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Quarter 3 2016 – FinTech Capital News Summary

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Fintech start-up NeoGrowth raises $35m from IIFL, existing investors

  • livemint: 5th July 2016
  • NeoGrowth has raised $35 million of equity from IIFL Asset Management and existing investors Quona Capital. NeoGrowth will use the funds to help small retailers, including qualified borrowers with little or no credit history, access credit.

 

James Azar Founds UK Fintech, P2P Venue, BHNV Capital

  • Finance Magnates: 8th July 2016
  • James Azar, co-founder of Karinza six years ago, launches a new FinTech company in London called BHNV Capital, which is a venture seed investment fund for FinTech and Peer-to-Peer businesses.

 

FinTech startup Moneybox lands $1.75m in funding

  • Tech City News: 12th July 2016
  • London-based saving and investment app Moneybox has received an additional $1.75 million in funding led by Oxford Capital Partners, after having raised $3m in seed funding in January.

 

Chinese Search Giant Baidu Just Backed This Fintech Company

  • Fortune: 18th July 2016
  • Baidu is making an undisclosed investment in US FinTech company ZestFinance, which blends machine learning with big data analysis to pinpoint more accurate credit scores. Chineses e-commerce site JD.com have already made an investment last year.

 

Krungsri plans subsidiary for start-up, FinTech investment

  • The Nation: 18th July 2016
  • Krungsri, also known as the Bank of Ayudhya from Thailand, plans to set up a new venture capital to oversee investment in startups and FinTech firms.

 

Prime Venture Partners makes its fourth investment in FinTech, invests $1m in Bengaluru-based NiYO

  • Your Story: 20th July 2016
  • The seed-stage venture fund Prime Venture Partners (PVP) is investing $1 million in Bengaluru-based FinTech NiYO. NiYO plan to use the fund to expand their team from 12 to 40 and bolster the technology experience of their product.

 

Santander doubles the size of FinTech fund to $200 million

  • Leap Rate: 21st July 2016
  • Santander have announced it has doubled the size of its FinTech investment fund from $100 million to $200 million, in what the bank describes as a commitment to collaborating with startups.

 

Peter Thiel’s just plunged more cash into this FinTech startup

  • City AM: 21st July 2016
  • Hamburg-founded retail banking platform Deposit Solutions has raised €15 million in a new round of funding thanks to Thiel, FinLab, Greycroft Partners, e.ventures and Valar Ventures valuing the firm at €110 million.

 

MasterCard Buys UK FinTech Firm VocaLink For £700m

  • Tech Week Europe: 22nd July 2016
  • MasterCard buys FinTech firm VocaLink, a BACS and LINK operator, to delve into the interest around mobile payments in the UK. London-based VocaLink had revenues of £182m last year and processed 11 billion transactions.

 

Santander to invest £75 million in UK’s FinTech businesses

  • London School of Business & Finance: 23rd July 2016
  • Santander Group’s London based FinTech venture capital fund, called Santander InnoVentures, is to invest £75 million in the UK’s FinTech community.

 

Societe Generale Acquires a Stake in the FinTech TagPay to Develop Mobile Banking in Africa

  • Business Wire: 23rd July 2016
  • Societe Generale acquires a stake in the French FinTech firm TagPay who specialise in mobile digital banking. Their product, a core banking system, is being used in African subsidiaries such as Senegal and Ivory Coast.

 

B2B FinTech Quantifeed raises $4.5m Series A from PGA Venture Partners

  • Deal Street Asia: 25th July 2016
  • Shanghai-based PGA Venture Partners has led a $4.5 million Series A investment in Business-to-Business FinTech firm Quantifeed to expand in key markets in Asia-Pacific, including China. Quantifeed provides digital wealth management and robo-advisor platforms.

 

Fintech space saw $617m worth in deals in 2015

  • Money Control: 27th July 2016
  • According to a report titled News Corp VCCEdge India FinServ Insights, deals in the FinTech sector grew to $617 million in 2015 from $231m in 2014. Online personal finance and lending platforms in the FinTech space account for 50% of the deals.

