by Florin Oprea
Oscar Williams-Grut – Business Insider
FX startup Revolut is expanding rapidly, signing up 16,000 companies to its business accounts in just four months.
DNT: Wow! Good job! According to CEO Nikolay Storonsky, 60% of new signups come from continental Europe, while the rest come from the UK.
FAO: Amazing! This two years old company raised a total of $86,4m in funding.
Xie Yu – SCMP
Shares of ZhongAn, Hong Kong’s newly listed fintech company, rose 5.7% to HK$91.50 in Thursday’s morning session, after the insurance platform announced a joint venture deal with a company controlled by its promoter— its first since the IPO.
FAO: ZhongAn, HK’s biggest fintech IPO, continues to shine bright after its successful listing. It is highly expected that other Chinese companies will soon follow its lead.
Digital business insurance agency CoverWallet said it has closed a $18.5 million Series B funding round led by Foundation Capital with participation from existing investors Union Square Ventures, Index Ventures, CV Starr and Two Sigma Ventures.
FAO: Our “Insurance” section, invisible for quite some time, has become a constant presence these days. Funding in NY-based CoverWallet just reached $28,3m in four rounds.
Elzio Barreto – Reuters
Fintech company PINTEC launched a venture in Singapore, its first outside China, betting on booming demand for automated investment advice in fast-growing Southeast Asian countries.
FAO: Glad to see some action in the robo-advisors’ space coming from Asia too. The robo -”monsters” of the West have monopolized this section lately. I am talking about Betterment, now valued at $800m, and Wealthfront, valued at $700m, which are also prepping for their IPOs.
According to Blumberg Capital’s annual fintech survey, consumers remain loyal to big banks despite a belief that traditional financial institutions are not evolving fast enough to keep up with rising consumer expectations. Contrary to the popular belief that big banks and fintech companies are locked in a zero sum battle, American consumers want the best of both.
DNT: As we said yesterday in our 71 edition of FinTech Daily News, we can witness a fintech – banks collaboration process, in order to meet customer’s interest. A kind of armistice…
FAO: Fintech adoption remains average in the US. According to EY FinTech Adoption Index 2017 (published in June) the level of fintech users, as a percentage of the digitally active population, is around 33% (the global average). This strengthens the projections of a report published yesterday – which said, among other things, that China will overtake US as top market for digital payments by 2020.
Lora Kolodny – CNBC.com
EShares’ software makes it as easy to issue, buy or sell equity stakes in start-ups online as it is to trade stock.
Founder Henry Ward told CNBC: “We still live in a feudal economy, where ‘land-owners’ have stock in firms and ‘serfs,’ or workers, don’t. We are in the business of creating more land-owners. We want more people to have ownership in productive firms.“
DNT: Provocative and intriguing statement, but not far from the truth. In this context, such a software is pretty useful and motivational for employees who can be more dedicated and involved in these productive firms.
Alison Coleman – Forbes
London-based Kantox entered a market dominated by banks and traditional forex brokers. Fintech had yet to become a buzzword. At that time platforms like Kantox competed with the banks by offering cheaper fees, transparency and an improved and less antiquated user experience. The banks reacted with hostility.
DNT: Now, this kind of hostility and pressure issued by some banks represent the flip side of the coin in their relationship with fintech, which we were talking about above. But Banks want deeply the new technologies. So, which is the key?
Oh, and read the next story too.. Banks – Fintech tends to become a love & hate relationship..
FAO: Is the bank “sleeping giant” awake? I believe so. It’s enough to scan today’s headlines to reach a conclusion. The bank “giant” cannot ignore the progress of technology anymore and needs to adapt in order to survive. We are living some amazing times.
John Crabb – IFLR
Banks and financial institutions must work together with fintech companies in order to make their back offices more efficient and streamline the services their offer.
FAO: A truism?
Hannah Murphy – Financial Times (subscription)
Huw Jones – Reuters
The City of London called for a more joined-up approach to nurturing fintech firms in a fast-growing sector that now faces threats from Brexit.
FAO: Oh they already started this “Joined-Up Approach”. Earlier this year UK’s top fintech firms formed an industry body to protect their interests post-Brexit.
Bob Gorman – Jewish Journal
The Valley is still the Mecca for startups globally but it has increasingly become super competitive and so full of buzz that new talent and startups find it hard to even get their feet on the ground much less get known. And for this reason, more and more investors are flocking to countries like Indonesia, Malaysia, Vietnam, Singapore, and the Philippines. Forbes has even been promoting Thailand as the next Fintech hub.
FAO: At only a fraction of the Valley’s costs…Same scenario valid for Eastern Europe countries too.
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