PayPal’s Early Valuation Tops $44 Billion

PayPal’s Early Valuation Tops $44 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: PayPal

PayPalHomepage

Ahead of its pending split from parent company, eBay, PayPal began trading on Nasdaq this morning on a “when issued” basis under the symbol PYPLV. So far, trades have settled around $36.50 per share, with a high of $39.75 per share.

Here are the details from the Wall Street Journal:

PYPLV

According to the Financial Times, this means that PayPal accounts for 60% of eBay’s market capitalization, which currently is sitting around $75 billion.

eBay shares are available in two separate forms, without PayPal rights (EBAY) and with PayPal rights (EBAYV), in which eBay shareholders will be given a PayPal share for each of their eBay shares. At noon eastern time, full eBay shares were trading at $61.40, and ex-PayPal eBay were trading at $25.10.

PayPal will officially split from eBay on July 20.

PayPal’s Braintree showed off at FinDEVr 2014 in San Francisco (video below) and will appear on the FinDEVr stage on 6/7 October 2015.

http://finovate.wistia.com/medias/y5r0p6kn2b?embedType=iframe&videoFoam=true&videoWidth=640

The company’s last Finovate demo was at FinovateEurope 2012 in London.

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Finovate Alumni News

By David Penn Posted on
Categories: Azimo, Better ATM Services, BillGuard, Bitbond, blooom, Credit Karma, Credit Sesame, Currency Cloud, Dwolla, FamZoo, Global Debt Registry, Hedgeable, Hip Pocket, Lighter Capital, Loop, Monitise, PayPal, PsychSignal, Realty Mogul, Top Image Systems, Xero, Zopa

On Finovate.com

  • “PayPal’s Early Valuation Tops $44 Billion”
  • “Monitise to Emphasize API, On-Site Solutions in Strategy Shift”

Around the web

  • Xero to offer foreign invoice payments via new partnership with Midpoint Holdings.
  • Loop featured in profile of Samsung Pay.
  • PYMNTS.com takes a look at PayPal CEO Dan Schulman’s conversation with the Financial Times.
  • Gulf News Banking highlights Zopa in its review of the rise of P2P business lending.
  • Ferratum Group selects Mambu to Power SME Lending.
  • Top Image Systems to deploy an automated multichannel and mobile data-capture project for online financing company that provides funds to India-based SMBs.
  • Lighter Capital closes 100 deals.
  • CDApress recommends FamZoo to help kids understand personal finance skills.
  • Credit.com blog lists Global Debt Registry as a tool to help get rid of an old debt.
  • Better ATM Services CEO Todd Nuttall quoted in Australian Times column on how technology delivers a growing share of bank services.
  • The Bitcoin News interviews the new online marketing manager for Bitbond, Chris Grundy.
  • Wall Street Journal features PsychSignal in a review of stock market sentiment and social media.
  • Inc. feature on Silicon Prairie highlights Blooom, Hip Pocket, and Dwolla.
  • Rise in tech investment in the United Kingdom credited to companies like Azimo and Currency Cloud in London’s fintech sector.
  • Forbes column on investing for millennials features Hedgeable.
  • Realty Mogul adds two new vice presidents of commercial real estate.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Fintech Fundings: 18 Companies Raise $400 Million Week Ending July 3

Fintech Fundings: 18 Companies Raise $400 Million Week Ending July 3
By Jim Bruene Posted on
Categories: Funding

money_waveAs folks in the U.S. headed for the beach, investors in the rest of the world unleashed a tsunami of cash into the fintech sector. Depending on the size of the undisclosed A round to Alibaba’s Ant Financial—a valuation rumored to be $45 to $50 billion—it was probably a record week. Even without counting Ant’s funding, $400 million was raised, meaning we almost certainly had our third unicorn week in the past 12 months.

Finovate alum, BankBazaar received one of the big raises, bringing in $60 million for its Indian financial services portal, lead by none other than Amazon.

In total this week, 18 companies raised $393 million. Only three of those—worth $107 million—were in the United States. At the halfway point of 2015, we’ve tracked $8.3 billion in new fintech investments, not including the Ant round.