 

FinTech startup Smart Pension gets ‘more than £3m’ in funding

  • Tech City News: 29th July 2016
  • FinTech startup Smart Pension has received an undisclosed sum of investment from European asset manager Legal & General Investment Management. The amount is thought to be around £3 million and higher than the amount raised in a Series A funding round.

 

French lender BPCE buys German FinTech flagship Fidor

  • Reuters: 29th July 2016
  • French banking group BPCE have acquired one of Germany’s best-known online banks, Fidor, to accelerate its push into digital services. Fidor is an entirely online-based bank and prides itself on completing all of its services in less than 60 seconds.

 

UK FinTech WeSwap Planning Equity Crowd-funding Round After Raising $10m Seed Funding

  • Forbes: 30th July 2016
  • UK FinTech startup WeSwap to launch an equity crowdfunding round later this year. The startup operates a Peer-to-Peer swapping model for travellers looking to exchange currencies and the new round of funding is aimed at customers that have swapped a certain amount of money.

 

UK FinTech startups raised £40m in July, showing Brexit hasn’t killed the hot sector

  • Business Insider UK: 1st August 2016
  • FinTech startups in the UK have raised at least £40 million in investment in July according to research by Business Insider. Nine funding deals in the FinTech sector have been announced totalling £40.6 million since the Brexit vote.

 

Swedish FinTech Stakeholder SEB Invests in Coinify

  • Crypto Coin News: 4th August 2016
  • Swedich banking investor, SEB, invests in Danish-based bitcoin company Coinify after joining a $4 million Series A funding round. Conify is an ideal FinTech investment as SEB to hope to increase its blockchain payment services in Europe.

 

Westpac And Reinventure Double Down on Australian FinTech Startup Effort

  • News BTC: 6th August 2016
  • Westpac is backing a second AU$50 million startup fund for FinTech startups in Australia. The bank will do so in collaboration with Sydney-based venture capital firm Reinventure.

 

FinTech B2B small business lending marketplace Bigstone raises $3m

  • Financial Review: 8th August 2016
  • FinTech startup Bigstone have raised $3 million from investors including ASX-listed diversified investments and venture capital firm CVC to grow and be an alternative to big banks. Bigstone connects small businesses wanting to borrow up to $250,000 with non-bank lenders.

 

CreditEase Grows VC Team To Invest In FinTech

  • Crowdfund Insider: 8th August 2016
  • CreditEase, China’s largest Peer-to-Peer lender, is growing their venture capital team to continue its global expansion. They have also recruited Anju Patwardhan, formerly global chief innovation officer at standard, to support the firm’s global investment strategy.

 

Naspers-backed Pay U to acquire FinTech firm Citrus Pay in all-cash deal

  • IB Times: 9th August 2016
  • South African Internet major Naspers is set to acquire the online payment gateway solutions provider Citrus Pay for around $150-180 million in an all-cash deal. Citrus Pay will be absorbed by Pay U, which is a payment gateway solutions also owned by Naspers.

 

Southeast Asia FinTech Startup Nabs $7.5m

  • com: 10th August 2016
  • Singapore startup Funding Societies has raised $7.5 million in Series A financing led by Sequoia. The startup operates as an alternative lender and a “peer-to-business” platform.

 

Finova Financial secures record-breaking $52.5m FinTech funding

  • Finextra: 11th August 2016
  • Finova Financial’s industry-first, cloud and mobile-based consumer auto title lending platform has raised $52.5 million in a combination of equity and a credit facility, one of the largest initial rounds in FinTech industry history.

 

Spanish Banking Group BBVA Acquires FinTech Startup Holvi

  • Crowdfund Insider: 11th August 2016
  • Multinational Spanish banking group BBVA has officially acquired Holvi, a Finland-based FinTech startup. Founded in 2011, Holvi provides entrepreneurs and SMEs with a “regulated one-stop-shop” to collect income and manage expenses amongst other things.

 

Impression Ventures Raises $20m Fund Dedicated To Early Stage FinTech Companies

  • Betakit: 23rd August 2016
  • Toronto-based Impression Ventures Fund II announced the close of $20 million for its fund, which will be dedicated to early stage FinTech companies across Canada. Investors include FairVentures, a subsidiary of Fairfax, as well as family offices.

