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.
FreshBooks raises $57 million to invest in North American expansion(BETAKIT)
FreshBooks also plans to invest in product development.
STACK RECOMMENDS: Ottawa unveils ‘supercluster’ innovation plan(THE STAR)
“A Federal backed plan shows Canada’s commitment to driving and leading global innovation.”
– Miro Pavletic, CEO and co-founder of STACK
A new FinTech startup wants to democratize trust funds(BUSINESS INSIDER)
Tomorrow, which aims to provide millennials with trust funds to guarantee their financial security, has raised a $2.6 million seed round from backers including Plug and Play, Allianz Life, and Curious Capital.
Borrowell raises $57 million from Portag3, FirstOntario Credit Union(BETAKIT)
The company, which offers free credit scores and financial recommendations, is hoping to invest in data science and AI capabilities.
Finstar commits $150M to FinTech investment(FINEXTRA)
Finstar plans to use the money to buy stakes in promising FinTech startups in Europe, Latin America, Southeast Asia, and South Asia, as well as on research and development in portfolio companies.
Digital banks must diversify or die: The lesson from Revolut’s $66 million raise(VENTURE BEAT)
Digital banks are one of the hottest investment sectors in fintech right now, as Revolut’s recent $66 million series B shows. However, look more closely and it’s clear the era of digital-only challenger banks may actually be coming to a close.
FinTech startup Receipt Bank raises $50 million through Series B funding round led by Insight Venture Partners(CROWDFUNDINSIDER)
Receipt Bank, a bookkeeping automation platform that automates the collection and data extractions of receipts and invoices, plans to use the funding to accelerate growth and further develop its products.
Street Contxt expands its sell side platform to buy side investors(BETAKIT)
The platform is targeted to hedge funds, pension funds, and institutional asset managers.
German FinTech factory FinLeap raises €39 million(FINEXTRA)
The funding was led by Hitfox-Group, with participation from Signal Iduna, SBI Group, and NIBC.
Banks that don’t invest in technology risk falling behind permanently(FORBES)
According to a recent report by Kevin Wack in American Banker, many banks are paying “a sizable price for failing to modernize their mortgage application processes in the internet age.”
Mastercard and Scotiabank join Enterprise Ethereum Alliance(FINEXTRA)
Mastercard and Scotiabank are joining EEA as part of a wave of 34 new members signing up for the project to promote the uptake of Ethereum as the foundation for running smart contracts in Fortune 500 enterprises.
WeWork launches joint venture with SoftBank to bring its shared work spaces to Japan(VENTURE BEAT)
The new JV, which will be known as “WeWork Japan,” will be 50 percent-owned by each company and will enable the New York-based tech firm to gain a solid foothold in a potentially sizeable and lucrative market.
How to navigate Canada’s tangled regulations and build your FinTech startup(BETAKIT)
Ferst Digital created a guide to understanding FinTech regulations in Canada.