This is a post from Sasha Orloff who co-founded LendUp and Mission...
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.
Here are what I consider to be the top 10 most important...
The Global Digital Asset Exchange or GDAX is looking to list initial coin offerings that have thus far shown some level of success; the exchange has started too come under pressure to increase listings as investor interest in ICOs continues to stay red hot; as they try to meet demand they also want to be sure to not list too many and end up having startups that don’t deliver; GDAX is looking for track record of success, real world implementation and helps to create an open financial system. Source.
Amazon is fast becoming the financial services company of the future; they now have their hands in payments, cash, small business lending, consumer credit and more; partnerships with companies like USAA and Capital One who use Amazon's Alexa digital assistant have emerged; this all shows the threat Amazon poses to traditional banking giants, though there has been no indication they want to become a bank themselves; JPMorgan Chase has started using Amazon's cloud-based AWS service to build a hybrid private-public cloud strategy; AWS sales increased 42% on a year-over-year basis to $4.1 billion for the second quarter; banks are starting to become technology firms and technology firms are helping to change the way banks operate. Source
- OnDeck Adds Former GE Capital and Sun Trust Executives to Finance Team
- Elastic Line of Credit Surpasses $1 Billion in Total Funding
- SenseTime Raises US$410M Series B Financing
- BitGo Raises $42.5M in Series B Funding
- Creditas Raises $50M in Series C Funding
- CAN Capital Makes Three Strategic Hires to Strengthen Sales and Technology Teams
- How asset managers like FinEx Asia are using AI to disrupt traditional bank lending
- Digital challenger Starling to hit profit in 2019 says founder Anne Boden as European expansion takes crucial step
- Compass gets $450M from SoftBank; real estate portal now valued at $2.2B
- Finance teams are ‘bottlenecking’ banks’ digital transformations
- Prosper Appoints Claire Huang to Board of Directors
Digital wealth management fintech SigFig has launched their new SigFig Atlas platform...
Italian invoice trading platform Workinvoice has packaged 5 million euros ($5.31 million) worth of receivables financed through its platform in a securitization vehicle; the receivables portfolio was purchased by Italian portfolio manager Factor@Work; the securitization deal represents a new source of capital interest for the invoice receivables market. Source
This week we had the Fed finalizing guidelines for access to its payment systems, a look at the Visa-Mastercard duopoly, projections on what an Apple checking account might look like, Affirm CEO wishing for a recession, fintech lenders with higher borrowing costs and more.
Some of the industry's top fintech banking strategists are leaving the corporate world to support fintech startups; three of Deutsche Bank's top executives have left the bank for broadened fintech advisory roles; "Everything from M&A advisory to research to money transfer is being disrupted," says Kerim Derhalli, former Deutsche Bank executive who now leads fintech startup Invstr; as the industry evolves it's likely the market will see more corporate fintech experts involved with new fintech ventures in the private markets. Source
Afterpay comes to physical stores in the US How Retailers Are Cashing...