Fintech

Will This Recession Lead to Another Fintech Boom?

The biggest silver lining in periods of economic turmoil—such that we are in right now, despite what the stock market may tell you—is that they often lead to significant innovation. 

This is true for most major economic depressions and recessions in U.S. history. General Motors (NYSE: GM) was founded less than a year after the Panic of 1907, a crisis so severe it led to the creation of the Federal Reserve. The first Publix grocery store was opened in 1930, less than a year into The Great Depression. 

More recently, the dotcom bubble burst gave way to Web 2.0 companies like Skype, Facebook Inc (NASDAQ: FB), and YouTube, three companies that would all grow to be worth over $1 billion. 

In each of these cases, entrepreneurs either identified a shift in consumer behavior that was already beginning to take shape (automobiles in the 1910s and supermarkets in the 1930s) or

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Fintech Startup Klarna Is Valued at $10.65 Billion in New Funding

Bloomberg

Big Oil Goes Looking for a Career Change

(Bloomberg) — For most of the past century, Big Oil executives found it pretty easy to explain to investors how their businesses worked. Just locate more of the commodities that everyone needed, extract and process them as cheaply as possible, and watch the profits flow.That’s all over now. The change has been so profound that the chief executive officer of BP Plc recently found himself hyping the profit potential of another commodity. “People may not know—BP sells coffee. We sold 150 million cups of coffee last year,” Bernard Looney said in an interview in August, referring to beverage kiosks attached to the company’s fuel stations. “This is a very strong business. It’s a growth business.”Perhaps it was tongue-in-cheek, or a way for the leader of the world’s fifth-largest international oil company to emphasize a relationship with consumers. But it’s clear Looney

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Amazon’s new offerings make India centre of fintech push

By Sankalp Phartiyal and Nupur Anand

NEW DELHI/MUMBAI, Sept 2 (Reuters) – Amazon.com Inc has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme in a battleground growth market.

The push ramps up competition as financial technology (fin-tech) rivals and their deep-pocketed foreign backers struggle for profitability in a predominantly cash-based economy where about 190 million adults do not have bank accounts.

To boost online payments, Amazon launched its Amazon Pay digital wallet in 2016. It has since introduced a credit card, signed up to a state-backed payments network, and processes payments for movie and flight tickets as well as telephone and utility bills.

It began offering auto insurance in July and gold investment products in August – both a first for Amazon.

Its U.S. fin-tech efforts have been modest by comparison,

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Klarna, Affirm and Brex Make List of Top Fintech ‘Unicorns’

technology sector is seeing a flurry of fresh investments — even as deal activity is dropping, noted researchers at CB Insights in the firm’s latest quarterly “State of Fintech” report.” data-reactid=”19″Fintech is on fire, again. After a slump in funding, the financial technology sector is seeing a flurry of fresh investments — even as deal activity is dropping, noted researchers at CB Insights in the firm’s latest quarterly “State of Fintech” report.

retail, health care and banking.” data-reactid=”20″In the 89-page report, CB Insights also identified the top venture capital-backed companies and said there are 66 fintech unicorns that have an aggregate value of $248 billion. Thirty-three are in the U.S. alone and include a variety of financial service providers for retail, health care and banking.

retail and consumer products sectors such as Klarna, Affirm, Brex and Kabbage.” data-reactid=”21″Among the list of unicorns, which are privately owned

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The world’s most valuable fintech finally explains how much money it makes

Ant Group, the Chinese fintech giant owned by Alibaba, aims to achieve a market value of more than $200 billion when it goes public. Its IPO filings in Hong Kong and Shanghai are finally giving the world a look at the numbers behind that goal.” data-reactid=”19″Ant Group, the Chinese fintech giant owned by Alibaba, aims to achieve a market value of more than $200 billion when it goes public. Its IPO filings in Hong Kong and Shanghai are finally giving the world a look at the numbers behind that goal.

$29 billion IPO last year. Some investors in the company are reportedly looking at a valuation of around $300 billion (paywall)—or more than 100 times its net profit of $2.6 billion in 2019.” data-reactid=”20″The fintech company, which owns the Alipay payments platform, aims to raise more than $20 billion, or even to surpass Saudi Aramco’s $29 billion

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Fintech Focus For August 20, 2020

Fintech Header
Fintech Header

Quote Of The Day: Whoever is happy will make others happy too. – Anne Frank

Fintech Movers: There is a large opportunity for Google to leverage its massive direct consumer relationships to attract [banks] to sign up for co-branded checking accounts. For many of the bank and credit union partners, especially some of the smaller ones, this new channel will provide a tremendous opportunity to acquire new customers. – Banking Dive

  • FCA approves Archax as an exchange.

