by Florin Oprea
Alwyn Scott – Reuters
Social Finance discussed a potential sale earlier this year, including with financial services company Charles Schwab, but the talks fell apart over the $8 billion price the online lender sought.
FAO: How about now? What’s its price now, after the mega scandal that saw almost all of its C-suits gone in a few months? The latest funding round valued SoFi at about $4.3b. There’s a long way up to $8b…Try our Archive for more about SoFi’s “hot summer”.
Louise Lucas – Financial Times (subscription)
China Literature, the online reading platform being spun out of Tencent, is raising up to $1.1bn as the country’s tech sector is set for a blockbuster quarter of IPOs.
Speaking of Qudian…
Days after its splashy US IPO, Chinese online loan provider Qudian is undergoing a major crisis as local media has begun questioning the sustainability, validity and morality of their business.
Yoolim Lee – Bloomberg (premium subscription)
Singapore is experiencing a surge in venture capital fundraising, reflecting growing interest in Southeast Asia’s startups.
FAO: Nothing surprising considering the avalanche of fintech news coming from the city-state.
Jeremy Kahn – Bloomberg (premium subscription)
TransferWise is lowering the fees it charges to send money from the U.K..
FAO: Slowly becoming the victim of its own success?
John Adams – PaymentsSource (subscription)
The biggest innovators in payments aren’t necessarily banks, and that’s a problem for JPMorgan Chase, which has such a large client base that every startup sees it as a target.
FAO: Although being very active, especially lately (e.g. Bill.com investment – reported here), JPMorgan still has a long way to adapt its business lines. Jamie doesn’t have to look very far…read the next story.
John Detrixhe – Quartz
Lloyd Blankfein, Wall Street veteran and chief executive of Goldman Sachs, makes a habit of calling up clients, generally the world’s biggest hedge funds and corporations. But now, Blankfein also dials customers who use its online retail-loan service called Marcus: He introduces himself as Goldman Sachs CEO Lloyd Blankfein and asks about their their experiences with the bank’s personal loan product
DNT: How cool is that? In the era of AI we need sometimes personal interaction. Congrats to Mr. Lloyd Blankfein.
FAO: That’s how a CEO should act, after all. Direct feedback is “pure gold” in the banking business. Looks like we will hear more often about “Marcus”’ results. Take a look at the stats Detrixhe has picked up from CB Insights.
ActionIQ, a leading Marketing Activation Platform, announced that the company has raised $30 million in a Series B financing round, with venture capital firm Andreessen Horowitz leading the round. Previous investors, Sequoia Capital and Firstmark Capital also join the round, and Shutterstock came in as a new investor.
Equinix announced a significant expansion of its dedicated, private access to Oracle Cloud Infrastructure to 16 additional Equinix International Business Exchange data centers in North America and Europe.
Lynsey Barber – City A.M.
Investment banking giant JPMorgan is tapping a UK fintech startup to help it delve into its treasure trove of trading data in a rare move for the firm.
FAO: Exactly as I said above. Seems like JPMorgan is awake. Its focus on fintech is higher than ever, thanks to Jamie’s team. Just follow its latest moves – this is when our Archive becomes a very useful tool, don’t you think?
Sarah Perez – TechCrunch
PayPal is beginning the rollout of a new product designed for customers operating larger online marketplaces, like ride-sharing platforms, crowdfunding portals, peer-to-peer e-commerce sites, room rentals platforms, and others. The solution, called simply PayPal for Marketplaces, is designed to be tailored to the business’s needs, based on how much risk they want to manage with regard to their transactions.
FAO: One announcement per day, not bad for PayPal. Today – a B2B oriented move. Yesterday – a partnership with Facebook – thus retail oriented. More important for you to follow, there are several other stories yesterday analyzing Ant Financial’s expansion strategy. This is what a powerful competition is all about.
Via Mondovisione – The FinTech Association of Hong Kong has announced that founding member Syed Musheer Ahmed has been appointed as its Interim General Manager.
Shari Medini – Huffington Post
Sharone Perlstein who is currently working on delivering microfinance services to emerging markets shares how Fintech and microfinance can work to provide more financial inclusion to the unbanked.
Maria Terekhova – Business Insider
In a speech delivered at Georgetown University Keith Noreika, head of the US Office of the Comptroller of the Currency provided updates on the agency’s progress in passing fintech legislation, and US federal regulators’ broader attitudes toward the burgeoning industry. The remarks offered both cause for optimism and for concern.
The Canadian province of Ontario has put together a team of financial services and technology experts to help it build a fintech strategy that boosts growth while protecting consumers.
China Daily – Duan Ting
Traditional banking branches and physical cash will be replaced by fintech, according to legendary investment guru Jim Rogers. The co-founder of the Quantum Fund, who is an unabashed supporter of fintech, said that traditional banks must invest heavily in technology-sector infrastructure development to improve their situation.
DNT: Yeah, this is already happening. Urbanized China is the perfect example.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News