This Week In FinTech – Week of the 2nd October
Quote of The Week:
“The important function of a currency is, it’s a means of payment, it has to be generally accepted, it has to be a store of value and it’s a transaction currency. Bitcoin is only a transaction currency.”
Axel Weber, Chairman of UBS on Bitcoin (Source)
This Week in Numbers:
- £50 million – Valuation for UK-based crowdfunding platform Seedrs
- £40 million – Fundraising round for SalaryFinance led by Legal & General
- 80% – The number of UK consumers unaware of the term ‘FinTech’ (source)
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This Week in The News
FinTech Tinubu Square Receives €53m Investment – FinSMEs
The France-based FinTech Tinubu Square, a provider a trade risk credit solutions has raised money from investors at Long Arc Capital and Bpifrance in order to develop its technology.
UK crowdfunding platform Seedrs hits £50m valuation following £6m raise – UKTN
Seedrs received £6 million through investment made from its platform, supported by £4 million invested by Woodford into Seedrs last month, bringing Seedrs’ total valuation to £40 million.
Japan’s big banks showcase FinTech at Ceatec show – Nikkei
Japan’s megabanks attended the annual Ceatec IT and electronics expo for the first time to show off financial technology from digital currencies to biometric payment authentication.
Hong Kong prepares for a new era of ‘smart banking’ – South China Morning Post
The Hong Kong Monetary Authority this week outlined initiatives which aims to open a new era of smart banking within Hong Kong.
China sees investments in FinTech market grow to $6.4 billion – Consultancy UK
A new report from Oliver Wyman suggests Chinese FinTech investment has boomed in the last year to $6.4 billion supported by a growth in demands.
Bank of Ireland reviews €900m technology plan as new CEO arrives – Irish Times
The new Bank of Ireland chief executive Francesca McDonagh has outlined plans to review its technology scheme.
InsurTech firm PremFina raises $36m from backers including Rakuten Capital – UKTN
The UK software firm PrenFina has raised $36m (£27m) in funding round led by investors led by Rakuten Capital.
InsurTech startup Canopy gets £1.6m to expand across the UK – UKTN
The Direct Line Group funded company Canopy has received £1.6m in funding in order to expand across the UK.
Four more banks join IBM/UBS blockchain trade finance platform – Reuters
A conglomeration of banks including Commerzbank AG, Bank of Montreal, Erste Group Bank and CaixaBank have joined the Batavia platform initiative launched by UBS and IBM.
FinTech awareness is surprisingly low in the UK – Business Insider
Figures from a new report published in the Daily Telegraph suggest that 80% of UK consumers (in a sample of 500) were unfamiliar with ‘FinTech’ as a terminology.
TD Bank opens Israel cybersecurity office; injects AI into mobile app – FinExtra
The Canadian-based Banking Group TD Bank has opened an Isreali cyber security office this week to tap into the security talent in the region.
Voleo and Nasdaq to launch equity trading competition – Banking Technology
Investing platform Voleo has teamed up with the stock exchange Nasdaq to launch its Voleo Equity Trading Competition.
Navient to Buy FinTech Firm Earnest for $155 Million – Wall Street Journal
The US-based student-debt collection company Navient revealed its intentions to purchase the online student lender Earnest.
BlackRock Is in Talks for a Stake in a FinTech Company – Bloomberg
The US-based FinTech Capital Preferences has caught the attention of BlackRock who are now looking to invest in the company.
Roofstock, a marketplace for single-family homes with tenants, just closed on $35 million in new funding – TechCrunch
The online housing investment platform has this week closed a series C funding round of $35 million led by Canvas Ventures.
Bloomberg offers cheaper chat to silence Symphony – Financial Times
The financial information technology company Bloomberg is preparing to unbundle its chat services to counter its rival Symphony.
Seasoned Japanese startup puts FinTech on the map with $500m IPO – Tech In Asia
The Japanese FinTech Money Forward launched its IPO this week by listing on the Mothers Index Futures section of the Tokyo Stock Exchange and is estimated to be worth $500 million.
Former Bundesbank Chief: Bitcoin Doesn’t Meet Full Definition of a Currency – CoinDesk
UBS Chairman Axel Weber has stated that bitcoin doesn’t adhere to the definition of a currency at an event in Zurich this week.
Orange is launching Orange Bank on November 2 – TechCrunch
Telecoms provider Orange announced plans to launch its mobile bank Orange Bank in November after months of delays.
Aviva just made a major investment in fintech startup Wealthify – CNBC
Insurer Aviva has taken a major stake in the FinTech Wealthify as it takes further steps in implementing its digital strategy.
ICOs — the hottest craze in cryptocurrencies — is an ‘absolute scam,’ Wikipedia Founder Jimmy Wales says – CNBC
The Founder of Wikipedia Jimmy Wales has called initial coin offerings (ICOs) an “absolute scam” during an interview with CNBC, stating “people should be very wary of things that are going on in that area”.
CFTC commissioner: plans to seize algo trading source code are ‘D-E-A-D‘ – FinExtra
The controversial plans to seize algorithmic traders’ source code has been killed of according to a statement made by the new Commodity Futures Trading Commission (CFTC) commissioner Brian Quintenz this week.
Digital wealth manager Moneyfarm acquires tech behind fintech chatbot Ernest – TechCrunch
UK based digital wealth manager Moneyfarm has acquired the technology behind personal finance chatbot Ernest.
ZhongAn shares soar nearly 60pc since trading debut last week, pumped up by appetite for ‘sexy’ FinTech – South China Morning Post
The China-based online insurer Zhong-An has risen 60 per cent since is debut in the market last Wednesday due to renewed enthusiasm over FinTech.
Bank of England launches four new FinTech initiatives – Financial News
The Bank of England has unveiled four initiatives for the next phase of its FinTech accelerator today encompassing distributed ledgers, data analysis and machine learning.