by Florin Oprea
Tanu Pandey – Deal Street Asia (subscription)
Singapore-based fintech startup soCash has raised an undisclosed amount in a Series A round of funding from Singapore state investment firm Temasek Holdings‘ venture capital arm, Vertex Ventures. The investment will be used to scale the startup’s operations and to expand its team.
FAO: What we do know is that soCash has raised $1m from its two previous funding rounds.
Gregory Dy – Finance.co.uk.
Draper Esprit announced that it had acquired first and second funds of Seedcamp for £17.9m. Seedcamp funds 1 and 2 include a stake in Transferwise.
FAO: London-based PE firm Draper Esprit has a history of 106 investments since its founding year – 2016. They were quite busy actually! The above acquisition was expected, as it was already discussed last month.
Jemima Kelly – Reuters
Fintech firm R3 and 22 of the world’s biggest banks have together developed an international payments system that would allow existing central bank currencies and any new digital ones to be transacted via the blockchain.
DNT: Great. As we said several times, the development of payment systems can no longer be imagined without blockchain. This is a living proof.
FAO: Game on! R3 vs. Ripple! If you don’t get it, read Blockchain Daily News!
Gregory Dy – Finance.co.uk
The two founders of start-up foreign exchange service TransferWise are reported to be preparing a sale of some of their shares in a further round of fundraising that could see the company’s valuation exceed $1.6bn (£1.2 b), consolidating its unicorn status.
FAO: Taavet Hinrikus and Kristo Kaarmann are going to sell parts of their 40% stake in the company; this was also speculated earlier this year, in September (reported here).
Bien Perez, Josh Ye – SCMP
Alipay and WeChat Pay, China’s two dominant mobile payment platforms, are ratcheting up their expansion plans through separate initiatives that will allow taxis outside the mainland to accept digital payments from Chinese travellers using these services.
FAO: And there are armies of them…Chinese travellers….
Iain Withers – The Telegraph
Fast-growing fintech company MarketInvoice is launching a business lending service, after advancing over £1.6bn to UK firms through invoice finance over the past six years.
FAO: Business lending is thriving in Europe. Recently Kabbage and ING said they were expanding their partnership into France and Italy to provide automated small business lending.
Frank Chaparro – Business Insider (subscription)
Acorns has amassed 2.2 million investment accounts in about five years
FAO: An interesting interview with Noah Kerner, Acorns’ CEO. Earlier this year the company struck a win-win deal with Clarity Money, personal finance app with 450,000 users.
Nellie S. Huang – Chicago Tribune
These days, there’s an adviser for almost everyone, which means you should only pay for what you need. Defining the services you need will help guide you to choosing the adviser that’s right for you. If, for example, you decide that you primarily need advice about your investment portfolio, a robo-adviser might do the trick.
FAO: It’s robo-advisers’ year. Check out our Archive to see what a great year robos had.
As banks and other financial institutions grapple with the costs and complexities of mission-critical regulatory requirements, the RegTech 100 was produced to identify the 100 innovative companies that every financial institution needs to know about in 2018.
Touting itself as the world’s largest fintech hub, Singapore’s Lattice80 has drawn admirers including Switzerland’s finance minister. Now, cracks are emerging in the venture, which is backed by the city-state’s regulator.
DNT: Yeah, there is some stirring around Lattice 80 these days …Upgrade your information on this pretty hot topic: read our previous edition!
Daniel Wesley – Forbes
When you think of tech, chances are Silicon Valley pops into your mind. But for entrepreneurs just starting out, moving to California is likely out of the question for financial or personal reasons. But founding a startup in a small or unexpected city might lead to even greater success than you would attain in a tech hub.
Sijia Jiang – Reuters
China’s biggest facial recognition firm Megvii, more commonly known as Face++, has raised $460 million in a fresh round of financing, drawing investment from a Chinese state fund, Ant Financial and Foxconn Technology.
FAO: Nothing surprising really as earlier this year Ant Financial teamed up with KFC in the city of Hangzhou to debut its “smile to pay” service – more here in this CNBC report.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News