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.
Central 1 launches platform allowing credit unions to build branded websites (BETAKIT)
The platform will allow Central 1 credit unions and financial institutions to build a branded website in minutes, including drag-and-drop widgets.
Zafin Recommends: Interview with an Expert: Des Farrell Opens Our Eyes to Open Banking (ZAFIN)
“If banks were truly capsulizing on the technical innovation that’s happening today being used in other industries, open banking wouldn’t exist. So, in that sense, I don’t believe open banking should be considered as an inconvenience or an additional activity for banks. It should be something they were doing anyway. They are going to be forced, formally forced, to do it now.”
– Des Farrell, Head of Product Management, Zafin
Portag3 raises $198 million for second fund (BETAKIT)
Power Financial, IGM Financial, and Great-West Lifeco. are returning as anchor investors in the fund.
Berkshire’s new FinTech investments fit into a classic Buffett strategy — bet on an entire industry (CNBC)
Warren Buffett’s conglomerate, which typically takes stakes in blue chip American companies, recently invested about $600 million in two FinTech companies focused on emerging markets — Paytm and StoneCo.
Large Institutions’ Control of Canada’s Financial Services Sector Limits FinTech Growth (THE FUTURE ECONOMY)
Paul Desmarais III argues that to support the growth and competitiveness of our FinTech sector, Canada needs Open Banking, data protection regulations and real-time payment rails that all financial services companies have access to.
3iQ cryptoasset fund joins TSX’s mutual fund platform (BETAKIT)
The 3iQ Global Cryptoasset Fund is the first listing on TSX NAVex.
Monzo raises £85M; valued at £1 billion (FINSMES)
Monzo is a mobile bank that allows consumers to use its debit cards to manage their money. The company also offers joint accounts, accounts for 16 year olds, and bill splitting functionality.
Moneris launches analytics tool to help businesses measure impact of online advertising (BETAKIT)
Offlinx is powered by a tagging mechanism that anonymously links browsing data to transactions that process through Moneris’ national payment network.
Canada’s lag in FinTech could hurt banks’ operations abroad, Desmarais family scion says (THE TORONTO STAR)
With fewer partnership options at home, where it’s hard to nurture leaders in the automation of financial services, Canadian banks are at a disadvantage when trying to grow in the U.S. and beyond, said Paul Desmarais III, the executive chairman and co-founder of Power’s in-house venture fund Portag3.
Coinbase is now valued at $8B after closing new $300M round (TECH CRUNCH)
Coinbase said this Series E investment was led by Tiger Global, with participation from Y Combinator’s Continuity fund, Wellington Management, and others.
Brazilian FinTech startup REBEL raises $4 million in Series A funding (TECH STARTUPS)
REBEL, which offers consumers online credit, raised the funding from XP Asset Management, an affiliate of XP Group, Point Break Capital, and others.
Even Financial acquires Birch Finance, a credit card rewards startup (TECH CRUNCH)
On the heels of a funding round to the tune of $18.8 million, Even Financial has acquired Birch Finance, which aims to help people make the most of the credit cards in their wallets by telling them which cards will earn them the most points.