Here are the deals from 27 June to 3 July ranked by size:

Ant Financial
Alibaba financial services spin out: Alipay, MyBank, Sesame Credit, Y’ue Bao)
HQ: Hangzhou, China
Latest round: Undisclosed Series A ($45 billion valuation)
Total raised: Unknown
Tags: Alibaba (parent), payments, credit scoring, investments, digital banking, lending
Source: Techcrunch

GFG Group
Consumer payment services
HQ: Auckland, New Zealand
Latest round: $167 million
Total raised: $180 million
Tags: Payments, mobile, telecom
Source: Crunchbase

Chrome River Technologies
Expense reporting and invoice management
HQ: Los Angeles, California
Latest round: $100 million Series D
Total raised: $120 million
Tags: Accounting, accounts payables, SMB, enterprise
Source: Crunchbase

BankBazaar
Online marketplace for financial services
HQ: Chennai, India
Latest round: $60 million Series C
Total raised: $79 million
Tags: Personal finance shopping, loans, credit cards, insurance, lead generation, Finovate alum
Source: Finovate

Pret d’Union
P2P lending
HQ: Paris, France
Latest round: $34 million
Total raised: $52.4 million
Tags: Lending, consumer, crowdfunding, lending, investing, peer-to-peer
Source: Crunchbase

Velocity
Mobile payments and rewards systems for hospitality industry
HQ: London, England, United Kingdom
Latest round: $12 million
Total raised: $12.4 million
Tags: Mobile payments, POS, point-of-sale, tablet, order entry, SMB
Source: Crunchbase

SimplyInsured
Health insurance for small businesses
HQ: San Francisco, California
Latest round: $5.9 million Series A
Total raised: $7.7 million
Tags: Insurance, health care, SMB, Y-Combinator
Source: Crunchbase

InvoiNet
Invoice-based financing marketplace in Latin America
HQ: Argentina
Latest round: $4 million
Total raised: Unknown
Tags: SMB, accounting, payables, receivables, billing, billpay, enterprise, IFC (investor)
Source: The Paypers

Mondo
U.K. neo-bank startup
HQ: London, England, United Kingdom
Latest round: $3.1 million Seed
Total raised: $3.1 million
Tags: Consumer, personal finance, PFM, debit card, mobile, digital banking
Source: Crunchbase

Tagcash
Micropayments platform
HQ: Manila, Philippines
Latest round: $3 million Angel
Total raised: $3 million
Tags: Mobile payments
Source: Crunchbase

myCFO
Accounting and small-business financial management services
HQ:Mumbai, India
Latest round: $1.5 million Seed
Total raised: $1.5 million
Tags: Accounting, enterprise, advising, payables, receivables, cash management
Source: Crunchbase

Mobeam
Mobile reward redemption at the point-of-sale
HQ: Palo Alto, California
Latest round: $1 million
Total raised: $28 million
Tags: Mobile payments, rewards, card-linked offers, gift cards, POS, SMB, retailers, brick-and-mortar
Source: Crunchbase

Bayzat
Financial services comparison site
HQ: Dubai, UAE
Latest round: $1 million
Total raised: Unknown
Tags: Personal finance comparison, lead generation, consumer, insurance, loans, cards
Source: FT Partners

Payever
Ecommerce and payments platform
HQ: Hamburg, Germany
Latest round: $550,000
Total raised: $810,000
Tags: Payments, ecommerce
Source: Crunchbase

Tibdit
Online tipping and micropayments
HQ: Southwark, United Kingdom
Latest round: $190,000
Total raised: $300,000
Tags: Payments, micropayment, tips, publishing
Source: Crunchbase

Prometei
Predictive analytics for financial markets analysis
Latest round: $100,000 Seed
Total raised: $100,000
Tags: BI, enterprise, investing, financial advisers
Source: Crunchbase

LoanSolutions
Consumer loan discovery
HQ: Cebu, Philippines
Latest round: Undisclosed
Total raised: Unknown
Tags: Lending, lead generation, consumer
Source: Crunchbase

Moneytis
Digital platform for money exchange and remittances
HQ: Paris, France
Latest round: Undisclosed Angel
Total raised: Unknown
Tags: FX, remittances, transfers, payments, international remittances, blockchain
Source: Crunchbase

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BankBazaar Scores $60 Million in Funding Led by Amazon

BankBazaar Scores $60 Million in Funding Led by Amazon
By Julie Muhn (@julieschicktanz) Posted on
Categories: BankBazaar, Funding

BankBazaarHomepage3

BankBazaar, an India-based company that sells financial service products on behalf of third parties, raised $60 million in Series C funding today.

The round was led by Amazon, which holds a minority stake, and marks the ecommerce giant’s second investment in BankBazaar. New investors include Fidelity Growth Partners and Mousse Partners. Existing investors Sequoia Capital and Walden International also contributed.

BankBazaar’s funding now totals $79 million, but there’s no word on a current valuation for the company.

