Aspire provides SMEs with a 60-day, interest free credit line of up to S$100,000 to solve their working capital needs (more…)
Challenger bank Judo has raised $400 million in the biggest individual private funding round by an Australian start-up, making its founders multimillionaires on paper.
Another day, another mega round for a fintech startup. And this one is mega-mega.
Brazil-based Nubank, which offers a suite of banking and financial services for Brazilian consumers, announced today that it has raised a $400 million Series F round of venture capital led by Woody Marshall of TCV. The growth-stage fund is best known for its investment in Netflix but has also made fintech a high priority, with over $1.5 billion in investments in the space. According to Nubank, the company has now raised $820 million across seven venture rounds.
Katie Roof and Peter Rudegeair of The Wall Street Journal reported this morning that the company secured a valuation above $10 billion, potentially making it one of a short list of startup decacorns. That’s up from the $4 billion valuation we wrote about back in October 2018. (more…)
Another hopeful among Europe’s so-called challenger banks — startups taking on the big names in consumer banking by targeting niche groups of users with a more modern set of tools to manage users’ money — has raised a sizeable round of funding to expand its business.
Atom Bank — which targets mainly millennial-aged consumers (current slogan: “It’s all about you, you, you”) with mobile-first savings accounts and mortgages as well as small business loans — has raised a further £50 million in funding. It’s not disclosing its valuation officially, but sources confirm it’s £530 million (or around $660 million at current rates), up from £450 million previously. (more…)
Fintech startup N26 is raising $170 million a few months after raising $300 million. While it’s technically structured as a new round, the company considers today’s new funding as an extension of the Series D round.
N26 has only reached out to existing investors. All the investors in the Series D round are investing again, as well as a few investors that have been around for a while. So that’s Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital. (more…)
Curve, the London-based “over-the-top banking platform,” has raised $55 million in new funding. The startup lets you consolidate all of your bank cards into a single Curve card and app to make it easier to manage your spending and access other benefits.
Curve’s Series B round is led by Gauss Ventures, the London-HQ’d fintech investor, alongside Creditease, IDC Ventures and previous backer Outward VC (formerly Investec’s INVC fund). A number of other early investors, including Santander InnoVentures, Breega, Seedcamp and Speedinvest also followed on.
The new round of funding values Curve at $250 million (or one-quarter unicorn, so to speak), and will be used by the company to continue adding more features to its platform and for further European expansion. (It also plans to launch in the U.S. in 2020). To date, the company claims 500,000 users and says it is on track to reach 1 million by the end of the year. (more…)
NiYO Solutions, a Benglauru-based neo-banking startup has raised $35 million in a Series B funding round. The round was led by Horizons Ventures and Tencent. While, the company’s existing investor JS Capital also participated in the funding round.
The company plans to use the funding to accelerate the development and rollout of new product offerings. It will also use funds to amplify distribution and marketing. (more…)
P.F.C. (Personal Finance Co.), a so-called “neobank” founded in Sweden, has raised €5 million in funding. Backing the young company is Nordea, the largest bank in the Nordics region.
In other words, chalk this up as another example of an incumbent bank placing financial and strategic bets on a fintech upstart, even if it doesn’t always end as the parties involved planned. (more…)
The new era of tech-enabled banks is coming, even in regulation-heavy Japan. Kyash, a fintech company with visions on becoming Japan’s first challenger bank, said today it has raised $14 million to continue its expansion.
To be clear, Kyash isn’t a bank. Yet. But it is currently applying for a host of licenses in Japan that could allow it to offer banking-style features, including checking accounts, ATM withdrawals and money remittance. Right now, it is a payment app that offers a connected Visa card in the style of Monzo, N26, Revolut (which has a Japan license) and others of that ilk.
The startup was founded in 2015 by Shinichi Takatori, a former banker and management consultant who saw the potential to merge tech and finance. (more…)
Monzo, the fast-growing U.K.-based challenger bank with more than two million account holders, has raised £113 million (~$144m) in additional funding.
