The current state of Banking-as-a-Service (BaaS) industry.
By Karen Mok for TechinAsia.com
Stripe is one of the most beloved startups in Silicon Valley. Stripe has been a definitive success in the US, but it’s looking beyond those borders in its next phase of growth. Asia is a clear contender – it has about half of the world’s smartphone users and is predicted to see the fastest e-commerce growth in the world in the years to come.
By Erin Hobey for Crowdfundinsider.com
Almost one third of Americans are likely to be using a technology provider and not a bank for the majority of their financial services activity in just five years time, according to a new report launched by TransferWise, the peer-to-peer international money transfer platform. (more…)
E27: Meet the first 8 startups chosen for InspirAsia – Life.SREDA’s fintech post-accelerating programme: Softpay (Vietnam), Mobikon (Singapore), Rev (Malaysia), StoreHub (Malaysia), HotTab (Vietnam), Ayannah (Philippines), HomePay (Singapore), TIDE (Malaysia). Singapore-based fintech venture capital firm, Life.SREDA, has announced eight startups selected for its InspirAsia accelerator programme. Each startup that joins the VC fund’s 30-180-day pre-series A accelerator programme, which kicks off in September, will receive between $50,000 and $500,000 in funding, depending on the stage of the startup, in return for 5% to 15% equity, besides $250,000 in support services. At the end of the programme, the fund can decide on additional funding or bridge fundraising from other VCs from its network. (more…)
Bloomberg: Square, the mobile-payments company founded and led by Jack Dorsey, the interim CEO of Twitter, filed confidentially for an IPO, people with knowledge of the matter said. Square has been working with Goldman Sachs Group, Morgan Stanley and JPMorgan Chase on the IPO, said the people, who asked not to be identified because the process is private. (more…)
TECHINASIA: Vladislav Solodkiy, Life.SREDA VC: It has been almost 2 months since I relocated to Singapore. During this time I saw about 100 fintech projects at different stages. My last article was dedicated to 5 most promising mPOS-acquiring startups, and now I’d like to introduce 15 more projects. (more…)
TechInAsia: Vladislav Solodkiy, Life.SREDA VC: Last week Jack Dorsey, co-founder and CEO of Square, the world’s third largest fin-tech company by market capitalisation, also took a role of iCEO at Twitter. On top of that, a new wave of rumours about the company to go public by the end of this year hit the media. What do the Asian markets have to offer in respond to this? (more…)
TECHINASIA: Recently landed in Singapore, Russian venture capital Life.Sreda today announced it has hired Huawei’s former global head of operations and COO of cloud business Victor Chow as CEO of its InspirAsia startup accelerator. From his new position, he will be overseeing accelerator development and the launch of the acceleration program. (more…)
CIO ASIA: In early May this year, Russian fintech Venture capital firm, Life.SREDA VC, moved its operations to Singapore from Moscow. To mark this move and to announce the launch of an accelerator, InpirAsia, the company invited the internationally-renowned expert in financial services Reggy de Feniks. (more…)
THE FINANSER: I’ve been involved in Brett King’s new venture, Moven, since its inception and was pleased to see the new renovated version won Best in Show at Finovate yesterday in San Jose. In a key announcement, Moven has partnered with Accenture to roll out their capabilities worldwide and, in what many are referring to as Bank 4.o, demonstrated key new features including links to the Apple Watch and a feature called Impulse that locks up your money unless you explicitly unlock it. (more…)
E27.CO: Russian venture capital firm Life.SREDA, which e27 exclusively reported is to open its own fin-tech accelerator InspirAsia in Singapore this year, has just shared more juicy goodness: it plans to invest the remaining US$80 million to US$90 million of its second fund into promising fin-tech startups across Asia Pacific over the next six months. Vladislav Solodkiy, the firm’s Managing Partner, said he expects the remainder of the fund to be invested in between 20 to 30 startups at rounds of between US$1 million and US$10 million depending on the stage of the company. (more…)
LifePay has launched 2 new products in its line: online acquiring and SME-lending for working capital (in a month they are launching POS-lending – when entrepreneurs sell their goods and services on credit – this model is used by FinanceIt) (more…)
FOREXMAGNATES: Optimal Payments Plc (LSE: OPAY), the group behind the popular NETELLER payment solution, has just revealed it would buy rival Skrill Group (Sentinel Topco Ltd) for a sum of about 1.1 billion euros in order to expand its online services. Skrill is one of the largest online pre-paid cards providers in Europe with its paysafecard brand. Its shareholders include CVC Capital’s Sentinel Group Holdings SA, Investcorp Technology Partners and others. Back in August 2013, CVC acquired a controlling stake in Skrill for €600m from Bahrain-based Investcorp.
DEALSTREETASIA: Russia’s economic slump is set to boost the fledgling financial services technology (Fintech) startup ecosystem in Singapore and South East Asia. Moscow-based venture capital firm Life.SREDA, that focuses exclusively on investments in Fintech mobile and internet projects, is pivoting to Asia, and moving its corporate headquarters to Singapore, executives aware of the developments told DEALSTREETASIA. (more…)
DEALSTREETASIA: Asia joined the world’s most funded regions for the fintech industry in 2014, with startups in this space raising total of $797 million, a report said. This growth was triggered mainly by fintech investments in China, and on a global level, fintech startups have raised about $6.8 billion during this period, according to data compiled by Life.SREDA, a venture capital firm headed in Russia.
WIRED UK: The government has announced its intention to apply anti-money laundering regulation to digital currency exchanges in the UK. It is hoped that regulation will not only prevent criminal use of digital currencies, such as Bitcoin, but support innovation. Regulation would be intended to ensure the environment was ready to allow digital currencies to flourish, while at the same time discouraging those who wanted to use digital currencies for illicit reasons.
TECHCRUNCH: When you chat with friends about settling debts or splitting the bill, Facebook doesn’t want you to have to open another app like PayPal or Venmo to send them money. So today it unveiled a new payments feature for Facebook Messenger that lets you connect your Visa or Mastercard debit card and tap a “$” button to send friends money on iOS, Android, and desktop with zero fees. Facebook Messenger payments will roll out first in the U.S. over the coming months.