Indian fintech company Paytm raises $1.4 billion from Japan’s SoftBank
India’s Paytm said on Thursday it has raised $1.4 billion (£1.07 billion) from Japan’s SoftBank Group in a deal that will help the digital payments startup expand its user base and maintain its lead in Asia’s third-largest economy. SoftBank will also get a board seat in Paytm after the investment, which was made into Paytm parent One97 Communications, according to a statement from the Indian digital payments provider. Paytm announced in February that it has now has over 200 million users of its mobile wallet, which is a popular payment method in India. China’s Alibaba, which counts SoftBank as its biggest investor, already holds a stake in Paytm. To […]
Singapore fintech firm launches ‘first digital platform’ for trade finance assets
An MAS-backed fintech firm, CCRManager Pte Ltd, on Tuesday launched what it says is the first digital platform for the distribution of international trade financing, transactions now handled mainly by phone and email. CCRManager Pte Ltd, which received a grant from the Monetary Authority of Singapore’s Financial Sector Development Fund, is supported by 16 financial institutions, including Bank of China, DBS Bank, Standard Chartered Bank, Mitsubishi UFJ Financial Group, Spain’s BBVA and the commercial insurance arm of Swiss Re. “We believe that in year one, we will have approximately 30 institutions signing up. Our end goal is about 400 institutions by year five,” Tan Kah Chye, CCRManager’s chairman, a former […]
Fintech startup Telr raises $3 mn
Mumbai-based fintech startup Telr has bagged Series-B funding of $3 million from Innovations East, a fund managed by people with experience in marketplaces and online payments. Founded in 2014, Telr is a payment gateway aggregator of multiple payment methods like cards and online banking, offering a set of unified APIs and tools that enable businesses to accept and manage online payments via web, mobile and social media. With growth of over $500 million worth transactions annually, Telr anticipates reaching transactions worth $1 billion transactions per year by the end of 2017. Telr has raised funds from investors in Singapore and the Middle East, including Hatcher and iMena Holdings earlier. Sirish […]
Fintech unicorn Transferwise achieves first profit
U.K. financial technology (fintech) firm Transferwise claimed it has achieved its first operational profit six years after it was founded in London by Chief Executive Taavet Hinrikus and his fellow Estonian Kristo Kaarmann. The global fintech unicorn, which means it is a start-up valued at more than a billion dollars, is a currency exchange that offers a simple user interface and peer-to-peer network that it says matches customers wanting to swap money with each other. This means foreign exchange (FX) rates can be drastically reduced in comparison with bank charges where money is actually moved overseas. Transferwise says it is currently amassing £8 million a month in revenue and is […]
Online lending startup Earnest said to look for a buyer
Earnest Inc., the financial-technology startup backed by venture capital firms including Andreessen Horowitz, is looking for a buyer as the market for peer-to-peer lending matures, and it struggles to raise new funds. The San Francisco-based company, which offers student loan refinancing as well as personal loans, is shopping itself for about $100 million, according to people familiar with the matter. Earnest last raised $75 million in equity and $200 million in debt in 2015, bringing the total to just over $300 million since it was founded in 2013, according to research firm CB Insights. The most recent equity financing was led by Battery Ventures, and the debt was led by […]
Lendy hits £300m investment mark
The slowdown in bank lending prompted by the Brexit vote has helped Lendy hit the £300m investment mark in April, having channelled £50m to property borrowers in the last 100 days alone. With new loans on the peer-to-peer platform often up to five times oversubscribed, the firm was able to add three larger-size loans over the last three months, it told Peer2Peer Finance News. It directed £7.5m to the purchase and redevelopment of a commercial building in Marylebone, £5.7m to the development of a major residential building on Liverpool’s waterfront and £2.4m to the development of a major student accommodation complex in Huddersfield. The firm said it was able to […]
MarketInvoice secures £45m from Banco BNI Europa
UK-based MarketInvoice has signed an agreement with Banco BNI Europa (BNI), which will now provide £45 million annually to fund working capital for SMEs on the platform. MarketInvoice is now the world’s largest peer-to-peer online invoice finance marketplace, having funded over 70,000 invoices worth more than £1.2 billion since its launch in 2011. Today, the UK business has signed an agreement with Banco BNI Europa (BNI), which will now provide £45 million in funding annually on the marketplace to fund working capital for MarketInvoice customers. BNI trialled an investment last year of £28.3 million, which went into funding SMEs on the platform seeking invoice finance. After the success of that […]
Mobile wallets to disrupt UAE payments sector
Get ready for it. The use of mobile wallets as a means of payment will perhaps be the biggest disruption the financial sector in the UAE has ever seen. But old habits die hard. According to UAE Central Bank figures, about 75 per cent of transactions in the country are made in cash. In fact, the UAE has about Dh65.4 billion in cash circulating outside the banking system. “That represents about 7 per cent of the economy,” says Maki Vekinis, CEO of Emirates Digital Wallet, a unique platform established by 16 of the UAE’s leading banks, formally launched at the Seamless Middle East conference in Dubai earlier this month. Developed […]
