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Tag Archives: FinTech News

Wall Street Giant JPMorgan Allocates $25 Million in FinTech to Help Low-Income Americans

An American banking giant JPMorgan Chase & Co has decided to help poor American communities. With this purpose, the largest US bank will invest $25 million in FinTech start-ups that help Americans with a low level of income be more financially healthy.According to Karen Keogh, JPMorgan’s head of global philanthropy, this money will be spent on the development of products that could help people in communities like Harlem:“We’ve long believed that fintech coupled with in-person coaching and...

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Is This Facebook’s First Step Towards Replacing the U.S. Dollar With Libra as Global Reserve Currency?

Reports indicate that the U.S. dollar will have the largest representation in the basket of currencies that will underpin Facebook's forthcoming Libra cryptocurrency, sparking renewed fears that the greenback's reserve-currency status will be upended by the social media network. Dollar Will Dominate Libra’s Basket of Currencies According to Spiegel Online, the U.S. dollar will make up half of the basket. The other currencies that will make up the rest of the basket are the euro (18%), yen...

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London Outpaces New York in Fintech Sector, San Francisco Still Ahead of Both of Them

It seems that London has overtaken New York in the raising of finance for the global fintech sector or so it seems. According to CNBC, in terms of fundraising deals, the capital of the United Kingdom so far has raised about 114 deals worth about $2.1 Billion while the money City of the United States raised about $1.9 Billion figures show. The startup and venture capital hub San Francisco outpaced both cities with $3 Billion while Brussel in Belgium came a distant fourth with $881 Million and...

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Facebook Acquires ServiceFriend, Possibly Building a Chatbot for Calibra Wallet

While Facebook is prepping for its Libra launch in 2020, it also has acquired ServiceFriend which is a start-up that builds bots. Experts already have speculated that this is possibly meant for the Calibra wallet support service. First, this news was published in an Israel where ServiceFriend is situated. One of its largest investors, Roberto Singler, alerted one of the local publications about this matter. While Facebook hasn’t yet approved the relevance to Calibra on this deal,...

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Ping An’s OneConnect Plans for Mid-November IPO in the U.S. Market

Recently, people familiar with the matter, shared information that OneConnect, which is the fintech and blockchain unit of the Chinese insurance giant Ping An, is planning to debut in New York with an IPO. The company plans to launch the IPO in mid-November this year. Also, Japan’s SoftBank Corp. is one of the largest investors in the company.Previously, the company had marked the listing venue in Hong Kong. However, a few months ago, it changed it to New York in order to achieve a more...

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Facebook Releases Full Details of Libra’s Basket of Currencies

Social media giant Facebook has for the first time indicated the full list of the basket of currencies which will support the proposed stablecoin Libra. While is known publicly that the US Dollar accounts for about 50% of the basket of currencies that will back the cryptocurrency, not much was known about the rest.According to the Der Spiegel report , in response to a request from Fabio De Masi who is the finance spokesperson of the Left Party of the German Parliament (the Bundestag), a...

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Deutsche Bank Investment Lifts Fintech Startup Deposit Solutions to €1B Valuation

Open banking fintech company Deposit Solutions received its latest financing round of just over €40m involving Deutsche Bank. Part-owner and German Venture Capital firm Finlab revealed this in a statement on Wednesday. As part of the financing round, the shares of the Fintech startup were revalued according to the International Financial Reporting Standards (IFRS) and the company is now said to be worth about €1 Billion.Last year, the startup also received a financing round of €100 million...

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TransferWise Posts Continuous Profit for Third Consecutive Year

U.K based fund transfer service, TrasnferWise Ltd, has announced that in its last fiscal year, the company’s revenues recorded growth by more than 50%. TransferWise which is fully backed by Sir Richard Branson as well as Peter Thiel’s Valar Ventures, had its fiscal year-end on the 19th of March, which confirms the company’s three-year consecutive profit streak.TransferWise successfully pulled in 179 million pounds (about $223 million) in revenue which is an increase of more than half of the...

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Binance Says Its Venus Stablecoin Would Be More Government-Friendly Than Facebook’s Libra

As the stablecoin race catches up, cryptocurrency exchange Binance wants to position its Venus stablecoin more aggressively. Taking a dig at Facebook‘s Libra, Binance said that the Venus will be a government-friendly alternative to the Libra Coin.Last month in August 2019, Binance unveiled its plans to launch stablecoins and other digital assets pegged to fiat currencies across the globe. This initiative is part of the company’s plan to form major partnerships and alliances with global...

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Fintech Startups Will Eat a Massive $280 Billion Banking Revenues by 2025

Fintech startups across the globe are making massive inroads in the global payments industry. As per the Accenture report titled Banking Pulse Survey: Two Ways To Win, non-banking financial startups will eat 15% share in global payments revenue by 2025. As per the estimates and the growth projections, this share translates to a massive $280 billion.As per the report, the global payments revenue is expected to grow at an annual rate of 5.5%. In 2019 itself, the global payments market is...

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