Trov, the world’s first on-demand insurance platform, closes A$59m Series D funding round
Trov, the technology company revolutionising insurance for the tech-empowered consumer, today announced that it has closed AU$59.44 million (US$45 million) in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over AU$112.28 million (US$85 million). All of Trov’s Series C investors participated in the round (Oak HC/FT, Suncorp Group (ASX:SUN), Guidewire (NYSE: GWRE), and Anthemis). Also participating in the financing is one of Japan’s leading insurers, Sompo Holdings (SOMPO), who will bring Trov to Japan. The new capital will be used to bring Trov’s on-demand insurance capability to more people around the world, expand the categories of items it covers, and accelerate the […]
China’s rapid uptake of mobile payments forcing businesses to adapt
Looking to get rich quickly, two young men travelled across China last month with a plan to rob three convenience stores in the wealthy coastal city of Hangzhou. They bought knives, masks and an electric bike and in the early hours of March 27, set off on their heist, targeting busy downtown areas. But, unfortunately for the robbers, the cash registers were bare. Across the three stores they managed to pilfer less than 1900 yuan ($362), not even enough to pay for their train tickets home. As the frustrated pair now contemplate jail time their tale of woe has become a signpost for the rise of China’s cashless economy and […]
UK looks to strengthen FinTech ties with India
A UK envoy that includes politicians, central bank officials, and prominent FinTech executives are in India to discuss trade relations that will deepen industry ties between the two nations as the UK prepares for the separation from the European Union. A UK-delegation led by Chancellor Philip Hammond that includes Her Majesty’s Treasury FinTech envoy Eileen Burbidge and Bank of England governor Mark Carney along with a number of leaders from banking and financial technology firms are currently in India as a part of a two-day visit as a part of the 9th UK-India Economic and Financial Dialogue (EFD). Hosted by Arun Jaitley, India’s finance minister, the trade envoy will see […]
Europe wants to hear more ideas about Fintech
Europe wants to learn more about fintech and how to develop it. That’s why the European Commission’s Task Force on Financial Technology will seek feedback on fintech from consumers and companies involved in the sector. The effort involves an online survey whose findings will help the commission “create an enabling environment where innovative financial service solutions take off at a brisk pace all over the EU, while ensuring financial stability, financial integrity and safety for consumers, firms and investors alike,” the commission said. The commission’s task force also plans to work with companies on such projects as better ways to confirm the identities of financial customers, and to potentially revise […]
Whatsapp thinking of taking the digital payment service plunge in India
A new job posting on Whatsapp’s official website has made everyone wonder on company’s future intentions with respect to the Indian market. The job posting calls for candidates to apply for Digital Transaction Lead, India who possess in-depth knowledge of Unifies Payments Interface (UPI). This clearly indicates that WhatsApp may have intentions to join the payments service market in India – its top market as far as user base is concerned. Whatsapp, currently has no personnel in India, but if indeed it is going down the route of setting up base in India as a payments service provider as well, we could very well see a WhatsApp office opening in […]
Fintech Down Under
Cameron Dart is the CEO of International FinTech, a hub that connects Australian fintech companies to the rest of the world and vice versa. The company recently opened a London “launch pad” office that helps Australian startups expand globally and links startups in other countries to the Australian market. To help shed light on the state of Australian fintech, Benzinga caught up with Cameron Dart for a Q&A about innovation and how fintech solves problems for Australian users. Q&A With Cameron Dart What’s the general “lay of the land” of Australian fintech? The Australian fintech industry as a whole is in its infancy compared to the United States and the […]
Peer-to-peer lending bosses split on whether to become a bank
UK’s largest peer-to-peer/marketplace lender CEOs outline two very different visions of the future. Funding Circle and Zopa don’t disagree on much. But when it comes to whether or not to launch a bank, CEOs Samir Desai and Jaidev Janardana have reached a divergence point. Both delivered keynote speeches at last week’s AltFi Europe Summit. Desai’s – which was entitled: “To be or not to be a bank” – left the audience in little doubt as to Funding Circle’s intentions. “We at Funding Circle have no plans to launch a bank,” said Desai. He went on to identify the three types of bank collaboration that have sprung up across the marketplace […]
How Singapore is primed to build Fintech Talent
Fintech is a burgeoning industry and leveraging it is a step in the right direction for Singapore to become the world’s first “Smart Nation”—a city-state connected and empowered by technology in all facets of everyday life. Last November, the Monetary Authority of Singapore (MAS) informed the country of its commitment to invest in the fintech sector by staging the Fintech Festival in collaboration with The Association of Banks Singapore. This event saw participation from around 50 countries and more than 10,000 participants. It even saw appearances from Microsoft, Paypal, Citi, and other market biggies. Why fintech? There is no dearth of financial startups, especially in the Asian markets of China, […]