  • Passfolio expands global trading app.

  • JPM, Commonwealth fintech partners.

  • Xignite helps SoFi boost engagement.

  • Xformative joins Mastercard program.

  • Citi invests in data management firm.

  • Moov raises $5.5M for banking tech.

  • FIS launched new ClearEdge solution.

  • NestEgg introduces collaboration tech.

  • Levchin eyes new fintech opportunities.

  • Gemini taps Eventus for surveillance.

  • Crux announces an AWS collaboration.

  • Bitfinex launches Secondary Sale tech.

Benzinga Global Fintech Awards Spotlight: 

Every year Benzinga, a leading news and

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Fintech Focus Roundup For August 1, 2020

It’s A Great Time To Be A Bitcoin Banker

What Is Happening? The crypto banking scene has revved up considerably in the span of a few months, with major acquisitions and raises tied to the race to build out crypto’s first full prime broker.
What Does It Mean? Prime brokerage has become an attractive opportunity for many in the crypto industry, but … in contrast to the traditional finance world, the digital asset space is still determining what a true prime broker looks like — thus leaving room for experimentation and growth.

Coinbase Extends Goodwill To Regulators

What Is Happening? San Francisco Coinbase is best-known for being the poster child for cryptocurrency trading in the U.S., but a relatively new service has been increasingly making headlines: Coinbase Analytics.
What Does It Mean? The product supports Coinbase’s core business of cryptocurrency trading inasmuch as it builds “goodwill” with regulators by making

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Fintech Focus For July 30, 2020

Daily Perspective: Not all those who wander are lost. – J.R.R. Tolkein

Fintech Movers: Investors and entrepreneurs say that while the COVID-19 pandemic has boosted demand for fintechs in areas such as digital payments and online trading, it has hurt more vulnerable sectors such as online lending. This is likely to hasten the demise of weaker players, lead to more acquisitions and entrench the dominance of older fintechs with deeper pockets. – Reuters

  • Lawmakers scrutinize trade apps.
  • Trading Technologies preps OMS.
  • State Street intros post-trade TCA.
  • Overstock’s tZERO reduces size.
  • eToro has acquired Marq Millions.
  • Crux becomes MSCI data solution.
  • Microsoft licenses Crowe software.
  • Refinitiv acquires Advisor Software.
  • EU eyes rolls back of MiFID II rules.
  • Fintech Remitly raises $85M round.
  • Curve, Onfido streamline onboarding.
  • ICE expands ETF Hub internationally.

Benzinga Global Fintech Awards Spotlight:

Every year Benzinga, a leading news and data platform, holds the Global Fintech Awards, a

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Fintech Focus For July 10, 2020

Daily Perspective: The market is not the economy. – Mike Loewengart

Fintech Movers: The digital lending platform market was estimated at $4 billion in 2018. This number is expected to grow at a compounded annual growth rate of over 20% in the next 5 years, putting it at an estimated $17 billion by 2025. – Benzinga

  • LSEG assigns crypto bar code.
  • Coinbase considers public offer.
  • Railsbank expands into the US.
  • One7 acquires fintech Rapidoo.
  • Upgrade garners $1B valuation.
  • Lightspeed backs market maker.
  • Sberbank intros payment tech.
  • Ping An and JPM finance Taulia.
  • FXCM strengthens trade tech.
  • CFTC schedules a fintech event.
  • Ant plans a huge Hong Kong IPO.
  • SoFi applies for US bank charter.
  • Cloud9, SteelEye tackle trading.

Benzinga Global Fintech Awards Spotlight:

Every year Benzinga, a leading news and data platform, holds the Global Fintech Awards, a day of dealmaking, networking, and recognition in the financial technology space.

Ahead

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10 Chicago Insurtech Firms That Could Win Big At The Benzinga Fintech Awards

Of all the opportunities in fintech, insurance technology might be the biggest. The $1-trillion insurance sector has remained stagnant for decades, but a few companies in Chicago are making tremendous plays to shake it up. 

These 10 insurtech companies from the Windy City are top candidates for success at this year’s Benzinga Global Fintech Awards

Convr: Manual underwriting tasks can be take a toll on administrative time and resources. Convr aims to solve this problem by creating software that leverages data science and artificial intelligence for feasible commercial underwriting.

The goal is to assist commercial insurers in providing customers with quick and accurate service while enhancing productivity and cutting out unnecessary losses. 

Convr offers solutions for mid-market and small business underwriting by reducing the loss ratio by up to one point, providing world-class customer experiences and leverage thousands of data sources, according to the company. 

Kin: Home

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