Marcus by Goldman Sachs just reached a big milestone from their UK...
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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A new report by the Council of Economic Advisers said cyberattacks cost the U.S. between $56bn and $109bn in 2016; the council's report represents between 0.31% and 0.58% of the 2016 U.S. gross domestic product being at risk; the financial sector had the biggest number of attacks seeing about 471 breaches in 2016; the report made an ominous statement on detecting threats saying, “Due to common vulnerabilities, instances of security breaches occur across firms and in patterns that are difficult to anticipate.” Source.
R3 has reported it will focus on its Corda platform; the firm was developed to create blockchain inspired solutions; in comments regarding Corda, R3 Managing Director Charley Cooper says, "It is heavily inspired by and captures the benefits of blockchain systems, but with design choices that make it able to meet the needs of regulated financial institutions."; R3 refutes any wasted efforts on blockchain research saying it never intended to use blockchain technology directly; Cooper also notes, "We've said from the beginning that while Corda is a distributed ledger platform, it is not a traditional blockchain platform and was never designed to be one." Source
Alkami’s white label technology has helped to provide mobile banking apps for credit unions and banks; they just raised a $70mn series D round led by General Atlantic, with participation from MissionOG, S3 Ventures and Argonaut Private Equity; the company has a SaaS model where they charge banks on the number of users per month; they plan to use the new infusion of capital to grow their sales and invest in innovation. Source.
London-based technology company Misys has plans for an IPO; the company had planned to offer its stock in 2016 but decided against its IPO and now says it could still be a possibility; the firm's CEO Nadeem Syed said it is currently focusing on its new machine learning and P2P lending products; earlier in January it announced a new P2P lending solution for banks, FusionBanking Crowdlending; currently it offers its clients a broad range of solutions through its FusionBanking products and its targeting existing clients with its new products. Source
- Small-dollar lender Oportun to open 20 offices in Florida
- Ladder Secures $30M Series B Led by RRE Ventures
- NiYO Solutions Raises $13.2M in Series A Funding
- China's Renren Is Poised To Unlock Value From Its Investment Portfolio And Grow With Blockchain
- Chase Partners with AutoFi to Deliver Digital Car-Buying for Dealerships across the Country
- RealtyMogul Hires New Chief Investment Officer
- Online Marketplace Lender Nav Facilitated More Than 20,000 Small Business credit Approvals in 2017
- Dianrong Signs Strategic Agreement with Dalian Finance Development Bureau & Dalian Finance Industry Investment Group
- Spread Bettor IG Among Biggest Holders of Bitcoin Futures
- Fifth Third regains top CRA grade, an entree to M&A
- Roostify adds tech veteran Adnan Habib as vice president of engineering
Edward Jones has announced a multi-year partnership with St. Louis based venture fund SixThirty; SixThirty invests in eight to 10 fintech startups annually with each startup receiving an investment of up to $100,000 along with support from a business development program that includes mentoring and networking; Edward Jones will be involved in numerous aspects of the venture fund's investing and Frank LaQuinta, a general partner with Edward Jones, will join SixThirty's investment committee. Source
Fintech startup, Abaka, raised 520,000 British pounds in seed funding from Anthemis Exponential Ventures and MMI Holdings' Exponential Ventures; the company intends to use the capital to hire new people and launch in the UK; the company uses artificial intelligence to help employees improve financial wellness through a savings platform so they can manage their pension plans on their phones. Source
A new study by J.D. Power shows only 4 percent of consumers...
Deutsche Bank has partnered with the International Air Transport Association to develop...