BankBazaar has big plans for the funds. It will use the large sum to boost its technology integration, strengthen partner relationships, create an end-to-end customer experience, and expand its marketing efforts to reach a broader customer base.

The company’s technology is available to consumers on Android and iOS apps, and it currently has 23 bank partners to offer a wide portfolio of solutions to consumers.

BankBazaar demoed at FinovateAsia 2012 in Singapore.

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i-exceed Teams Up with Kris FinSoftware to Promote the Mobile Internet in the Philippines

i-exceed Teams Up with Kris FinSoftware to Promote the Mobile Internet in the Philippines
By David Penn Posted on
Categories: i-exceed

i-exceed_homepage_new

i-exceed, makers of the Appzillion mobile app development platform, have teamed up with Kris FinSoftware to speed mobile internet adoption in the Philippines.

i-exceed made the announcement during the Philippine Bank Symposium in Manila earlier this month.

“With mobile internet dominating a huge portion of internet traffic, the role of mobility in reshaping the digital world and how it affects businesses is one that cannot be taken lightly anymore,” i-exceed wrote in a statement issued after the event.

Kris FinSoftware specializes in providing core banking, private banking, risk, and loan-origination software. Based in Singapore and the Philippines, Kris FinSoftware’s client list includes eight of the leading financial services companies in the Philippines.

i-exceed_PhilippineBankSymposium_smaller

i-exceed’s Sandeep Mahapatra presented “Mobility in Digital Banking” at the Philippine Bank Symposium.

i-exceed deployed its mobile-banking solution at Exim Bank, Comoros in Tanzania in March, shortly after releasing version 3.0 of its Appzillon platform. The company started off the year with news that Indonesia’s Telkomsigma would be deploying Appzillon to create its own platform-independent mobile apps.

Founded in May 2011 and headquartered in Bangalore, India, i-exceed demonstrated its Appzillon platform at FinovateAsia 2013. Joseph John is managing director.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ayondo, BankBazaar, eWise, i-exceed, Kony Solutions, Monitise

On Finovate.com:

  • Bankbazaar Scores $60 Million in Funding Led by Amazon.
  • i-exceed Teams Up with Kris FinSoftware to Promote the Mobile Internet in the Philippines

Around the web:

  • Wealth Help to launch advanced PFM tool using the eWise Money Manager solution.
  • Lufthansa Industry Solutions to use Kony to enhance its mobile portfolio.
  • ayondo purchases additional insurance for clients from the Lloyd’s insurance marketplace totaling up to $728k per client.
  • ReadyForZero completely redesigns mobile app.
  • Silicon Prairie News interviews Hip Pocket’s Mark Zmarzly.
  • Banco Santander and Monitise form a $31 million joint venture that will invest in and build fintech startups.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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FinDEVr APIntelligence

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinDEVr APIntelligence

Are you building new financial technology? Be sure to register now for the only event exclusively for fintech developers, FinDEVr 2015, 6/7 October in San Francisco.

FinDEVr2015-SF-Logo-StackedwdateThe latest from FinDEVr 2015 presenters

  • Money Under 30 features personal finance apps from Personal Capital and Credit Karma.
  • Bank Investment Consultant mentions Personal Capital in its look at how traditional advisers can compete against robo-advisors.
  • Backbase adds Geezeo’s PFM to its Open Banking Marketplace.
  • Yodlee Brings “Sense” to Forward-Looking Bank Balances.

Alumni updates

  • PayPal and Uber extend their partnership to an additional 9 countries, now 19 in total.

Stay up to date on daily developments by following FinDEVr on Twitter.

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Celebrate Canada Day with Our Alums from the Great White North

Celebrate Canada Day with Our Alums from the Great White North
By David Penn Posted on
Categories: Bionym, Carta Worldwide, CommunityLend, Digital Retail Apps, Dream Payments, Finaeos, FinanceIt, INETCO Systems, IntelliResponse, Market IQ, PayWith, Place2Give, SecureKey, Silanis Technology, TickSmith, TIO Networks, Trulioo, VoiceTrust, Wall Street Survivor, Zighra

CanadaDay_cupcakes

July 1st is Canada Day, the day Canadians from Nova Scotia to British Columbia and all the provinces in between celebrate the day the country we know as “Canada” was officially formed as a single nation within the British Empire.

So if you’ve got room in your schedule for one more Canada Day Celebration, then please join us in spending a little time celebrating with a score of Finovate alums that are driving fintech innovation in and out of “the Great White North.”

