by Florin Oprea
Chris Wright – Euromoney
Ant Financial is best known for domestic mobile payments dominance and its steady expansion into emerging markets – what’s it doing in Scandinavia?
FAO: Euromoney analyses Ant’s expansion model. Is this model about to be changed when approaching Scandinavian countries?
Mark Calvey – San Francisco Business Times (subscription)
EarnUp is one of several Bay Area fintechs trying to help borrowers of all income levels handle their money better. Freddie Mac’s deal with the San Francisco fintech signals EarnUp’s service can be a powerful tool for lenders eager to avoid borrowers falling behind on their payments.
FAO: Win-win. 2015 founded EarnUp has raised $3m last year in a round led by Blumberg Capital.
Ken Schachter – Nerwsday (subscription)
Long Island companies are on pace in 2017 to eclipse the $41.26 million in venture capital raised last year, based on data through mid-October. The region’s companies raised $38.79 million as of Oct. 16, about $2.5 million short of the total for all of 2016, according to data from PitchBook, a Seattle-based private and public markets researcher.
Evan Niu – Madison.com
Facebook and PayPal announced that they’re taking their relationship to the next level, and incorporating PayPal into P2P payments on Messenger. PayPal is also launching a customer service bot for Messenger, which can handle basic tasks like password resets, account inquiries, and processing refunds.
FAO: That will be something! Looking forward to using it!
Alipay has partnered with Poynt to enable Alipay’s more than 520 million registered users in China and beyond to pay with Alipay across all Poynt devices in North America. Through the agreement, Alipay users visiting North America will enjoy a seamless, familiar checkout experience using the payment method that is most comfortable for them.
Bien Perez – SCMP
Total funding raised by China’s venture capital-backed fintech start-ups fell to $800m across 26 deals between July and September, a drop of 27% from last year, as the central government kept a tight rein on capital outflows from this sector.
FAO: So if it’s a peak (and we believe it is) in Europe and the US, and China is slowing (see stats above), what’s next? Just thinking out loud…
Rolfe Winkler – Wall Street Journal (subscription)
“Trust me to give you sound [financial] advice,” Max Levchin said at The Wall Street Journal’s WSJ D.Live technology conference in Laguna Beach. “That’s where we’re headed to next.”
FAO: Affirm has raised a total of $420m in equity funding in 3 rounds and has lent over a billion dollars to date. It recently (reported here in August) confirmed a partnership with Wal-Mart Stores.
The FinTech Innovation Lab New York, a 12-week program co-founded by Accenture and the Partnership Fund for New York City, has launched an insurance technology, or “InsurTech,” track as the demand for innovation among insurers and the number of entrepreneurs developing new solutions for the sector rises sharply.
Via Bloomberg – London Stock Exchange CEO Xavier Rolet to Leave Group by End of 2018
Enoch Yiu – SCMP
Avaloq plans to expand further in Hong Kong, mainland China and the US in coming years before seeking a stock market listing, according to its founder and group CEO Francisco Fernandez.
FAO: A provider of core and digital banking software, Avaloq was recently backed by Warburg Pincus LLC.
Max Colchester – Financial News
Goldman Sachs CEO Lloyd Blankfein tweeted that he will “be spending a lot more time” in Frankfurt after enjoying “great meetings, great weather” in the German city. He added a hashtag: #Brexit.
Like other big international lenders in London, the US bank is preparing contingency plans for when the UK leaves the EU.
DNT: Looks pretty clear to me: the American giant made an important non-official statement here. Frankfurt is or is about to become the new “financial Mecca” of the EU. Read more about London – Frankfurt rivalry in our Archive.
FAO: The “great weather” remark is absolutely brilliant.
Jon Evans – TechCrunch
There’s a weird feeling afoot these days, in the Valley, and in San Francisco. Across the rest of the world — Denver, Santiago, Toronto, Berlin, “Silicon Glen,” “Silicon Alley,” “Silicon Roundabout“, Station F — it seems every city still wants to be a startup hub, dreaming of becoming “the new Silicon Valley.” But in the Valley itself? Here it feels like the golden age of the startup is already over.
FAO: Today’s must-read. It would be nice to have YOUR opinion on this topic too. If you think your thoughts can make a difference – please contact us here.
Nada Al Rifai – Zawya
Abu Dhabi Financial Group announced plans to set up a $100 mln fund for financing start-ups at an event inaugurating Krypto Labs – a new business incubator and accelerator at Masdar City in Abu Dhabi.
FAO: Welcome to the “Arab Valley”…(as a completion of the above startup hubs list…) You have probably observed the resources UAE has allocated to fintech and blockchain lately.
Ben Chapman – Independent
A boom in new fintech innovations saw UK financial services firms register a record number of trade marks in 2016, according to research. Companies in the sector registered 4,228 trade marks last year, up from 3,141 in 2011, professional services firm, RPC, found.
Newly created fintech ecosystem builder Nordic Fintech Hub, a spin-off from Stockholm Fintech Hub, has big plans for the Nordics and announced its expansion into Finland via a partnership with Helsinki Fintech Farm.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News