by Florin Oprea
Brazilian startup Nubank said it would expand from credit cards into digital accounts allowing users to make transfers, pay bills and earn more interest than average savings account, beefing up its challenge to traditional banks.
FAO: Total funding in Nubank reached $377m. Among its backers: Goldman Sachs, Tiger Global Management, Sequoia Capital. You may have observed a lot of buzz in Latin America’s fintech lately. Try our Archive.
Tanya Andreasyan – Banking Technology
ING Ventures has €300 million to pump into fintech companies.
FAO: Good! Let money circulate!
Maria Terekhova – Business Insider
Fannie Mae announced three new features on 1 Day Certainty platform (Editor’s note: launched last year), including Single Source Validation, which will allow mortgage lenders to underwrite applicants more quickly and accurately.
FAO: Fannie Mae is using Yodlee’s Risk Insight Solutions technology, FormFree’s AccountChek software, API platform Plaid, while the Single Source Validation is being trialed in collaboration with alternative lenders including Quicken Loans.
Samuel Agini – Financial News
Shanny Basar – Markets Media
Mazy Dar, CEO & cofounder of OpenFin, has aims for every application to run on the operating system for financial desktops as the firm expands with a senior hire in Europe.
The firm has hired Adam Toms, former CEO of broker Instinet Europe, as CEO of Europe.
FAO: NY-based OpenFin has raised more than $25m until now. Latest round, in February this year, was led by Euclid Opportunities and, not a big surprise, JPMorgan.
Fidor signed a partnership agreement with Eight Inc., the strategic design and innovation firm renowned for bringing transformative innovation to leading brands. The partnership will see Eight Inc. and Fidor jointly designing the customer experience for Fidor’s digital, community-based marketplace for financial services.
FAO: Fidor Bank was acquired by France’s Groupe BPCE in August last year.
Nathaniel Popper – The New York Times
Twitter may be President Trump’s favorite platform, but Square, a payments company also run by Jack Dorsey, has had more success in recent quarters.
FAO: NYSE:SQ had its IPO almost two years ago, when it raised $243m. At that time the company was valued at $2,9B. Its current market cap is 12,6B…not bad! No wonder this guy is a “rock-star”…
Rebecca Smith – City A.M.
The global banking industry is failing to respond to a growing digital threat, that could also be harnessed to ramp up profits, according to McKinsey’s annual banking review.
FAO: In line with the comments of Barclays’s CEO, Jes Staley, who recently said its bank must protect its payments business from Apple, Amazon. I think the big banks are pretty aware of where they are standing and what’s in front of them…so to say.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News