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Money management app Emma announces $600K seed round

By Emma,

London-based Emma Technologies LTD is announcing the closure of a funding round led by Kima Ventures, one of the first investor in Transferwise, and Aglaè Ventures, the early stage fund of the Groupe Arnault, investor in Netflix and Airbnb. (more…)

Banks, Deals, Fintech news

July 12, 2018

Deeper Dive into the Dynamics of the Seed Market

By Tomasz Tunguz for his blog

Earlier this week, I wrote about the collapse in the number of seed investments. I received many questions about the data, all the same. Why is this happening? This is a deeper dive into the data. (more…)

Deals, Fintech news, Global trends

July 9, 2018

Nordea to acquire online banking arm of Norwegian insurer Gjensidige

Nordea is to acquire the online banking arm of Norwegian insurer Gjensidige for EUR578 million in cash. (more…)

Banks, Deals

July 2, 2018

Plastiq raises $27m

By Plastiq

Plastiq, the best way to pay your bills and business expenses by credit card, today announced it has raised $27 million in additional financing from Atlas Venture, Khosla Ventures and Top Tier Capital Partners. (more…)

Deals

May 18, 2018

474

LendingPoint scores $600m financing deal

By LendingPoint,

LendingPoint, the company working to revolutionize access to consumer credit, today announced it has closed an up to $600 million, committed credit facility arranged by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners.

With this new deal, LendingPoint has secured up to $1.1 billion of senior credit financing in less than one year. In September 2017, the company announced it had secured an up to $500 million committed credit facility, also arranged by Guggenheim Securities.

“The sizes, advance rates and interest rates of our credit facilities are a testament to our portfolio’s outstanding performance to date,” said Tom Burnside, co-founder and CEO of LendingPoint.

“This blended interest rate on this most recent facility is exceptionally low — LIBOR plus 467 basis points – and the advance rate is 90%, underscoring that our lenders’ believe that our credit-first, balance-sheet business model works. When we started LendingPoint, we knew that by successfully solving lending for people with credit scores between 580 to 700 – those we call ‘NearPrime’ – we would maintain strong capital markets support. This new Guggenheim facility and its pricing confirms that we’re succeeding.”

LendingPoint uses dozens of APIs to gather thousands of data points on each applicant. It has developed proprietary risk models that allow the company to get a more complete financial picture of the customer and approve more people who otherwise may have been overlooked by traditional FICO results. While the company lends to individuals across the credit-score spectrum, from 580 to 850, it focuses on NearPrime borrowers. LendingPoint processed more than 850,000 applications arising from borrowers requesting more than $9.2 billion in loans during the first quarter of 2018.

The funding announced today is the latest development in LendingPoint’s business that signals its rapid growth, which this financing will continue to fuel. In January 2018, LendingPoint announced it had acquired a point-of-sale (POS) lender’s technology platform. This platform formed the basis of LendingPoint Merchant Solutions, which LendingPoint unveiled in March to provide retailers and service providers — from orthodontists to car mechanics – POS financing.

“Our goal is to make LendingPoint a win-win-win business, meaning we align the interests of all our stakeholders: our borrowers, our merchants and our investors,” said Burnside. “Our portfolio delivers consistent results, and we’re providing loan products to many deserving yet underserved Americans, setting them on a more successful financial path.”

In addition to serving as sole structuring advisor on this credit facility, Guggenheim Securities also served as sole bookrunner. CBIZ MHM is the Administrative Agent. U.S. Bank National Association is the Note Agent and Paying Agent.

LendingPoint’s direct to consumer online loans range from $2,000 to $26,500 with terms of 24 to 48 months. Its point-of-sale loans range from $500 to $15,000, with terms from 12 to 60 months. Since it issued its first loan in 2015, LendingPoint has originated more than 50,000 loans totaling in excess of $500 million.

Deals, Fintech news

May 18, 2018

Banco BNI Partners with Lendrock on Auto Finance

Banco BNI Europa, a digital challenger bank based in Portugal, has partnered with Lendrock in Spain to provide financing to consumers looking to buy a car. Banco BNI said it will invest up to €15 million on this online financing platform that specializes in near prime consumer auto financing. (more…)

Banks, Deals

May 14, 2018

Investment Analysis of Waves

The Waves Platform was founded by Sasha Ivanov, a Russian physicist. Here is some further background on the founder:

Sasha Ivanov graduated from Moscow State University in 2001, having studied in the Theoretical Physics faculty. He undertook further study at Leipzig University in Germany, and took an early interest in electronic currencies. From 2008–09 he was involved in programming bots to trade on the international forex markets, making use of artificial neural networks, later working on trading operations and neural network trading systems for banks. (more…)

Blockchain, Deals, Fintech news

May 7, 2018

Cisco is acquiring business intelligence startup Accompany for $270M

amy-chang-accompany-2-of-5

Cisco  just announced an agreement to acquire Accompany, which uses artificial intelligence to build databases of people and relationships at companies.

