UK firm Populous is seeking to provide a new innovative approach to invoice financing using blockchain technology; the firm plans to utilize smart contracts for invoice financing operations which will lower costs and also provide safer and more secured investments with competitive yields; the platform has been in development for 24 months and plans to launch in May 2017. 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.
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BB&T is purchasing SunTrust for around $28 billion in an all stock...
Fintech startup Brex is in discussions to raise a fresh round of...
Sources have reported to Crowdfund Insider that the platform has shut down; the online lender was providing lines of credit for up to $1,000; it last raised $3 million in February 2017. Source
CNBC sat down with Plaid CEO Zach Perret to talk about 2019 and...
Chinese internet finance business, Lufax, is developing an online trading platform for Chinese investors that will allow them to invest in assets anywhere in the world; the firm is the world's second largest financial technology company; the trading platform it is developing will launch in 2017 and seeks to meet a demand from Chinese investors to diversify away from a depreciating yuan. Source
Pepper Hamilton provides details on their recent podcast and webinar in their featured blog post; the firm's January 5 podcast provided insight on what the Donald Trump presidency means for the financial services industry; on January 24 the firm provided a webinar on factors for considering the Office of the Comptroller of the Currency's new fintech charter. Sponsored Blog Post
Wonga offers short-term payday loans and is based in London; company has announced a data breach which may include personal information of 270,000 current and former customers; a majority of their customers affected are UK based, but 25,000 customers in Poland may also be affected; Wonga has recently reduced fees and launched 90-day loans after the Financial Conduct Authority instituted a rate cap and forced lenders to apply for authorization. Source
Alibaba-backed Ant Financial sold $578 million worth of securities backed against small loans granted to consumers on "Double 11" day, the festival to celebrate singlehood and the world's largest online shopping day; Chongqing Alibaba Small Loan provided the underlying loans for the asset-backed security through an online consumer credit portal, Ant Check Later ("Huabei" in Chinese); the Shanghai Stock Exchange approved the offering and allowed it to be privately placed last Monday to qualified institutional investors. Source
In looking for a new CFO the company posted an ad stating that the new officer would help to lead the company through an IPO in 3 to 4 years; Monzo has recently raised capital and talked about global expansion into Asia and the US; the UK based digital bank has also stated they are launching new products in 2018. Source.