Standard Chartered creates fintech investment unit
Standard Chartered said on Wednesday it had established a business unit to invest in financial technology and promote innovation. Dubbed SC Ventures, it will include internal consultants to help the rest of the group solve problems with technology and a team to sponsor and oversee new disruptive technology ventures owned by StanChart. Another part of the new unit will focus on managing the bank’s minority investments in ‘fintech’ and seeking new ones to back. “As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation,” said Michael Gorriz, group chief information officer. StanChart already backs Ripple, a […]
Australia gets its first dedicated platform for fintech jobs
By Elizabeth Barry, Editor, finder.com.au The site has been launched to fill a gap in the fintech market. The Australian fintech sector now has a dedicated platform through which to source local talent as well as apply for fintech jobs. The team behind Australian FinTech have this week launched the employment platform, Australian FinTech Jobs, to better service the sector when it comes to finding talent. Founder and CEO Cameron Dart, who was recently named as one of finder.com.au’s Top 25 Fintech Influencers, said the platform seeks to service all areas of employment. “When people think of ‘fintech’ in relation to employment, they might initially think of just ‘finance’ or just ‘technology’ jobs,” Dart […]
Fintech investment thriving in the UK
Financial technology, or fintech, is thriving in the UK, with many start-ups leading innovation across the country. With new advances in fintech it is increasingly easy to check your balance on the go, or to utilise contactless technology wherever you may be. It’s developing at such a rate that technologies such as paying with your phone or fingerprint technology at a checkout will soon become the norm. How much is it growing in the UK? A report from UK Fintech said that industry investment had increased by over 50% each year since 2008. To put things in perspective this is twice as much growth as in the Silicon Valley, which […]
Fintech: Why It Matters So Much to Your Investment
Fintech is a term that combines two words; Financial and Technology. It means emerging financial services that are fast expanding to include inventions in financial literacy, retail banking, education, investing, and cryptocurrencies. While fintech was initially only applied to conventional technologies that were applied to back-end established clients and financial institutions, the term now refers to how to people operate their enterprises ranging from double-entry accounting to currency invention. Notably, financial technology has grown explosively as mobile internet revolution advances. Facts about Fintech and their applications today In their latest report, Accenture established that international investment in fintech blast through the roof in just a couple of years. From $ […]
Vantiv seals $10 billion Worldpay acquisition
Vantiv Inc. agreed to acquire U.K. payments processor Worldpay Group PLC for about GBP8 billion ($10.4 billion) in cash and stock, one of the biggest deals in the fast consolidating sector. The tie-up, according to a joint statement Wednesday, will create a trans-Atlantic payments processing giant with a combined market value of more than $20 billion. The companies disclosed their negotiations last month as the Ohio-based Vantiv appeared at the time to ward off a potential rival bid from J.P. Morgan Chase & Co. The combined entity will be called Worldpay. Payments businesses are under pressure to join forces in part to cut costs as greater regulatory scrutiny and rising […]
Apple says it will overtake Samsung Pay by year’s end
Apple has indicated it plans to launch Apple Pay in a number of new territories before the start of 2018, a feat that would see it catch up to and overtake current digital wallet frontrunner Samsung. Speaking at the company’s earnings call yesterday, Apple CFO Luca Maestri says that “the reach, usage, and functionality of Apple Pay continued to grow.” He claims that “Apple Pay is by far the number one NFC payment service on mobile devices, with nearly 90 percent of all transactions globally. Momentum is strongest in international markets, where the infrastructure for mobile payments has developed faster than in the US.” “In fact, three out of four […]
Two of Britain’s fastest growing fintechs are going after a huge pot of money: pensions
Fast-growing online investment startups Moneyfarm and Scalable Capital are both planning to launch pension products later this year, hoping that accessing the huge UK retirement market could super-charge their growth. Moneyfarm announced plans to launch a pension product later this year when it announced its full year results on Friday. Those results show that the startup, which launched in Italy in 2012 and the UK last year, currently has £260 million in assets under management. It offers personal investment and ISA products. Paolo Galvani, Moneyfarm’s cofounder and chairman, told Business Insider: “We will launch a UK pension product in the fourth quarter and next year Italy. For the next few […]
Fintech Kantox raises £4.6 million from investors as it targets profitability
Foreign exchange fintech company Kantox has raised £4.6 million from its existing investors as it aims for profitability. Filings with Companies House show Kantox raised the sum at the end of July. CEO and founder Philippe Gelis confirmed the fundraise with Business Insider over email, saying the company raised the money from existing investors Partech Ventures, IDinvest Partners, and Mundi Ventures. Gelis told Business Insider: “We indeed raised some more money with our existing investors. We are progressing well and focusing on building sophisticated software solutions for our clients. “We have great traction so we did not want to look for new investors (something which is always very time consuming) […]