(more…)

Deals, Fintech news

May 2, 2018

650

Square to buy website builder Weebly

By Square

Square, Inc. (NYSE: SQ) has entered into a definitive agreement to acquire Weebly. Square will pay a mix of cash and stock of approximately $365 million, which includes Square restricted stock units for Weebly’s founders and employees that will vest over four years subsequent to closing. (more…)

Deals, Hotnews

April 29, 2018

Meniga Receives $3.7 Million to Fuel International Rollout

By Julie Munn,

 

Digital banking and marketing startup Meniga announced it received a $3.7 million (€3 million) investment from Nordic bank Swedbank. This brings the company’s total funding to $27.1 million since it was founded in 2009. (more…)

Banks, Deals

April 29, 2018

CoAssets Enters Into Sale & Purchase Agreement to Sell Interest in Fintech Pte Ltd.

CoAssets Limited (ASX: CA8), an online crowdfunding platform based in Singapore, announced it has entered into a conditional Sale and Purchase Agreement (SPA) to sell the 21.6% interest that it currently owns in Fintech Pte Ltd (FPL) as well as a further 5.4% interest to be acquired within the next month (27% in total) to Atlas Culture Entertainment & Media Investment Limited (ACEMIL).

(more…)

Deals

April 29, 2018

Spotify’s Direct Listing

By Sonali De Rycker & Sameer Gandhi from Accel Partners,

We’d like to offer our congratulations to Daniel Ek, Martin Lorentzon and the entire Spotify team on today’s ground-breaking NYSE listing. Much has already been written about the company’s unconventional path to the public markets, and it does not surprise us that Spotify’s journey has been so unorthodox. Since we first invested almost seven years ago, Daniel and the team have consistently demonstrated a willingness to take the road less traveled in their persistence to realize their vision for the global music industry. This originality and conviction have consistently enabled the company to stand out in a market cluttered with giants, upstarts, and spectacularly failed endeavors. (more…)

Deals, Fintech news

April 23, 2018

1443

Icici Bank launches digital application form for opening current accounts

By ICICI Bank,

ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of a digital application facility on smartphones and tablets, that enables bank officials to open current accounts of self-employed individuals and businesses swiftly in just a few hours, in comparison to an industry average of a few days. (more…)

Banks, Deals, Hotnews

April 20, 2018

574

iZettle sets up e-commerce marketplace for small traders; Qapital raises $30 million

Swedish mPOS outfit iZettle has launched an e-commerce marketplace for small business owners to sell their wares online. (more…)

Deals, Fintech news, Global trends

April 20, 2018

838

Latest Fintech Funding Deals In Singapore

n 2017, Singapore hit US$229.1 million of fintech funding, a record mainly attributed to two of Asia’s ten biggest deals taking place in the city-state in the fourth quarter. The deals are the acquisition of Paynear Solutions by e-commerce startup GoSwiff for US$100 million, and global asset management fintech player Smartkarma’s US$13.5 million Series B funding round. (more…)

Deals, Global trends, InspirAsia

April 16, 2018

1441

Kabbage Quiet as Rumors Grow Over Potential Orchard Acquisition

Bloomberg and other sources are reporting that small business lender Kabbage will acquirelending platform Orchard. The firm, which boasts the support of former Citigroup and Morgan Stanley bosses Vikram Pandit and John Mack, provides information on the marketplace lending industry to Wall Street companies. No terms have been made available and neither Kabbage nor Orchard Platform Markets have commented on the potential acquisition. (more…)

Deals, Global trends, Hotnews

April 16, 2018

Da Vinci Capital invests in Russia’s Global Fintech Solutions

By GFS,

Global Fintech Solutions (GFS), a fintech platform aimed at transferring leading global technologies into emerging markets, raised a new funding round from several funds under the management of Da Vinci Capital and from its the portfolio group, ITI Funds. Investment group Prytek was a co-investor in the investment round. (more…)