Confirming TechCrunch’s scoop in April, the Series F round is led by Y Combinator’s “Continuity” growth fund, and gives the company a new £2 billion (~$2.5b) post-money valuation. That’s double the £1 billion valuation it garnered in October last year. (more…)
Dave, the mobile personal finance app that helps people avoid overdraft fees, is getting into the banking market, announcing the launch of Dave Banking.
It’s the latest challenger bank to launch in the U.S. following on the heels of Monzo of the U.K. last week.
Aimed at the younger generations, Dave Banking helps customers build their credit by automatically reporting everyday payments including rent and utility bills. The service, which costs $120 a year, is free to users who deposit their paycheck into the Dave Banking account. The checking account also provides customers with a $100 no-interest overdraft protection, available regardless of the customer’s current credit score.
In conjunction with the launch of its bank, the Los Angeles startup that counts Mark Cuban as an investor raised $110 million in debt led by Victory Park Capital. Co-founder and chief executive Jason Wilk said the company is in talks with investors about raising more capital at a valuation of close to $1 billion.
via Venture Beat
Online data breaches are on the rise, and it’s no great mystery why. In a recent survey conducted by LastPass, 59% of respondents said they reused passwords across multiple accounts and more than half said they hadn’t changed their password in the past year. About 95% of cybersecurity breaches are attributable to human errors like these, in fact, and malicious hackers are taking full advantage: It’s estimated that there’s a cyberattack every 39 seconds on average.
Bellevue, Washington-based identity-as-a-service startup Auth0 intends to reverse the trend, and it’s raising capital as it acts on its plans. The six-year-old company today announced that it has secured $103 million in series E financing led by Sapphire Ventures, with participation from existing investors Bessemer Venture Partners, K9 Ventures, Trinity Ventures, Meritech Capital, Telstra Ventures, and World Innovation Lab. The cash infusion values Auth0 at $1 billion, and it brings its total capital raised to about $210 million. (more…)
As reported in the Sunday Times yesterday, the U.K. challenger bank is close to raising £100 million in further funding in a new round led by an unnamed U.S. investor. If the deal goes through, it will reportedly give Monzo a pre-money valuation of close to £2 billion, up from £1 billion in October.
Now TechCrunch has learned that the new U.S. backer is Y Combinator. (more…)
Kong announced that it has closed a $43 million round of venture capital to extend the reach of its API automation service.
The San Francisco-based startup is riding the wave of microservices as companies rethink the way they develop applications for cloud-based computing. Kong says adoption of its platform accelerated in 2018 to reach more than 75 million downloads of its open source API platform and deals with 110 enterprise customers. (more…)
Singapore’s Instarem, a fintech startup that helps banks and consumers send money overseas at lower cost, has closed a $41 million Series C financing round to go after global expansion opportunities.
The four-year-old company announced a first close of $20 million last November, and it has now doubled that tally (and a little extra) thanks to an additional capital injection led by Vertex Ventures’ global growth fund and South Korea’ Atinum Investment. Crypto company Ripple, which has partnered with Instarem for its xRapid product, also took part in the round, Instarem CEO Prajit Nanu confirmed to TechCrunch, although he declined to reveal the precise amount invested. More broadly, the round means that Instarem has now raised $59.5 million from investors to date. (more…)
Digital identity startup Passbase has bagged $600,000 in pre-seed funding led by a group of business angel investors from Alphabet, Stanford, Kleiner Perkins and EY, as well as seed fund investment from Chicago-based Upheaval Investments and Seedcamp.
The 2018-founded Silicon Valley-based startup is building what it dubs an “identity engine” to simplify identity verification online.
Passbase offers a set of SDKs to developers to integrate into their service facial recognition, liveness detection, ID authenticity checks and ID information extraction, while also baking in privacy protections that allow individual users to control their own identity data. (more…)
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…)
Nordea is to acquire the online banking arm of Norwegian insurer Gjensidige for EUR578 million in cash. (more…)
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.
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…)
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…)
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…)
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).
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…)
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…)