are invested TransferWise will reach a valuation of $1.6bn (£1.2bn).

ZhongAn’s Resounding Success Likely To Lure Other Mainland And Regional Fintechs To Hong Kong For Listing

Enoch Yiu – SCMP

The huge success of an online insurer’s recent initial public offering in Hong Kong is likely to lure more mainland and regional industry peers in search of funding, according to analysts.

Lending

Micro-Lending Tycoon Set To Become China’s Latest IPO Billionaire

Ivan Levingston – Bloomberg (premium subscription)

Surging valuations for Chinese fintech startups are about to turn micro-lending tycoon Min Luo into the country’s latest IPO billionaire.

FAO: Discussing Qudian and the near future of its founder, Min Luo, who controls about 20% of the company…Qudian’s IPO could raise up to $825m.

Data and Analytics

Equinix Closes Acquisition Of Itconic

PR Newswire

Equinix announced that it has closed the transaction for the purchase of Itconic, a leading data center, connectivity and cloud infrastructure solutions provider in Spain and Portugal, and Cloudmas, an Itconic subsidiary that is focused on supporting enterprise adoption and use of cloud services

FAO: Initial announcement reported in September – you can check it here.

Retail banking

Luxembourg Bankers Draw Up FinTech Map

Finextra

The Luxembourg Bankers’ Association has drawn up a ‘Fintech Map’ of the nation’s startup ecosystem to help drive further collaboration with the established banking community.

How Chatbots And Artificial Intelligence Will Save Banks And The Finance Industry Billions

Mai-Hanh Nguyen – Business Insider

Chatbots, computer programs that typically use text-based live chat as an interface to carry out tasks for customers on behalf of the business, are emerging as an inexpensive way to introduce AI in banking.

FAO: If you are a bank employee there are big chances that a chatbot will eat your lunch in the near future…muhaha.

FinTech People

Via Finextra Wells Fargo expands fintech banking team: 25 years company veteran, Charles “Chuck” Silverman, has been named head of the expanded Financial Technology Group.

CFTE Launches Online Fintech Foundation Course In Collaboration With 20 CEOs And Senior Leaders

PR Newswire

CFTE announceD the worldwide release of Around Fintech in 8 Hours. The Fintech foundation course has been designed to give professionals working in the finance industry a solid understanding of how technology is redefining the provision of financial services.

FAO: Now this is pretty cool: Around Fintech in 8 Hours. A good educational initiative. We continue to promote them all since they are strongly needed. The above course is priced at £299 and starts on October 30th with limited seats available.

Accelerators & Hubs

Brexit Poses Threat To London’s Role As Global Markets Hub

Philip Stafford – Financial Times (subscription)

More than a year on from the Brexit vote, the future of the City of London as one of the world’s biggest financial trading hubs is no clearer.

FAO: We have taken the liberty of adding this piece above. It’s signed Philip Stafford, one of our fav financial reporters in London. We used to follow his work back when we were occupied editing another daily newsletter, one dedicated to exchanges. Read the piece above, even if it discusses London as a financial centre, it also touches one of our regular theme – the pressure that London, as a dominant FinTech centre too, is starting to feel ahead of Brexit. London’s declared fintech enemies: Amsterdam, Paris, Frankfurt, Berlin….

Opinion

For Funds And Fintech, Savvy Middle-Market Companies Will Turn To Banks

Patrick Moore – Payment Week

Uber and Lyft are disrupting the taxi business, Netflix and Hulu the entertainment business, AirBnB and TripAdvisor, the travel business, but the impact of these high-profile companies is rivaled by the influence of the relatively obscure companies collectively known as Fintechs.

 

FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News