And a special Canada Day shout-out to Finovate partner, the Canadian Trade Commissioner Service, which supports Canadian startups through mentorship and access to U.S. partners and investors.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bionym, Cardlytics, FutureAdvisor, Jack Henry, Kofax, Lighter Capital, Numbrs, Nutmeg, PayPal, planwise, ProfitStars, QuantConnect, Tradeshift, TransferWise, Trulioo, Yodlee

Around the web

  • Seeking Alpha explains why a merger between Yodlee and FutureAdvisor makes sense.
  • Xconomy features Vince Turner’s Planwise.
  • American Banker features how Seattle-based Lighter Capital loans money to tech startups.
  • Cardlytics Wins 2 Silver Stevie Awards at 2015 American Business Awards.
  • Tradeshift to partner with C2FO to expand dynamic discounting solutions to a broader network of suppliers and buyers.
  • Financial Conduct Authority mentions how Nutmeg explains its fees and charges graphically.
  • Jack Henry acquires Bayside Business Solutions.
  • Fox News features Trulioo, Bionym, TransferWise, Kofax, and Numbrs in its column on “10 CEOs who are disrupting finance with technology.”
  • ProfitStars introduces Call Report Pro CU, a solution for meeting regulatory reporting requirements.
  • Hedgeweek takes a look at how QuantConnect enables quantitative traders to operate at a low cost.
  • PayPal acquires money-transfer provider Xoom.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Coinbase Announces Strategic Investment from Westpac’s Reinventure

Coinbase Announces Strategic Investment from Westpac’s Reinventure
By David Penn Posted on
Categories: Coinbase

Coinbase_homepage_June2015

Back at the beginning of the year, Coinbase reported a major investment of $75 million from a crew of investors including BBVA Ventures, USAA Bank and the New York Stock Exchange among several others.

We now know that one of those other investors was Reinventure Group, the venture capital arm of Westpac Banking Corporation.

The Coinbase blog today reported today the bitcoin company had earned a strategic investment from the Australia-based venture-capital firm that specializes in fintech startups. Coinbase says it hopes the partnership will help the company “bring bitcoin to new markets around the world.” No dollar figure was mentioned in the announcement.

A representative from Westpac said that the investment would yield “key insights into the use of digital currencies and associated technologies.” The rep also praised Coinbase’s “heavy” investment in “next generation security” as the best way to fulfill its mission of being “the most trusted bitcoin company in the world.”

Coinbase’s total capital stands at more than $106 million.

Coinbase_FS2014_stage

(Left to right): Business Development Managers Nahid Samsami and Roger Gu demonstrated Coinbase Instant Exchange at FinovateSpring 2014 in San Jose.

Coinbase specializes in enabling merchants to receive bitcoin payments without having to worry about the digital currency’s tendency toward price volatility. Coinbase holds more than one million digital wallets, and helps more than 28,000 merchants in more than 25 countries accept payments in bitcoin.

Recent news and notes from Coinbase include powering the new Bitcoin Index from the NYSE as of May, expanding to the U.K. and winning a spot on the AlwaysOn OnFinance’s Top 100 in April. Coinbase will also be upgrading its iOS and Android apps in February 2016 to support 11 additional languages.

Founded in July 2012 and headquartered in San Francisco, Coinbase made its Finovate debut at FinovateSpring 2014 in San Jose, where it demoed its Instant Exchange platform. Brian Armstrong is CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: Actiance, Cachet Financial Solutions, Coinbase, Credit Karma, DRAFT, Emida, Holvi, Level, Mint, Mint Bills, Personal Capital, ReadyForZero, Toshl, TransferWise, TSYS

On Finovate.com

  • Coinbase Announces Strategic Investment from Westpac’s Reinventure

Around the web

  • Let’s Talk Payments takes a look at interactive debt repayment tool, ReadyForZero.
  • Money Under 30 features personal finance apps from Personal Capital, Mint, Toshl, Mint Bills, Draft, Level Money, Bill Guard, and Credit Karma.
  • TSYS extends multi-year payment agreement with Mexico’s Banco INVEX S.A.
  • Holvi gives a sneak peek of its business debit card.
  • Cachet Financial Solutions enhances Select Mobile Deposit with geo-fencing unlimited user groups with defined business rules, and date, signature and endorsement detection.
  • Kristo Käärmann of TransferWise is quoted in The Guardian column on the relationship between U.K. fintech startups and banks.
  • Tradeshift teams up with C2FO, expanding access to the world’s largest working capital market.
  • Actiance to Deliver Content from 70-Plus Communication Channels to Office 365.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

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