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FinTech Daily News – Soft launch Edition #9, 01.06.2017

FinTech Daily News

by Florin Oprea

Edition #9, 01.06.2017

Deals, Investments & M&As

Canadian Fintech Wave Raises $24M From RBC and Other Investors

Neil Ainger – CNBC

Wave, a Canadian fintech firm that offers financial management software to small businesses, has received $23.8 million in capital from investors including the Royal Bank of Canada (RBC), Exhibition Capital and National Australia Bank (NAB).

Other investors in Wave include Portag3 and PowerCorp, who joined existing backers Social Capital, BDC Capital, CRV, Omers Ventures, Harbourvest and OurCrowd in this strategic fundraising round.

FAO: Toronto-base Wave provides free accounting, invoicing, affordable credit card processing (payments) and payroll.

KPMG Acquires FinTech Matching Platform Matchi

Consultancy.uk

KPMG has acquired fintech and financial services matching platform Matchi. The deal, completed for an undisclosed fee, sees the Big Four consultancy and the platform cement a relationship between their two firms which has been active since 2015.

A $200M Bet On Brazilian Tech Start-Ups Amid Political Upheaval

Vinod Sreeharshamay – NY Times

The Latin American venture capital firm Kaszek Ventures has raised a $200 million fund, its largest, a major vote of confidence for internet start-ups in Brazil amid the political upheaval there.

The new fund, which the firm is expected to announce this week, is about 48% larger than the firm’s second and most recent fund, which was $135 million and was marketed in late 2013.

FAO: One of Kaszek’s recent investments was part of a $19m Series B funding round in Creditas, a digital lending platform focused on secured lending, headquartered in São Paulo, Brazil. Other investors  in the same round: Redpoint eventures, Quona Capital, QED Investors, Naspers, International Finance Corporation.   

Fintech Emerging As Group’s Bright Spark

Nyree Stewart – FT Adviser

Absolute return funds have commanded significant investor interest in recent months – unsurprisingly given the continued focus on caution.

Payments

NIBC Invests In Fintech Ebury

FTSE Global Markets

NIBC Bank has acquired a strategic stake in the fast growing fintech company Ebury; the investment is the basis of a strategic partnership as NIBC extends its cross-border service set.

Ebury is one of the fastest growing fintech companies globally, employing over 500 staff, with offices in 10 European countries, focusing on corporate cross-border (FX) payments and growth lending. This transaction will support Ebury in continuing its successful growth path in the Netherlands and across Europe.

Lending

SME Lender Celebrates $50M Milestone

Miklos Bolza – Australian Broker

Global small business lender Spotcap has now provided more than $50m in credit to local SMEs as it celebrates its second year of operating in Australia.

FAO: Spotcap offers funding solutions to SMEs in Spain, the Netherlands, the UK and Australia. It was founded by Jens Woloszczak in 2014 and it is headquartered in Berlin.

Insurance

China’s Zhong An Aims To Raise At Least $1B In Hong Kong IPO

Julie Zhu – Reuters

Zhong An Online Property and Casualty Insurance, China’s first online-only insurer, has resumed a plan to raise $1 billion or more in a Hong Kong IPO in H2 of this year, said two people with knowledge of the matter.

Zhong An, whose major shareholders include Tencent Holdings and Alibaba Group affiliate Ant Financial, plans to apply for listing in the coming weeks.

Retail banking

The Future Of Personal, Open Banking

Jason O’Shaughnessy (VP of international markets at Envestnet) – CITY A.M.

The current state of personal banking is all about the consumer – and financial institutions are responding by incorporating new personalised and predictive financial technologies that require consumers’ unfettered access to their financial data. As more banks follow suit, the question becomes: how do they differentiate themselves in the world of open banking to help consumers achieve their desired financial outcomes?

Banks Now Bank On Fintech Companies For More Customers

Mugdha Variyar – The Economic Times

RBL Bank, which has partnerships with more than 90 startups, has been able to acquire 30% of its total 2.8 million customers through these tieups.

FAO: We had some interesting articles on banks vs. fintech last week, here and here.

FinTech People

via Reuters – NEX group says CFO Stuart Bridges stepped down. Samantha Wren has assumed the role of Group CFO.

Regulation

Fintech Goes To Washington: Regulators, Financial Firms Discuss Wave Of Future

Maria Gotsch & Robert Gach – The Hill

As fintech startups enhance collaboration with traditional financial institutions to diversify and modernize financial services, a better understanding of how the regulatory environment impacts a company’s operations is becoming increasingly critical.

Point of View: Regulating The Fintech Revolution

Anthony Zeoli – Crowdfund Insider

With the litany of new Fintech startups and existing Fintech businesses, and even Fintech specific incubators and accelerators popping up, the Fintech revolution is clearly in full effect.

Accelerators & Hubs

What’s Better Than Targeting Fintech Startups? (sub)

Joe Cahill – Crain’s Chicago Business

FAO: An article following Lynne Marek’s question earlier this week

A Must-Do List for Mideast’s Fintech Businesses

Will Anderson – Gulf News

The UAE is working to be a leader in this sector, as earlier this year the Dubai International Financial Centre (DIFC) announced its DIFC FinTech Hive. The Abu Dhabi Global Market and the Monetary Authority of Singapore announced a MoU to develop a bilateral framework to assist fintech industry players.

FAO: Last week Dubai FSA announced the launch of the Innovation Testing License for fintech companies.

Brokerage Firms Hunt For Fintech In Early-Stage Development

Liz Skinner – Investment News

Edward Jones and Wells Fargo invest in tech start-ups to find technology before competitors.

Singapore’s TechSkills Accelerator Partners with DBS Bank on Fintech Skills

JD Alois – Crowdfund Insider

Other news

The Billionaire Founders Of Klarna & Daniel Wellington Announced A New Tech Fund

Tom Turula – Business Insider

Some of Sweden’s most prominent tech stars have set up a SEK 300 million ($34m) fund, in order to support social impact startups, Di Digital reports.