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.
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
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.
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
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.
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
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.
Lending Club has a new deal for investors to earn United miles; last year the initial program awarded 1 mile for every $2 invested; now investors will earn 1 mile for every $1 investors; the program is open to new and existing investors and is valid until January 9, 2018. Source
The FT has seen regtech as one of the fastest growing areas of fintech with a surge of applications to their Future of Fintech awards; new regulations such as the EU’s Mifid II rules, increased compliance and KYC checks by financial institutions looking for more cost efficient ways to verify customers has helped to bring new startups into the market; fintech has moved well beyond lending and the diversification of the market continues to grow. Source.