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Although we saw one high-flying fintech unicorn crash to earth this week, the fintech sector continued to attract significant capital with 21 companies raising $214.8 million, for an $11 billion annual run rate. The total included at least $15 million in debt. Three Finovate and FinDEVr alums raised new cash and one exited: PayActiv raised $9.2 million for Read more…
Despite turmoil in global equity markets, the fintech sector continued its 3-year bull market with 21 companies raising $259.1 million, for a $12 billion annual run rate. The total included at $46 million in debt. And demonstrating the global nature of financial services, only three deals were out of California (Xignite, Renew Financial, and Vast). Read more…
Via a new partnership with Mindtree, Bangalore-based i-exceed technology solutions looks to bring mobility solutions to the BFSI (banking, financial services, insurance) sector. Quoted in ETCIO.com, i-exceed’s Managing Director Joseph John said the agreement showed the increased traction Appzillon was gaining in the marketplace. “With our long-standing experience in the banking sector, coupled with Appzillon’s Read more…
On Finovate.com: Xignite Raises $20 Million in New Partnership with Tokyo’s QUICK Corporation. Around the web: Tandem, a British banking startup launched by Azimo co-founder Ricky Knox, selects the Agility platform from Fiserv. Barclays and Xero forge strategic partnership. Indiana’s Old National Bank completes online and mobile-banking transition to Digital Insight. Let’s Talk Payments features Read more…
For the third time in that past four weeks a fintech funding record has fallen. This week it was number of companies, beating the total funded two weeks ago by one. As you may recall, last week we set the new mark (by a large margin) for the highest weekly dollar total with $2.7 billion. All told, last week 29 Read more…
Yesterday, financial settlement services platform Ripple announced a partnership that will boost its expansion into a region where it has seen lots of local interest and growth potential. The San Francisco-based startup has teamed up with financial conglomerate SBI Holdings to form a new company called SBI Ripple Asia. As a part of the joint Read more…
Last week, we set the record for most fintech deals in a single week with 28. This week, we established a new mark (by a large margin) for the highest weekly dollar total with $2.7 billion. The previous record was $1.6 billion the third week of August 2015. These are mind-boggling numbers. Imagine this: Your Read more…
Rage Frameworks unveiled its LiveWealth Intelligent Agent platform this week. The technology, powered by Rage’s aggregation engine, extracts and interprets data from paper and electronic sources and uses semantic intelligence to read both structured and unstructured data. This enables wealth managers to better monitor and act on information that might affect client portfolios. Rage Frameworks Read more…
As expected, the year ended on a relatively quiet note with just eight companies raising $71.5 million. More than half the total ($46 million) went to Chinese P2P lender Weijinsuo. The year ends with a total of about $19 billion invested into private fintech companies (includes debt and equity). If you add the $6 billion Read more…
In a bid to grow its fund accounting and business process services and capabilities, Bangalore-based IT consultancy Wipro has agreed to acquire Viteos Group. The Times of India reports a purchase price of $130 million. Viteos Group provides a proprietary platform built for cross-border, any asset class, any currency, post-trade operations for the U.S. alternative Read more…
Identity-verification specialist Trulioo picked up $15 million in new funding to help fuel growth. The round featured participation from American Express Ventures, along with existing investors BDC Capital, Blumberg Capital, and Tenfore Holdings. Trulioo’s total capital now stands at more than $23 million. Trulioo CEO Stephen Ufford called the investment a vote of confidence in Read more…
Buoyed by 7 Startupbootcamp Insurance entrants—each grabbing $17,000—a record 30 fintech companies raised money this week for a total of just under $100 million ($95.8 million). Only two companies topped 7 figures: real estate specialist EasyProperty ($37.6 million) and Lemonade, a P2P insurance play ($13 million). Four Finovate alums were among the bunch: CBANC Network Read more…