by Florin Oprea
Emily Feng, Don Weinland – Financial Times (subscription)
Qudian had a debut to remember on the NYSE this week. Its shares closed up 22%, making a multi-millionaire of founder and CEO Min Luo. The company, which raised $900m in the share sale, is the latest to underline investors’ appetite for the collision of lending and technology that has given rise to the Chinese fintech sector.
FAO: No, really? China’s fintech invasion has already started, with a first wave having attacked Hong Kong last month (ZhongAn was the biggest fintech IPO in HK, where it raised 1.5b) and now a second disembarking on US shores…The Chinese are coming!
Catherine Shu – TechCrunch
PayKey announced that it has raised a $10 million Series B led by MizMaa, with participation from other investors including SBI Group, Siam Commercial Bank’s financial tech subsidiary Digital Ventures, SixThirty and FinTech71.
FAO: Total funding reaches $16,4m from five rounds in three years, not bad.
DNT: Time is money and, sometimes, logging on a back app can be frustrating for customers. PayKey wants to change that and it will use the money for developing a new and useful feature: a smartphone keyboard that will allow a direct access to financial services. Sounds good.
Wong Kai Yi – The Business Times
Lattice80 will partner licensed platforms to offer services “ranging from a licensed cryptocurrency exchange to e-payments, and even a full digital bank”. It will also build a licensed platform for APIs where fintech startups can plug their services into.
FAO: Lattice80 is the largest fintech hub in the world. I am sure its planned ICO will be one of the biggest too. If you are not very sure what an ICO really is, it means that you are not reading Blockchain Daily News.
Jordan Novet – CNBC
All around the start-up’s San Francisco headquarters there are red posters advertising the technology of a start-up, called Spoke, whose chatbot in the team communication app Slack can answer people’s questions.
FAO: Maybe “Spoke” sounds a bit spooky, but if you haven’t realized it yet, here’s the thing: we are already living the future…
Frank Chaparro – Business Insider
Preferred shares of Betterment are being offered at a price of $11 on EquityZen, an online marketsite for shares of private companies, according to a list of investment opportunities seen by Business Insider. That gives Betterment an implied valuation of over $1 billion.
DNT: Impressive growth for Betterment, the largest independent robo-adviser. In July, the company’s value was $800m – details here. In fact, Betterment is a constant presence in our bulletin, so check out our Archive for more stories regarding the stiff competition of Betterment in the sector, especially from Wealthfront, and to check the latest Deals involving robo-advisors.
Via Finextra – Richard Ambrose, previously Chief of Staff at PayPal EMEA, has joined Azimo as Chief Operating Officer.
DNT: As a side note – Azimo reported a triple-digit growth across every metric – transactions sent, gross transaction volume, and revenue. The money transfer business is flourishing. Congrats.
FAO: Check them out, and all the other educational initiatives we have reported – you may find our Archive pretty useful.
Untangling the “knots” at global treasuries, especially with regard to bank maintenance issues around know your customer (KYC) and other compliance activities, was the theme of a corporate treasury session at Sibos.
Bailey Reutzel – CoinDesk
In the latest sign that the blockchain sector has reached peak hubris, two much-anticipated conferences devolved this week into what can only be described as elaborate trolling.
FAO: Today’s must-read. A good description of this week’s main events in the fintech and blockchain world.
Klaus Wille, Yoolim Lee & Bei Hu – Bloomberg (premium subscription)
In Hong Kong, 35-year-old Matthew Tai has been shifting part of his family’s fortune, built by his father and uncles in real estate, into a string of digital startups.
FAO: A glimpse into Asia’s uber-busy fintech scene. New “tigers” are arising…
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News