China leads the way in FinTech investments
China has emerged as a leading FinTech (financial technology) hub in terms of capital investment, which was estimated to be worth £6.5 billion (US$8.1 billion) in 2016, more than triple the £2.05 billion in 2015. “The significant growth and magnitude of FinTech investment into China is underpinned by robust access to capital, both through public and private sources of funding”, accounting firm Ernst & Young claimed in a UK government-sponsored report entitled China and UK FinTech: Unlocking Opportunity. Over the last few years, FinTech investment in China has seen strong support from the PRC government, with more than 750 government-led funds investing in the sector, in addition to £4.3 billion […]
Amazon Is Set to Rule the Fintech Game: Andreessen Horowitz VC
If any technology company makes a major move into payments and banking, the most obvious candidates are Apple and Google. After all, both have a lot of experience thanks to the Apple Pay and Google Wallet functions, and both have already persuaded hundreds of millions of customers to share their credit card information. But in the long run, it’s likely to be another tech giant, Amazon, that captures the market for Internet payment services, according to Alex Rampell, a general partner at the venture capital firm Andreessen Horowitz. Speaking at the Goldman Sachs Technology conference in San Francisco on Tuesday, Rampell explained that Amazon is more inclined than its rivals […]
PayPal acquires Vancouver-based TIO Networks in $304m deal
PayPal Holdings Inc. (NASDAQ:PYPL) is acquiring Vancouver-based TIO Networks in a deal worth $304 million. The companies announced the definitive sales agreement Tuesday (February 14), which will see PayPal pay $3.35 per share in cash — a 22.6% premium above its 20-trading day average price. TIO Networks chairman and CEO Hamed Shahbazi told Business In Vancouver he was “very excited” his company was becoming a part of the PayPal family. “It’s an incredible company,” he said. “Dan Schulman, the [PayPal] CEO, has a tremendous vision that really aligns well with us and his vision of financial inclusion is one we think gives us an opportunity to really amplify the scale […]
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 […]
