Fintech is driving growth and opportunities in Asia Pacific
According to analysis by KPMG International and CB Insights, US$4.6 billion in venture capital-backed fintech funding went to the Asia-Pacific region at the end of Q3 2016. Much of this investment went to China, driven by high mobile internet adoption rates and a tech savvy-millennial user base. Asian fintech sectors predicted to get VC interest this year include payments, regtech, data & analytics, and mobile. Adoption of mobile money and mobile payments in Asia will see the market encompass a range of demographics, from Chinese millennials with WeChat, to Sri Lankan retirees receiving pensions onto their Dialog eZCash mobile money account. Across Asia, fintech driven by regulatory ‘sandboxes’ are enabling financial institutions […]
Fintech start-up PromisePay becomes Assembly Payments, signs key Gumtree deal
Well-backed Melbourne-based fintech start-up PromisePay has taken the bold move to change its name at the same time as announcing one of its most important deals to date, with eBay-owned online marketplace Gumtree. The company, which last year closed a $14 million Series A funding round with Australian tech VC fund rampersand, Westpac’s Reinventure, 99Designs co-founder Mark Harbottle and former Hitwise CEO Andrew Walsh, will now be known as Assembly Payments. PromisePay had already picked up a strong roster of more than 100 Australian and international clients including Airtasker, hipages, Flippa and Carsales.com.au for its online marketplace payments platform. It enables payments to be held in escrow, so a customer […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, InternationalFinTech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
Eight new startups join DCU Fintech Innovation Center for 2017 cohort
The DCU FinTech Innovation Center, a leading sponsor for fintech in Boston area, has announced eight new seed-stage fintech ventures for the center’s 2017 cohort. The selected startups will work, learn and collaborate in the innovation center. The selected startups include Doni, a social goal saving app for planning, saving and buying together; Energetic Insurance, InsurTech/CleanTech platform; FutureFuel, a student debt repayment startup; Lara, a personal finance firm; LearnLux; Perfectosoft, a payment processing company; RateGravity and SalesBrief, a marketing automation company. “The Center is an opportunity to go beyond DCU’s legacy of promoting and adopting innovative banking solutions. The space serves as a platform to help drive the Boston FinTech […]
MobiKwik in talks to raise funds, eyes $1-Billion valuation
Indian mobile payments and digital wallet firm MobiKwik says it is in talks to raise more funds at a level that would give the start-up a $1 billion (roughly Rs. 6,698 crores) valuation, as it pushes to forge new ties with banks and offer new financial services on its platform. The company, which has raised about $80 million (roughly Rs. 535 crores) in funding so far, will likely see a new cash infusion in the next month, or two, founder and Chief Executive Bipin Preet Singh told Reuters on Wednesday, while declining to comment on how big an equity stake the company might be offering to sell. Asked about MobiKwik’s […]
Alibaba’s Ant Financial to raise as much as $3 billion in debt
China’s most valuable online finance company, Ant Financial, is in early stage talks with banks to raise between $2 billion to $3 billion in debt to fund acquisitions and foreign investments, a person with direct knowledge of the matter told Reuters. Banks have made “soft pitches” to help Ant raise funds, most likely through loans, to be used by the company for acquisitions such as that of MoneyGram International Inc as well as for boosting existing investments, the person said. Ant, an affiliate of online shopping giant Alibaba Group, dominates China’s online payment market, but has been ramping up investment overseas amid fierce rivalry at home with peers like Tencent […]
Fintech startup Plaid secures funding from Citi Ventures and American Express Ventures
Citi Ventures and American Express Ventures have made investments in Plaid Technologies, Inc., a San Francisco-based financial technology firm. Launched in 2012, Plaid serves as the foundation upon which thousands of financial technology (fintech) applications have been built. The latest investments from Citi and AmEx are part of the startup’s previously announced $44 million Series B round led by Goldman Sachs Investment Partners. “We’re excited to have both Citi Ventures and American Express Ventures as part of Plaid’s journey to help build a more inclusive financial ecosystem,” said Zach Perret, CEO and co-founder of Plaid. “We built Plaid to help developers, consumers, and leading institutions create and embrace financial innovation. […]
The most anticipated Chinese Fintech IPOs of 2017
Greater China’s IPO market is set to continue to lead the way in 2017 fueled by listings of fintech giants including Ant Financial and Lufax, according to a report by CNBC. In 2016, Greater China exchanges hosted four of the ten largest IPOs globally by proceeds during the year, including the largest deal of the year of Postal Savings Bank of China Co. Ltd., which raised US$7.6 billion on the Hong Kong Main Market (HKEx) in September. In total, there were 331 IPOs on Greater China exchanges raising US$46.2 billion in capital, according to a report by EY. Hong Kong, the world’s top venue for IPOs for a second straight year, […]
