Investment in Canadian fintech increased in 2016 while slowing in the US and UK; data from Thomson Reuters says investment in Canadian fintech reached $197.41 million, an increase of 74% from 2015; in comparison, fintech investment in the US was down 30% and fintech investment in the UK was down approximately 25%; the Canadian market is much smaller than the US and UK however its infrastructure and ecosystem are growing; political changes were also less of a factor for Canada in 2016 while the US election and UK Brexit vote created uncertainty for investors. Source
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
To join our newsletter community please subscribe here.
Monzo has grown its customer base over five times in one year and used different methods that help keep that base coming back; they ask for community feedback, open the company for equity crowdfunding rounds so users can invest and they host small, intimate events; 80 percent of their growth is word of mouth, the remaining 20 percent is through ads on Facebook and Twitter; “The biggest challenge is that we’re growing very fast — our customer and employee numbers are growing fast — we want to keep the customer focus, how we operate a transparent customer growth approach, and how we do that at scale,” as Tristan Thomas, Monzo’s head of marketing and community, tells TearSheet. Source.
Congressman Patrick McHenry and Congressman Jeb Hensarling have both released comments supporting President Donald Trump's executive order on Dodd-Frank; the executive order on Dodd-Frank signed on Friday outlines core principles for regulating the United States financial system and asks the Treasury secretary and regulators to come up with a plan for replacing Dodd-Frank; Congressman Jeb Hensarling has proposed the Financial Choice Act to overhaul Dodd-Frank; if new policies are enacted it would ease lending requirements for banks making credit more available for consumers and small businesses from mainstream financial institutions. Source
Big news from big companies this week as fintech giant FIS announced it would spin off Worldpay, Stripe burned through $500 million of cash in 2022, and Apple Pay Later detailed some of its underwriting plans.
We start out the week with yet another blockbuster fintech acquisition. The...
Fintechs have started to follow the Fed and slash rates on savings...
Small business marketplace lender Breakout Capital has secured a new revolving credit facility from Drift Capital Partners, LLC; the deal provides $25 million in revolving credit for Breakout Capital with further credit available as the company grows; according to Carl Fairbank, founder and CEO of Breakout Capital, "Drift's facility will further bolster our growth trajectory and enable us to provide tens of millions of dollars or more of additional working capital to small businesses across the country."; Breakout Capital has been an active advocate in the marketplace lending industry; it is a founding member of the Coalition for Responsible Business Finance and is also part of the PLUM Initiative. Source
Early data coming out of China shows an increase of loans that...
After more than a year of research focused on how millennials bank JP Morgan announced the launch of Finn by Chase; the app includes checking & savings accounts, a debit card, personal financial management tools and other features that would appeal to a younger user base; the thinking behind the app is to give customers another option and grow their customer base in regions that don’t include many branches. Source.
I managed to invest in this listing on Prosper last week. It was open...