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Although traditional banks still hold the largest market share for consumer and business loans, there has been a considerable demand for fintech lending in recent years. Global Fintech lending, or the alternative loans industry will hit a $312.6bn transaction value this year, growing by 17% year-on-year, according to data gathered by LearnBonds.com. The rising trend,…
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Goldman Sachs has led a $15m funding round for Indian credit fintech ZestMoney as the start-up continues its rapid expansion. The Bangalore-based firm said that existing investors Naspers Fintech, Quona Capital, and Omidyar Network also took part in the cash call. The business lends and helps boost the credit scores of its target market of…
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Draper Esprit posted a more than 50 per cent profit hike after the fintech fund saw a rise in the value of its start-up portfolio and made partial exits from some firms. The London-based firm – which owns stakes in Revolute, N26 and TransferWise – said its profit after tax lifted to £59m in the…
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NatWest bank has launched a digital bank called Bó, aimed at taking on the host of app-only banks that are eating into the market share of high-street lenders. Bó is a cloud-based bank with its own faster payments connection, and comes with a distinctive yellow Visa credit card. The app went live today in the…
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A new fintech investment firm has launched targeting €150m warchest aimed at start-ups in Europe and the US. Luxembourg-based MiddleGame Ventures said it plans to invest in business-to-business and business-to-consumer start-ups, “driving the transformation of financial services from analog to digital and from centralised to decentralised, with an emphasis on middleware and back-office solutions”. It…
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ABN Amro has doubled the size of its fintech fund as the Dutch bank bids to keep pace with the sheer weight of cash investors are feeding the sector. The Amsterdam-based bank said its ABN Amro Ventures unit has lifted the size of its fund to €100m, from the €50m it raised just last year….
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Visa has taken a “significant minority stake” in Africa’s largest digital payments network, giving the business a billion-dollar valuation. The US credit card giant has bought into Nigerian fintech Interswitch, which processes over 500 million transactions per month across Africa. Private equity firm Helios Investment Partners, TA Associates and IFC also took part in the…
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Banco Santander has paid £350m to snap up a majority stake in British fintech Ebury, as part of plans to expand services to small firms that trade internationally. The Spanish high street banking giant said it will take a 50.1 per cent stake in the London-based firm, which offers currency services and funding to 43,000…
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Payments firm Modulr said it will create more than 50 jobs as a result of raising £20m of new finance. The Edinburgh-based fintech said it would use much of the cash to expand its accountant dashboard into a full accounts payments control centre aimed at small firms. It said the move would create “a minimum…
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Fintech fundraising in Singapore continues growing in 2019. According to data provided by CB Insights, Pitchbook, and Tracxn, investment in financial technology ventures in Singapore rose sharply during the first nine months of this year. It is also possible to see that early-stage funding declined by 56%, and investment into more mature fintech grew by…
