FinTech Daily News – Edition 89, 07.11.2017
November 7, 2017
FinTech Daily News – Edition 91, 09.11.2017
November 9, 2017

FinTech Daily News – Edition 90, 08.11.2017

FinTech Daily News

by Florin Oprea

Edition 90, 08.11.2017

Deals, Investments & M&As

Global Fintech Investment Remains Robust On Back Of Strong VC funding: KPMG Pulse Of Fintech Report

Newswire

Total global fintech funding continues to remain strong, with US$8.2 billion invested in Q3’17, after more than doubling to US$9.3 billion in Q2, according to the KPMG Pulse of Fintech report. Although deal volume declined, Q3’17 investment stood well above the US$6.3 billion raised in Q3’16.

FAO: Nice looking stats. US is the leader in Q3’17, with US$5 billion invested in fintech. Insurtech investments are set to reach record highs by end 2017, as surely ZhongAn’s HK IPO will have a great influence in the annual numbers.  

SelfWealth Launches $7.5m IPO

Alex Burke – Financial Standard

A fintech business offering a commission-free flat-fee ASX brokerage service has opened its IPO aiming to raise up to $7.5 million. SelfWealth will issue 37.5 million shares at 20c per share and anticipates market capitalisation of about $26.1 million.

FAO: Prior to the IPO the Aussies have raised $4.3m in a funding round led by Pitt Capital.

Jack Ma Says No Ant Financial IPO Anytime Soon

Steven Millward – Tech In Asia

Jack Ma has put a halt to years of rumors about an imminent IPO for Alibaba’s payments arm, Ant Financial. The billionaire Alibaba founder said that there’s no timeline for when Ant Financial will list, and they will only consider the IPO route – ie: the possibility of going ahead with it – two years later.

FAO: So “General Ma” drew a line and prioritized his actions. First up: more investments in everything from startups to AI, as they announced last month. Interesting!

Payments

TransferWise Accelerates APAC Plans

David  Swan – The Australian

DNT: The short-term target: India.

FAO: …and they already have regional offices in Sydney, Tokyo and Singapore. The company’s recent money “intake” will be used on an APAC expansion, among other things. The latest funding round (reported here), a $280m Series E round, was led by Old Mutual Global Investors and IVP.  

Insurance

Hong Kong’s Hottest IPO In 10 Years Just Turned Supernova

Laura He  – SCMP

China Literature, the country’s largest online publishing and e-book website, has priced its IPO at the top end of a price range, as investors overbought its shares by more than 600 times in the hope of getting in early on what could turn into another internet star like its parent Tencent Holdings.

FAO: A comparison with ZhongAn’s HK IPO.

Wealth & Personal Finance

Acorns To Launch New Retirement Accounts After Buying Portland Fintech Startup, Vault

Jonathan Shieber – TechCrunch

Micro-investment service, Acorns, which automatically invests small amounts from its customers’ bank accounts into investment funds, has bought Vault, a Portland-based developer of retirement fund investment services. Vault’s application lets its users set aside part of their paychecks into retirement funds.

Retail banking

Revolut Becomes Latest UK Fintech Firm To Seek Banking License

Emma Rumney – Reuters

Revolut said it has applied for a European banking license, as it bids to join a growing number of digital-only banks looking to win away customers from larger, traditional lenders.

FAO: The company is growing rapidly, as it managed to sign 16,000 companies to its business accounts in a few months – more here.

Stripe Joins $93 Million Investment In U.K. Banking Startup Monzo

Paul Sawers – Venture Beat

Monzo has raised £71 million ($93 million) in a round of funding from Stripe, Goodwater Capital, Sequoia’s Michael Moritz, Passion Capital, Thrive Capital, and Orange Digital Ventures. This latest tranche takes the company’s total funding to £106 million ($140 million) and values the London-based startup at £280 million ($366 million).

A London Startup Has Managed To Make Banking Cool Among Hipsters

John Detrixhe – Quartz

Monzo’s popularity is something established financial firms should envy, even if it remains to be seen whether fintech startups will ever rival the big banks. The company, which says it’s aiming for 1 billion customers, so far has about 470,000 users, up from 120,000 some nine months ago.

DNT: Looks like it will be a hursh competition for attracting new customers. N26 announced that it will enter UK market in early 2018 (read more – here) and we saw yesterday Facebook plans for P2P payments via Messenger. This can only bring progress.

Oh, speaking about N26 plans, read the next story too…

Mobile Bank N26 Sees Customers Tripling Within Two Years-CEO

The New York Times

N26 expects to peel away 5 to 10 percent of retail customers aged 18 to 35 from established banks in its core continental European market in the next two to three years, its chief executive, Valentin Stalf said.

FAO: Curiously Barclays’ CEO, Jes Staley, hasn’t shown his face in public yet, after this amazing set of neo-bank stories…but he will emerge soon…

Singapore Is Coaxing Competing Banks To Collaborate On Fintech

Chanyaporn Chanjaroen, Haslinda Amin & Andrea Tan –  Bloomberg (subscription)

Banks in Singapore that are used to competing against one another are finding ways to collaborate in the fintech sp

DNT: I have the feeling that there’s a solution for everything related to Fintech in Singapore!

FAO: Because the city-state has a vision and a strategy….unlike others…

Cap Markets & Other

Equity Crowdfunding Platform Sharequity Prepares For Launch With Backing Of Fintech Heavyweight Jack Quigley

Dominic Powell – Smart Company

The platform, which was slated for launch recently but has been rescheduled, will be similar to existing services such as Equitise, and will also seek to provide opportunities for investors through traditional routes, not just via crowdfunding.

DNT: Competition here too…Good for investors.

FinTech People

Via Morningstar Former Tesla head of financial services Bill Donnelly hired as CFO by LendUp.

Dick Fuld Makes Quiet Comeback on Wall Street

Ben McLannahan – Financial Times (subscription)

Richard “Dick” Fuld, the man who drove Lehman Brothers to the biggest corporate collapse in history, is making a quiet comeback on Wall Street.  Last summer the former chairman and chief executive of Lehman joined forces with a couple of old associates to launch Matrix Wealth Partners, a New York-based firm focused on providing corporate finance advice to wealthy families.

FAO: Welcome back, Dick!?!

DNT: However, not so quiet if it caught the attention of one of the biggest names in the financial media…

Regulation

Central Bank Wants To Regulate Fintech Like Banking

Zhang Yuzhe, Liu Xiao – Caixin Global (subscription)

Fintech companies, especially the sizable ones, should fall under the same risk assessment framework as banks, China’s central bank said.

FAO: A lot has happened in China’s fintech universe. If you read Blockchain Daily News you already know it…

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News