FinTech Daily News – Edition 85, 01.11.2017
November 1, 2017
FinTech Daily News – Edition 87, 03.11.2017
November 3, 2017

FinTech Daily News – Edition 86, 02.11.2017

FinTech Daily News

by Florin Oprea

Edition 86, 02.11.2017

Deals, Investments & M&As

Naspers Unit PayU Leads $115m Remitly Investment

Tech Central

Naspers said that its fintech investment division, PayU, is leading a funding round worth up to US$115m (R1.6bn) in Remitly, an independent digital remittance company focused on the North American market.

FAO: Since it was founded, in 2011, Remitly has raised a total of $215m, including the above round.

SGX-Listed Artivision To Buy Fintech Firm MC Payment For Upwards Of $59m

Joji Thomas Philip – Deal Street Asia (subscription)

Singapore-listed Artivision Technologies has agreed to buy local fintech firm MC Payment for a minimum of S$80 million ($59 million), the companies announced, in what will be amongst the largest exit amongst startups in this space in the city-state.

CircleUp Announces CircleUp Growth Partners, A New $125 Million Fund

Business Insider

CircleUp announced CircleUp Growth Partners, a $125 million venture fund power by technology which invests in innovative, early-stage consumer and retail companies. The fund closed at its hard cap and was oversubscribed.

FAO: The latest funding round in the CircleUp itself, a $30m Series C in 2015, was led by Collaborative Fund.

Payments

Stripe Atlas Adds A Tool To Set Up Stock Issues For Founding Teams As It Builds Its Business Services

Ingrid Lunden  – TechCrunch

With “thousands” of entrepreneurs from 125+ countries using Atlas, Stripe is expanding it with a new feature as it hones its focus on being a platform for startup services. Companies that are signed up to Atlas (which costs $500) can now also use it to set up the legal paperwork and issue stock to founding teams.

FAO: Last month Stripe launched its “Elements” service – more here.

Lending

This UK Fintech Is Taking On Big Banks With Business Loans – And One Key EU Law Is Driving It

Ryan Browne – CNBC

A digital invoice finance platform in the U.K. will provide business loans to its customers for the first time. Fintech company MarketInvoice enables businesses to sell their unpaid invoices to provide working capital.

FAO: Discussing MarketInvoice’s steps into business lending. The Brits launched a dedicated service earlier this week. We reported it yesterday.

Wealth & Personal Finance

Activehours Rebrands As Earnin, Takes Aim At Rigid Paychecks

PR Newswire

Activehours, the mobile app that gives people access to their pay directly from their smartphones, whenever they need it, has rebranded as Earnin.

FAO: Activehours activated itself after the $39m investment round it announced in September (reported here). The round was led by Andreessen Horowitz.

Retail banking

Neo-Banks Are Coming: Australia Must Pounce Now, Says Founder Of UK’s Atom Bank

Tony Yoo – Business Insider

The founder of UK startup Atom Bank says Australia is ready for a rise in new fintechs that will challenge the dominance of CBA, Westpac, ANZ and NAB.

FAO: Yip, the whole world is ready for the fintech revolution.

Regulation

Apparent Fed Chair Pick Jay Powell Is Supportive of Fintech, Cautious On Crypto, DLT

JD Alois – Crowdfund Insider

DNT: Some interesting thoughts about disruptive technologies and cryptos from Jerome “Jay” Powell, a current Federal Reserve Governor, the favorite of Trump administration for FED chairman position.

FAO: What will Jay do? Here’s the most important question of the year.

Accelerators & Hubs

Jes Staley: London To Remain Europe’s Financial Centre

Emma Dunkley – Financial Times (subscription)

Jes Staley, the chief executive of Barclays, has reaffirmed the UK bank’s commitment to keeping its capital markets business in London following Brexit, as speculation mounts over the future of the City.

FAO: Staley has been very active lately. He showed up recently to talk about defending the bank’s payments business from the “aggression” of Amazon and Apple.

 

FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News