The partnership is with Bud through first direct and will offer an integrated offering of financial services products and tools across the market; Raman Bhatia stated, “At HSBC we recognise that the sector needs to innovate to meet changing customer needs and we’re investing significantly in digital innovation, including working in partnership with fintechs such as Bud” Source
JP Morgan Chase made their first fintech acquisition with the purchase of payments company WePay; financial terms were not disclosed but the WSJ reports the price was above their 2015 valuation of $220mn; this deal points to a larger trend in the payments space with 2017 seeing deals for 166 companies worth $29.3mn. Source.
As part of his new book to be released next year, Chris Skinner (thefinanser.com) visited Hangzhou, China to meet with executives from Ant Financial; he discusses just how far ahead China is compared to the US and Europe, especially when it comes to payments; shares what he learned about the mission of Ant Financial, including their products Alipay, Taobao (their online marketplace) and Yu’e Bao (the largest money market fund in the world). Source
Blockchain capital is a venture firm focused on bitcoin, blockchain and other crypto projects; according to SEC filings they are raising $150 million between their two funds Blockchain Capital IV and Blockchain Capital Parallel Fund IV; the funds have raised $60 million and $25 million respectively to date; the funds are similar when it comes to deploying capital, but in the parallel fund investors will contribute cryptocurrencies to invest. Source
Cybercrime is a growing problem with ID theft hitting a record high in 2016 affecting 15.4 million people; Credit card fraud resulted in $21.84 billion in losses across the world; synthetic identities are a top risk for the banking industry and banks need next-generation KYC tools to protect themselves. Source
- Climb Credit Enters Into $130 Million Loan Purchase Agreements
- Blockchain KYC Startup Raises $1.6 Million in Seed Funding
- Amid Brazil’s persistent economic crisis, fintech startup GuiaBolso raises $39 million
- Florida Fintech Finova Financial Secures $102.5 Million In Equity & Credit Facility Funding
- Fundrise Growth eREIT Files to Raise $45.7 Million
- Roostify Unveils New Decision Builder to Improve Pre-Application Consumer Experience and Drive Leads
- Enterprise Ethereum Alliance Adds 48 New Members
- Othera, ?blockchain ?fintech, ?announces ?new ?contract ?with ?U.K.’s ?Lendhaus, ?to ?digitise ?syndicated lending ?of ?commercial ?real ?estate ?on ?their ?blockchain ?platform
- AlphaPoint and Intel Announce TrustedVM Product for Confidential Smart Contracts
- Harvard Partners LLC Announces Investment Interests in Commercial Finance
The shared platform uses distributed ledger technology and focuses on domestic and cross-border commerce; the consortium of banks includes Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale, UniCredit Banco Santander; you can use the platform from any connected device for managing, tracking and securing trade transactions. Source.
P2PGI aims to raise £209 million through the deal and is working with Deutsche Bank to facilitate the Zopa loan book securitization; the portfolio will contain 31,153 loans with an average weighted interest rate of 7.2%; according to AltFi, P2PGI will hold a material net economic interest for the duration of the transaction and will also purchase at least 5% of each class of notes. Source.
Invoice finance platform BlueVine secured $130mn in debt financing; the financing comes from Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth BDC Corp.; BlueVine founder and CEO Eyal Lifshitz tells Bankless Times, “Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best.” Source.
The deal help to increase their efforts to bring credit scoring and ID verification to emerging markets; “We’re thrilled to join forces with Lenddo and create an undisputed, global category leader in alternative data for credit decisioning,” said Jared Miller, CEO of EFL to Bankless Times; they will work with banks, telcos, retailers, microfinance institutions and insurers to help bring credit to people with little or no credit history. Source.