Venture Capital

After raising $17-million, Toronto fintech firm eyes global expansion

Sensibill Inc., a Toronto-based startup that offers digital receipt technology for banks, has raised $17.3-million to supercharge its global expansion and dig deeper into artificial intelligence. It’s one of the largest series A early-stage financing rounds for a Canadian technology startup and signals the growing quality and influence of financial technology (fintech) companies in the market. “Generally, anything over $10-million has been a bit of a challenge in Canada,” says Salim Teja, executive vice-president for Ventures at Toronto’s MaRS Discovery District. “To me, what this signals is that the quality of our ventures and the problems they’re trying to solve are important and being validated. … This is a very […]

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Mar
02

Lending startup RedCarpet raises $2.5 mn from Lightspeed

Gurgaon-based micro-lending startup RedCarpet Tech Pvt Ltd has secured $2.5 million (Rs 16 crores) in a funding round led by venture capital firm Lightspeed Venture Partners, according to a financial daily. The funds will be deployed for improving the technology used for risk evaluation, adding new student-lending features, appointing data scientists and increasing market penetration, The Economic Times reported, citing an anonymous source. RedCarpet declined to comment on the development. Founded in 2015 by Sandeep Srinivasa, Kartik Venkataraman and Abhay Tamaria, RedCarpet finances online purchases for e-commerce and travel. RedCarpet was among the six startups selected by Google for its Launchpad accelerator programme in May 2016. As part of the […]

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App-only bank Monzo’s crowdfunding is almost three times oversubscribed after less than 24 hours

App-only startup bank Monzo has attracted enough initial interest in its £2.5 million ($US3.1 million) crowdfunding campaign to fill it close to three times over, after less than 24 hours of pre-registration. Monzo opened pre-registrations for its crowdfunding at 10 a.m. GMT (5.00 a.m ET) on Tuesday, allowing users of its app to register interest in investing and pledge an amount to invest. Pledges hit Monzo’s £2.5 million target within 4 hours and, just after 8 a.m. GMT (3.00 a.m. ET) on Wednesday, the startup bank has £6.78 million pledged. CEO and cofounder Tom Blomfield says in an emailed statement: “The response to our crowdfunding campaign has been mind-blowing. Our […]

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Mar
02

Peer-to-Peer Lender Prosper to sell $5 Billion in loans

Prosper Marketplace, America’s first peer-to-peer lending marketplace, announced on Monday that it had closed a deal to sell $5 billion of loans to a consortium of investors over the next two years. The consortium includes New Residential Investment Corp., Jefferies Group, and Third Point. “We’re very pleased to be working with this consortium of investors, and believe they will be great long-term partners as we continue to build a large-scale business,” David Kimball, CEO of Prosper Marketplace said. Founded in 2005, Prosper is an online platform that matches lenders and borrowers. The growth in peer-to-peer lending is part of a wider shift in the fintech industry as participants look to […]

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Mar
02

FinTech investment swings from west to east, Accenture

Yet more research trumpeting Asia-Pacific’s rise to the top of the FinTech pile, this time from Accenture. It finds that global investment in FinTechs grew 10% in 2016, to $23.2 billion, driven primarily by a wave of blockbuster deals in China. Financing in Asia-Pacific in 2016 eclipsed that of North America for the first time, rising to $11.2 billion from $5.2 billion in 2015. North America attracted $9.2 billion and Europe $2.4 billion. The number of deals rose sharply in all major geographies, to nearly 1,800 from approximately 1,200 in 2015. However, the growth in total value of FinTech investments was due mainly to China and Hong Kong, where just […]

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Mar
01

Ireland and Germany will battle for fintech crown post-Brexit: VC founder

Ireland and Germany are poised to step up to fill a void as leader of Europe’s fintech scene once the U.K. leaves the European Union (EU), according to the co-founder of a global venture capital firm backed by The Boston Consulting Group. While it’s difficult to tell exactly what it will be, Brexit, which will mean the U.K. will lose its easy access to Europe’s financial industry, is certainly going to have an impact on the fintech industry, says Raj Ganguly, co-founder and partner at B Capital Group. “It seems like London is going in the direction of a hard Brexit. And with the the passporting rules potentially going away, […]

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Feb
24

P2P Bitcoin lender Bitbond raises $1.2 million in new funding

Peer-to-peer bitcoin loan market Bitbond has raised $1.2m in new funding. The web platform, which connects lenders and borrowers to facilitate the distribution of loans denominated in bitcoin, received the new funding largely from a group of angel investors, some of whom already have stakes in the startup. The round was led by Şekip Can Gökalp, founder of Mobilike, a Turkey-based mobile ad network formed in 2009, and that was acquired last year. Other investors include Janis Zech and Andreas Bodczek, who founded ad tech startup Fyber, and Alexander Graubner-Müller, co-founder and CEO of Germany-based online lender Kreditech. According to Bitbond representative Chris Grundy, most of the funding will be […]

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Feb
24

Silicon Valley tried to upend Banks. Now it works with them.

In 2011, Brett King was promoting his book, “Breaking Banks,” and creating a start-up that he hoped would do to the banks what Amazon did to the retail industry and Facebook did to media. “We had grand ideas of being the Facebook of banking, and being a new form of bank account,” Mr. King said recently. Six years later, his company, Moven, has opened only 60,000 of those new bank accounts. Mr. King has now transitioned to selling his software to the banks he once scorned, who use it as a component of their mobile apps. “We realized that if you want millions of users as a bank, it is […]

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