 

This Swedish FinTech VC fund is looking for Brexit bargains in London and just made its first investment

  • Business Insider UK: 27th August 2016
  • Swedish FinTech-focused venture capital firm NFT Ventures has made its first investment in London and is looking for more deals in the UK in the wake of the Brexit vote. NFT is leading a £600,000 seed investment in Credit Kudos, a London-based startup building technology to let people get a credit score based on current bank account activity.

 

FinTech firm LoanTap raises £3m from HNIs

  • Money Control: 29th August 2016
  • FinTech platform LoanTap announces it has secured $3 million in a first strategic round of funding (Series A) from high net worth individuals Abhishek Pandey and Jaysukh Sapra. The majority of the funding will be used for lending through the platform.

 

Australia gets its first listed FinTech investment fund

  • Finder: 1st September 2016
  • H2 Ventures, a dedicated accelerator and FinTech investment firm, has launched H2Ocean, Australia’s first listed venture company. H2Ocean is seeking to raise at least $22.5 million to focus on developing an early and growth stage venture capital portfolio.

 

India FinTech Paytm Gets $60m Capital Injection from MediaTek

  • Crowdfund Insider: 3rd September 2016
  • Delhi-based One97 Communications, which runs mobile payment and ecommerce platform Paytm, has received $60 million from Taiwanese semiconductor maker MediaTek’s Mountain Capital Fund. The deal more than doubles Paytm’s value to over $4.8 billion.

 

Brief: German FinTech Cringle Overfunding by Over 450% on Companisto

  • Crowdfund Insider: 3rd September 2016
  • Cringle, a smartphone app used to send money quickly within Europe, is continuing to rally on Companisto. To date, the FinTech app has almost raised €500,000 from nearly 1000 investors. Valued at €4.1 million, Cringle counts Deutsche Kreditbank AG as a partner.

 

Northzone raises €300m fund and is eyeing London FinTech startups

  • City AM: 5th September 2016
  • A European venture capital firm which has previously backed Spotify, iZettle and London FinTech startup MarketInvoice, has launched a new multi-million pound fund to plough into tech startups across Europe including the UK.

 

Vale International optimistic about FinTech acquisitions after AIM float

  • Digital Look: 6th September 2016
  • Cash shell Vale International raised £800,000 as it floated on the London main market with the aim of acquiring a financial services technology business in a UK market. The company has been specifically formed to make acquisitions of financial services and technology firms in Europe and Asia.

 

London FinTech star Transferwise doubles revenue as losses grow

  • City AM: 6th September 2016
  • FinTech unicorn Transferwise has revealed revenue tripled last year but losses grew as it continues to plough cash into global growth. Revenue came in at £28 million in 2015, up from £10 million the previous year, while pre-tax losses grew to £17 million from £11 million a year earlier.

 

SoFi Looks to Raise $500m in Latest Test for FinTech

  • The Wall Street Journal: 8th September 2016
  • Online lender Social Finance Inc. (SoFi) is pitching a new fundraising effort as it looks to buck a recent slump in the industry, according to reports. Privately held SoFi hopes to raise $500 million in equity to fund new growth initiatives.

 

zipMoney has grabbed FinTech Pocketbook in a $7.5m deal

  • Business Insider Australia: 12th September 2016
  • Digital retail finance and payment industry player zipMoney has bought personal finance management app maker Pocketbook. The deal includes $6 million upfront and another $1.5 million, depending on a set of milestones.

 

Information Venture Partners Raises $96m Fund For Early Stage FinTech And Enterprise Software Companies

  • Betakit: 13th September 2016
  • Information Venture Partners announced the close of $96 million for its second investment fund, Fund II, which is dedicated to early stage financial technology and enterprise software companies in North America.

 

FinTech Platform Point Nabs $8.4m in Series A Funding, Led by Andreessen Horowitz

  • Crowdfund Insider: 14th September 2016
  • Point, claiming the title as the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt, announced today that it has raised $8.4 million in Series A funding led by Andreessen Horowitz.

 

San Francisco’s FinTech Company Ripple Secures $55m During Series B Funding Round

  • Crowdfund Insider: 16th September 2016
  • San Francisco FinTech company Ripple announced it raised $55 million during its recent Series B funding round from new investors such as Standard Chartered and SBI Holdings.

