FinTech

Oct
23

US FinTech West Creek nabs $150 mn from Pollen Street Capital

West Creek, a Virginia-based FinTech firm has raised $150 million from Pollen Street Capital, bringing the company’s total raised capital to $250 million. The company claims a revenue growth of over 4,400% since 2015 and expects to surpass $200 million by the end of 2019. West Creek plans to expand its point-of-sale (PoS) financing offering with the new funds, according to a statement Rajesh Rao, chief financial officer, and chief risk officer at West Creek stated that the company plans to deliver an improved financing experience to its retail partners and customers through a combination of customer support, technology, and data-science-driven credit decisions. Founded in 2014, West Creek helps consumers make […]

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Oct
23

Fintech Revolut to launch in the U.S. by year-end with Mastercard deal

Digital banking app Revolut is set to begin issuing its cards in the United States by the end of this year via a partnership with payments company Mastercard Inc MA.N, the two companies said on Tuesday. The announcement follows a similar deal last month where Mastercard rival Visa Inc V.N partnered with Revolut as part of its global expansion plans. Revolut, one of the world’s fastest-growing bank account providers, aims to undercut established players such as Bank of America BAC.N and JPMorgan Chase JPM.N on everything from foreign exchange to current accounts and remittances. “We’re going to ensure our product is better value for customers, most U.S. banks charge $10 […]

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Oct
23

The recipe behind the UK’s Fintech success

Until now, the UK has been way ahead of the game in terms of fintech innovation. Indeed, the UK is apparently the fifth most innovative country in the world and was named as a leading European tech innovator in KPMG’s Global Technology Innovation report. The fact that we were first to introduce open banking has certainly played a part here but, with less than a month to go until the PSD2 implementation date (and other countries soon to be snapping at our heels), what exactly is behind this success? We believe there are a number of ingredients: Rapidly growing open banking ecosystem – over 135 entities are now approved by […]

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Oct
23

Luge Capital raises $85M to invest in Canadian fintech startups

There are 831 financial technology startups headquartered in or operating in Canada, according to data collected by Fintech Growth Syndicate, yet only a handful of venture capital funds specializing in the region and sector. Luge Capital, a fintech and AI-focused venture capital fund headquartered in Montreal and Toronto, is looking to close that gap. The firm has raised $85 million for its debut fund and plans to make seed investments as small as $150,000 and as large as $2 million. The relatively new outfit, founded in 2018, is led by David Nault, a former vice president at iNovia Capital, and Karim Gillani, who previously led corporate development for Xoom, the […]

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Oct
23

Canada becomes the first country to launch Samsung POS

Today, Samsung Electronics Canada announced that Samsung POS (Point of Sale), a new, NFC-enabled contactless payment acceptance system designed for micro-merchants and small businesses, is now available exclusively in Canada. Samsung POS enables merchants to accept debit and credit payments – up to $100 CDN – by tapping contactless cards, Samsung Pay, Apple Pay, and Google Pay wallets onto Samsung NFC-enabled devices, without the use of dongles, cables or other additional hardware. The Point of Sale solution was engineered in partnership with Mobeewave, a pioneer in contactless mobile card payment acceptance, specifically for micro-merchants and small businesses looking to grow their revenue by accepting card payments. “There is a strong […]

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Oct
22

Utrecht-based Rabo Frontier Ventures invests in UK fintech and banking company Tide

Rabo Frontier Ventures, Utrecht-based strategic investment venture fund, has invested in the mobile business platform Tide in a Series B investment round. This investment round was led by SBI Group and Augment. Notably, the RFV deal was structured through an SPV that is managed by Anthemis Group, a major early-stage investor in Tide and one of the most active fintech investors. Jeroen van Doornik, Partner at RFV, said: This investment in Tide will generate valuable insights regarding innovation and development in SME banking and further allows us to work together with Anthemis and alongside existing investors such as LocalGlobe. The funding will help Tide substantially increase its share of the […]

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Oct
22

Japanese fintech firm Digital Wallet acquires PH’s Speed Money Transfer

Digital Wallet Corporation (DWC), a Japan-based financial technology (fintech) company, announced today that it has acquired remittance and foreign exchange firm Speed Money Transfer Philippines (SMTP) for an undisclosed amount. SMTP, which operates in the Philippines and Australia, will be renamed as Digital Wallet Philippines following the acquisition. The deal and the name change have been approved by the country’s central bank, the Bangko Sentral ng Pilipinas (BSP). DWC’s acquisition of a Philippines-based remittance company comes as Filipinos working abroad remitted $2.88 billion in August, slightly higher than July’s $2.87-billion tally, according to data from the BSP. Of the total remittances in August, about $2.59 billion were sent through banks, […]

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Oct
22

Canadian FinTech firms set sights on the UK

12 Canadian FinTech firms visit Edinburgh and London as part of a trade mission lead by the Department for International Trade. At the London Stock Exchange on October 21, 12 Canadian FinTech companies begin an exciting 5-day trade mission across the UK as they look to set-up operations in the UK market. The trade mission marks another successful year so far for the UK FinTech industry, which recorded a record level of investment into the sector in the first half of the year. The delegation of companies visiting the UK led by the Department for International Trade (DIT), have collectively raised over half a billion dollars in venture capital and […]

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