Singapore’s Life.SREDA VC launches a $200 million venture capital fund, named Based on Blockchain or BB Fund. The Fund will invest in fintech and blockchain companies by acquiring and holding equity and/or tokens. The BB Fund is targeting a minimum of $50 million for the first closure in Q4 2017 from a limited number of accredited investors; with a hard cap of $200 million. (more…)
What would your reaction be if you wanted to get a loan and your bank asks to go through your Facebook profile? In China, this is already happening on a large scale, but it’s not banks that are doing the rating—it’s the country’s burgeoning fintech companies. And it’s not Facebook they are looking at—its social platform WeChat and shopping website Taobao. (more…)
By David Penn for Finovate
Brazilian fintech Nubank announced this week that the company will begin offering digital accounts in addition to its credit card business. The move will provide access to billpay, account-to-account transfers, and the ability to earn more in interest than is available with a regular savings account. “Our real revolution begins today,” Nubank founder and CEO David Velez said. “Now we are offering services to 100 percent of Brazilians.” (more…)
Chinese fintech and Alibaba-affiliated Ant Financial revealed this week it is putting its Initial Public Offering (IPO) plans on hold and is now focused on investing in more startups and artificial intelligence (AI). The news of Ant Financial’s plans comes less than a year after the company announced its acquisition of MoneyGram (NASDAQ: MGI), a Dallas-based money transfer service, for $880 million. Ant Financial secured $4.5 billion from private investors in April 2016 and earlier this year, the company reportedly sought to raise $3 billion to help fuel its global expansion. (more…)
Insurdata, London-based insurtech firm that intelligently captures, enhances, scores and transfers high-resolution, peril-specific exposure and risk data, announced this week it has raised more than $1 million in seed financing from investors including Menlo Ventures, Anthemis Baloise Strategic Ventures and Plug and Play.
McKinsey recently published a report on the global banking industry. While stating the financial recovery has helped old finance regain their footing the future is not quite so clear. According to the authors; (more…)
The amount of money raised by start-ups via initial coin offerings (ICOs) rose again in October, as more businesses embraced the controversial crowdfunding model. (more…)
SEATTLE–(BUSINESS WIRE)–Oct. 26, 2017– Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its third quarter ended September 30, 2017.
Operating cash flow increased 14% to $17.1 billion for the trailing twelve months, compared with $15.0 billion for the trailing twelve months ended September 30, 2016. Free cash flow decreased to $8.1 billion for the trailing twelve months, compared with $9.0 billion for the trailing twelve months ended September 30, 2016. Free cash flow less lease principal repayments decreased to $3.5 billion for the trailing twelve months, compared with $5.3 billion for the trailing twelve months ended September 30, 2016. Free cash flow less finance lease principal repayments and assets acquired under capital leases decreased to an outflow of $1.0 billion for the trailing twelve months, compared with an inflow of $3.8 billion for the trailing twelve months ended September 30, 2016. (more…)
By Kaya Johnson for FintechRanking.com
The times when Bitcoin was only used for bogus transactions and it was all surrounded by a mist of mystery and uncertainty are long gone. The cryptocurrency gathers more and more adepts as days go by, however, not everyone is so thrilled about it. (more…)
By Allen Miller from Matrix Partners
Earlier this week I attended Money2020 in Las Vegas. In just over 5 years, Money2020 has become the leading industry conference for everything to do with FinTech. It’s a jam-packed but valuable 4 days of expert panels, startup pitches, networking events and keynotes from industry leaders. I was there for just under 24 hours, which meant the experience was even more of a blur. This post is my attempt to capture twelve of the biggest learnings from the conference. (more…)
DBS Bank today announced the launch of the DBS Corporate Multi-Currency Account (Corporate MCA) to help businesses transact and manage up to 13 currencies in separate e-wallets all maintained in one single account. (more…)
By Jack Ellis for Tech in Asia
Kuala Lumpur-based fintech startup Jirnexu today announced that it has raised US$2 million in pre-series B funding. Japanese financial services company SBI Group led the investment, with existing backers Celebes Artha Ventura from Indoensia and Cento Ventures from Singapore also taking part. (more…)
Credit service and financial wellness company Credit Sesame has raised more than $42 million in funding. Featuring new and existing investors such as Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital, and SF Capital, the combined equity ($26.6 million) and venture debt ($15.5 million) financing will take Credit Sesame’s total capital to more than $77 million. The funding will help speed Credit Sesame’s growth, enable the company to hire more than 100 new employees over the next 12 months, and “advance its analytics, robo advisor and machine learning technologies.” (more…)
Kabbage Inc., a global financial services, tech and data platform serving small businesses, and ING, a leading global bank, are expanding their strategic partnership into France and Italy to provide small businesses with real-time access to working capital. Building on ING’s successful launch in Spain with the Kabbage PlatformTM, this partnership will allow millions of small businesses throughout France and Italy to easily apply, qualify and access ongoing lines of credit up to €100,000 with ING in under 10 minutes. (more…)
By Samantha Hurst for Crowdfund Insider
Lendified, a Canada-based lender who provides small business loans online has entered into an agreement with ClearFlow Commercial Finance to increase its lending capacity. According to the lending platform, through the agreement, ClearFlow is providing it with a $60 million credit facility to fund loans delivered through its website. (more…)
Credit Sesame, a personalized credit service and financial wellness company, announced on Wednesday it secured $42 million in equity and venture debt funding. According to the fintech startup, the funding comes from existing and new investors including Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital, SF Capital, among others, along with a strategic investor. (more…)
- The stock is traded on the NYSE under the ticker symbol QD.
- The Chinese fintech company is backed by Alibaba and posted a 2016 net income of $85 million.
- Shares priced at $24 in the $900 million IPO and opened at $34.35.
By Tomasz Tunguz from Redpoint Ventures for his blog
Last week, I participated in two discussions about the changes in the SaaS world. I believe they are fundamental. The most important force shaping the industry today is competition. The level of competition in many core SaaS segments is intense. (more…)
By John Mannes for Techcrunch
The large number of new venture capital funds may hint at broader structural changes in the startup ecosystem, but for the young and eager partners at the helm of many of these funds, all the rush of money means is more competition. (more…)
By David Krejca for Seeking Alpha
JD.com is a rapidly growing Chinese e-commerce business which has underperformed compared to its peers.
This might change soon and the company is expected to turn profitable this year and trades at an extremely low price-to-sales multiple.
My valuation model suggests that JD’s shares could appreciate by as much as 70 percent annually over the next three years.
By Benedict Evans from A16Z
We all know, I think, that there are now far more smartphones than PCs, and we all know that there are far more people online now than there used to be, and we also, I think, mostly know that big tech companies today are much bigger than the big tech companies of the past. It’s useful, though, to put some real numbers on that, and to get a sense of use how much the scale has changed, and what that means.
PayPal has partnered with Kiva to help provide loans to entrepreneurs. This is the second time PayPal and Kiva have empowered PayPal users to provide loans while receiving a Kiva credit. Last year the campaign say more than 10,000 PayPal customers and employees make loans to entrepreneurs around the world. This year, PayPal would like to see that number climb higher. (more…)
By Samantha Hurst for Crowdfund Insider
Lenddo announced on Tuesday it has formed a new partnership with Entrepreneurial Finance Lab (EFL). The companies also reported they are working together to provide a suite of credit scoring and identity verification products to more than 20 emerging markets. Lenders will be able to use the duo’s platform to provide individuals globally with unprecedented, affordable access to convenient financial products. (more…)