 

FinTech booming in Asia-Pacific, market nears $10bn mark

  • Consultancy: 16th September 2016
  • The Asia-Pacific region has seen a boom in FinTech investments over the past six years, jumping from a mere 10 deals valued at $100 million in 2010 to 192 deals with a total value of more than $9.6 billion last year.

 

Concentra blasts off into “FinTech space” with $339m deal with TD Bank

  • Regina Leader-Post: 17th September 2016
  • Concentra has acquired TD Bank Group’s indirect home improvement financing assets for $339 million, the Canada-based organization announced this week. This is in line with Concentra’s business strategy to grow in the consumer lending market.

 

Cambridge-based FinTech firm CashFlows buys iCheque Network Ltd

  • Tech City News: 18th September 2016
  • Cambridge-based FinTech firm CashFlows has acquired online payments company iCheque Network Ltd. Founded in 2003, and formerly known as Voice Commerce Group, CashFlows’ proprietary technology helps 1,500 businesses to accept online card payments.

 

FinTech startup Curve adds £2m to seed round, brings total to £3.5m

  • Tech City News: 20th September 2016
  • London-based FinTech startup Curve has raised an additional £2 million in seed funding, bringing its total raised to date to £3.5 million. The additional funding came from new investors including Connect Ventures, the Samos Brothers and Paul Townsend.

 

FinTech Payments Platform Tipalti Scores $14m VC Investment

  • Forbes: 20th September 2016
  • Tipalti, a leading provider in the B2B supplier payments space based in Palo Alto, California, has announced a further investment funding round to the tune of $14 million.

 

Atom Bank is raising £100m and getting into mortgages

  • Business Insider UK: 21st September 2016
  • The FinTech startup, app-only challenger bank is raising £100 million from its shareholders so it has enough regulatory capital to break into new products such as mortgages and also fund losses.

 

FinTech Company Secures £6.25m Investment

  • Insider Media: 21st September 2016
  • A Manchester-based FinTech company has secured £6.25 million of investment in its latest round of funding, with the founders of Zoopla and LoveFilm among the backers. The round includes £1.25 million of equity and £5m of debt for lending to UK small- and medium-sized enterprises.

 

JP Morgan Chase buys into FinTech for wealth management digitisation

  • Computer Business Review: 22nd September 2016
  • In order to boost its digital capabilities for individual investors, JP Morgan Chase is buying a stake in a Californian FinTech called InvestCloud. As part of the deal the startup’s technology will be used to offer wealth management clients particular services.

 

German insurance giant Allianz invests in online wealth manager MoneyFarm

  • Business Insider UK: 27th September 2016
  • Allianz has taken an undisclosed minority stake in Italian digital wealth manager MoneyFarm as it seeks to keep track of the FinTech sector. MoneyFarm, founded in Milan in 2011, gives people access to an online low-cost wealth management service.

 

FTV Capital raises $850m fund for investments in FinTech and enterprise

  • Venture Beat: 27th September 2016
  • FTV Capital announced today that it has closed its fifth fund — totaling $850 million — a number that brings its total raised over the past 20 years to $2.7 billion.

 

Beyond Bank Snags AUS$1.5m SocietyOne Equity, Moves into FinTech

  • Crowdfund Insider: 28th September 2016
  • Beyond Bank Australia has announced its equity stake in SocietyOne having acquired AUS$1.5 million worth of shares in the marketplace lender. The deal also includes an agreement to increase its funding arrangement to AUS$10M.

 

FinTech Startup Kyriba Secures $23m During Series D Funding Round Led By Bpifrance

  • Crowdfund Insider: 30th September 2016
  • California-based FinTech startup Kyriba Corp. announced it has successfully secured $23 million during its recent Series D funding round, which was led by Bpifrance and included additional investors HSBC and Daher Capital.

 

Top Israeli VC investor Jonathan Medved set to expand OurCrowd to London to fund FinTech startups

  • Finance Feeds: 30th September 2016
  • Jonathan Medved’s OurCrowd has raised £56 million to open in London and invest in FinTech development as well as attract new investors to the city via OurCrowd’s global operations.