by Florin Oprea
Zen Soo – SCMP
Hong Kong-based fintech company WeLab said it has raised US$220 million to help advance its credit evaluation technology and to expand beyond Greater China.
FAO: The round was backed by Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC), China Construction Bank (International), and other global banks. Total funding raised by WeLab just reached $425m, not bad for a 4-year-old company…
Steve O’Hear – TechCrunch
Yotpo has closed $51 million in Series D funding. The round was led by Access Industries (ClalTech), with participation from existing backers Bessemer Venture Partners, Marker, Vintage Partners, Blumberg Capital, Rhodium, and 2B Angels, in addition to new investor Vertex Ventures.
FAO: Total funding reaches $101 million. Not a bad week for fintech deals…oh, the whole quarter was strong, as KPMG reported – yesterday.
Matthew Panzarino – TechCrunch
Apple is soft-launching direct, P2P payments in an iMessage with the Apple Pay Cash beta. The feature, which was announced earlier this year, allows you to send and receive cash inside the Messages app on iPhones.
FAO: Finally launched it! A lot buzz in “Payments” these days. Let us remind you some of the latest developments:
– Facebook launched P2P payments via Messenger – the other day
– China-based WeChat and India’s Hike Messenger recently added digital payments to their services
– payments app Transferwise launched a chat service earlier this year
– payments app Paytm also launched a chat – earlier this week
Apple Pay Cash finally launches, and PayPal is launching in India (read the story below). Earlier this year Paypal’s CEO has dismissed Apple’s assault – more here.
How lucky of you to be a Fintech Daily News reader….
DNT: It’s clear, we live in a new era of payments. Direct, simple and with more efficiency. Time is money. Check our Archive for more stories on this topic, involving Facebook, N26, and others.
Malvika Joshi – Live Mint
PayPal launched its domestic operations in India. The firm will now offer payment options to both customers and merchants for domestic transactions.
DNT: Remember, TransferWise has plans for India as well as we reported yesterday.
P2P Platforms Turn To US Markets For Funds
Ren Xiaojin – China Daily
Chinese online lenders are seeking growth opportunities and securing shares in the emerging peer-to-peer lending market by going public in the United States, according to industry experts.
FAO: Yeah baby, the Chinese are coming! As previously discussed, and long expected, after Qudian’s IPO at NYSE. Another P2P platform, Hexindai, recently became the first Chinese fintech company to list on Nasdaq. Oh, but wait! There’s more…read in the “People” section…
Anthony Woolley – Financial News (subscription)
There has already been more than $1bn invested in the UK fintech sector in 2017 and the year is not over yet. But where is the money actually going? There is a received wisdom that innovative fintech companies are disrupting and then disintermediating large incumbent financial institutions. But are they? Is the story that simple?
FAO: Tell that to Barclays’ CEO, Jes Staley, and his fellow bankers.
Ivan Levingston – Bloomberg (subscription)
Online consumer finance platform PPDAI Group is planning an IPO in the U.S. this month, giving co-founder Shaofeng Gu, who owns more than 25% of the business, a net worth of at least $1.3 billion. Ning Tang owns 36% of U.S. listed P2P lending platform Yirendai, giving the founder and CEO a net worth of about $930 million.
FAO: Should they create a “China Section” on NYSE/Nasdaq?
Via Financial Times (subscription) Quantopian’s CIO, Jonathan Larkin, departs as “crowdsourced” hedge fund’s performance disappoints
Chanyaporn Chanjaroen, Andrea Tan & Haslinda Amin – Bloomberg (subscription)
Singapore’s vision and strategy for developing fintech evolving with rapid technological and industry changes, Monetary Authority of Singapore chief Ravi Menon said, as the regulator prepares for its second FinTech Festival next week.
The Canadian province of Ontario is looking to burnish its reputation as a financial innovation hub by setting up a fintech regulatory sandbox and accelerator office.
FAO: Surely won’t do any harm to have it…I reckon this was announced earlier this year.
Sebastien Henin – The National
So far, Frankfurt is attracting the big players. Morgan Stanley, Citigroup, Standard Chartered and Nomura are among those that have chosen to relocate there to access the EU single market.
Having already taken on the business models of banks, stock trading and insurance, the next big opportunity for fintech lies in channelling capital towards critical sustainability challenges.
Lionel Laurent – Bloomberg (subscription)
The Paradise Papers tax leaks point the finger at several multinationals, like Apple Inc. and Nike Inc., arguing that they don’t pay their fair share. The companies insist they’re fully compliant with the law. Despite fist-pounding from politicians and regulators, investors barely blink. Shares remain unmoved.
FAO: Since it was such a buzz on the topic lately, we found this piece which might interest you…
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News