Deals, Global trends

April 13, 2018

601

Fidor’s New Partnership Takes Aim at Financial Inclusion

Digital banking services company Fidor has partnered with the International Finance Corporation (IFC) to expand digital banking services in Africa and Latin America. (more…)

Deals, Mobile-first banks

April 12, 2018

JPMorgan Invests in UK Fintech AccessFintech Through Series A Funding Round

AccessFintech, a UK-based fintech firm, announced on Tuesday that JPMorgan has invested in the company through its Series A funding round. AccessFintech also revealed it has joined JPMorgan’s exclusive In-Residence program, which is described as a program designed to assist emerging fintech companies that are looking to solve real-world industry problems and deploy their solutions at an enterprise level. (more…)

Banks, Deals

April 11, 2018

614

Softbank and Alibaba invest $445m in Paytm ecommerce unit

The ecommerce arm of Indian fintech giant Paytm has raised $445 million from Japan’s Softbank and China’s Alibaba. (more…)

Deals, Global trends

April 4, 2018

647

500 Startups takes strategic investment from Abu Dhabi Financial Group

500 Startups,  the U.S.-headquartered VC firm hit by scandal last year after co-founder Dave McClure resigned following allegations of sexual misconduct, has announced an unconventional deal that sees Abu Dhabi Financial Group (ADFG) take a stake in its parent company. (more…)

Deals, Fintech news, Global trends

April 4, 2018

726

HSBC to offer Paypal as global disbursement option for corporate clients

PayPal’s strategy of making deals with big banks is bearing fruit, as HSBC becomes the latest to add the payment method to its global disbursement service for corporate customers. (more…)

Banks, Deals, Fintech news, Global trends

April 2, 2018

521

AI startup vPhrase wins Temenos Innovation Jam Hong Kong

By Temenos,

Temenos (SIX: TEMN), the banking software company, announces that the audience of the Innovation Jam in Hong Kong has voted vPhrase the winner of the fintech competition. (more…)

Banks, Deals

April 2, 2018

665

RBS to acquire book-keeping software firm FreeAgent

Royal Bank of Scotland is to acquire UK accounting software vendor FreeAgent in a deal that values the firm at £53 million. (more…)

Banks, Deals, Fintech news, Global trends, Hotnews

March 29, 2018

680

Ally Financial Set to Open New Innovation Hub in North Carolina

Private equity firm Silver Lake is buying a $500 million stake in personal finance technology outfit Credit Karma from existing investors. (more…)

Deals, Fintech news, Global trends, Hotnews

March 29, 2018

Fintech Startup Canopy Secures $30 Million Through Latest Funding Round Led By New Enterprise Associates

Fintech startup and practice management platform for tax professionals, Canopy, announced on Tuesday it secured $30 million through its latest funding round, totaling $60 million secured to date. The funding round was led by New Enterprise Associates (NEA), with participation from Wells Fargo Strategic Capital, Pelion Ventures, University Growth Fund, and EPIC Ventures. (more…)

Deals, Fintech news

March 28, 2018

581

Seed Fundraising — Term Sheet Problems Part 2 — Boardroom Blues

By Ash Rust, Managing Partner, Sterling Road; Partner @AlchemistAcc.

Most term sheets have a section defining a new structure for your company’s Board. While the board can’t influence the day-to-day operations, they govern who does. It’s imperative you understand how the new board will work and most importantly, who has control. (more…)

Deals

March 28, 2018

574

InsurTech cloud-company Insly raises EUR2.2 million

By Insly,

Insly, a cloud-based insurance platform, announces an investment of € 2.2 million led by Concentric and Black Pearls VC. (more…)

Deals, Insurance

March 26, 2018

750

eToro Raises $100 Million in Series E

In a round led by China Minsheng Financial, social trading network eToro has raised $100 million in new funding. The Series E, which featured participation from SBI Group, Korea Investment Partners, and World Wide Invest, as well, will help the company expand into new markets. The new capital will also help eToro build on its R&D efforts in blockchain technology and asset digitization. eToro’s total capital is now $162 million. (more…)

Deals, Wealth management

March 23, 2018

1119

50 Big Companies that Started with Little or No Money

Joseph Flaherty, Director of Content & Community at HackerNoon 

There’s a widespread belief among founders that venture capital is a precursor to success. It is true that VC is a common denominator of the most successful tech startups, but it isn’t a prerequisite, especially at the early stages. (more…)

Deals, Fintech news, Hotnews

March 23, 2018