Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.
CIBC acquires Wellington Financial to support launch of CIBC Innovation Banking
CIBC Innovation Banking will provide advisory expertise and financing solutions to companies at all stages.
FinTech startup YieldStreet Raises $113 million(BLOOMBERG)
YieldStreet, which packages and sells business loans to investors, raised the funds from Greycroft and Raine Ventures.
Globalive’s Anthony Lacavera wants to undergo IPO for blockchain firm by mid-2018
The company is currently raising an initial round of $10 million in seed financing.
Alkami raises $70 million for mobile banking software(TECHCRUNCH)
Alkami’s Series D funding round was led by General Atlantic, with participation from MissionOG. Existing investors include S3 Ventures and Argonaut Private Equity.
Kodak unveils KODAKCoin cryptocurrency, blockchain image platform(SLASHGEAR)
Kodak is probably one of the last companies you think of when it comes to mining cryptocurrency, but it plans to change that. The company plans to make its initial coin offering on January 31 to accredited investors in some countries including the US, UK, and Canada.
Mylo raises $2 million from Desjardins Capital to expand its spare change investment platform (BETAKIT)
Mylo wants to become a full-service personal financial management platform.
Ripple and MoneyGram test XRP currency transfers (FORTUNE)
The partnership will see MoneyGram pilot the use of digital currency XRP through a new Ripple service, called xRapid, designed to provide liquidity to financial institutions.
TD acquires Layer 6 in Canadian AI talent grab(BETAKIT)
Layer 6 will help the banking giant in a few areas: delivering more personalized experiences to customers, automating processes, and making sense of the financial institution’s vast amounts of data to identify new opportunities.
Germany’s Smava raises $65M to expand its consumer loan portal (TECHCRUNCH)
Smava, a German startup that has built a marketplace/portal for people to search for and take out loans, raised the funds from UK-based private equity firm Vitruvian.
How FinTech is targeting millennials using AI and machine learning (FORBES)
As more young adults enter the workforce and begin investing in their futures, businesses are quickly realizing they will have to change their approach to appeal to this demographic’s unique set of needs and expectations, which are on course to completely disrupt the status quo.
After building 17,000 financial plans, Toronto’s Planswell raises $6.8 million
The service is available in BC, Alberta, Manitoba, Ontario, New Brunswick, and Nova Scotia.
LendingPoint buys LoanHero (FINEXTRA)
LoanHero will help accelerate LendingPoint’s expansion into point-of-need and point-of-sale financing, with its merchant onboarding and reporting tools and installed merchant base.
TransferWise begins private launch of its consumer borderless account and bright green debit card (TECHCRUNCH)
This marks the first time the European unicorn has offered a debit card, a move that is bound to draw further comparisons with newer FinTech upstarts such as Revolut.
RBC report: Cryptocurrency and blockchain market expected to reach $10 trillion
The report outlines potential opportunities for the cryptocurrency market to grow.