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.
Flexiti closes $80 million mezzanine debt facility (BETAKIT)
In June 2018, Flexiti Financial acquired TD Financing Services’ (TDFS) Canadian private label credit card portfolio, valued at approximately $250 million.
Zafin Recommends: Why specialist banks can drive a renaissance in customer loyalty (SPECIALIST BANKING)
The thing is, today’s customer wants something different from their bank: more flexibility, diversity, a focus on their actual needs. And, in my opinion, this is something they don’t get from the high street.
Lending startup Portal Finance nabs $200 million for small business loans in Latin America (TECH CRUNCH)
For Portal Finance, the deal with financial institution BTG Pactual caps a meteoric rise, which has seen the company raise $1.5 million at a $60 million valuation and move from a small $5 million lending pilot to a $200 million deal in the span of two years.
The bitcoin boom reaches a Canadian ghost town (BLOOMBERG)
With fewer than 100 residents, Ocean Falls is looking for a revival after almost four decades of industrial false starts.
AltFi Summit coming to Toronto this December (BETAKIT)
Confirmed FinTechs speaking include: Revolut, Funding Circle, and Credit Karma.
Shine grabs $9.3 million to build a bank for freelancers (TECH CRUNCH)
Shine, which is building an alternative to traditional bank accounts for freelancers working in France, raised the funding from XAnge, with participation from Daphni, Gilles Samoun, and Ed Zimmerman.
Synapsefi raises over $17M in Series A funding (FINSMES)
Synapsefi, which provides payment, deposit, lending and investment products as APIs to FinTech companies, raised the funding from Trinity Ventures and Core Innovation Capital, with participation from other smaller funds.
Google’s Launchpad Studio accelerator welcomes a cohort of blockchain and finance startups(TECH CRUNCH)
Google will provide the startups with cloud computing resources, access to its stable of tame ML researchers, and continuing support after the four-month period is over.
Messaging app LINE eyes FinServ with $1.3B fundraise (PYMNTS)
Japanese messaging app firm Line has announced it’s raising around 148.1 billion yen ($1.33BN) through convertible bonds to fund aggressive expansion into the financial services business. The company plans to spend most of the money on promoting its Line Pay service and for other new financial services by the end of 2021.
Robinhood aims at IPO as the FinTech startup seeks CFO (TECH CRUNCH)
During his talk at TechCrunch Disrupt SF, Robinhood CEO Baiju Bhatt revealed that his company is on the path to an IPO and has begun its search for a chief financial officer. It’s also undergoing constant audits from the SEC, FINRA and its security team to make sure everything is kosher and locked up tight.
HSBC aims to dodge the iceberg with digital-only banking project
(FINEXTRA)
HSBC is reportedly building a stand-alone digital banking startup for small business customers in an attempt to fend off competition from app-based challenger rivals. The bank has reportedly recruited more than 100 people to guide the project to launch.
The risk of a vicious funding circle in FinTech (BLOOMBERG)
High hopes and valuations have a habit of bumping into reality.
National Australia Bank invests $35.89M more into venture fund
(DEAL STREET ASIA)
The fund invests in startups focused on various FinTech trends ranging from payment solutions to data exchange to property investment.
European banking app Monese scores $60M Series B led by Kinnevik (TECH CRUNCH)
Monese provides a mobile-only current account targeting customers with a ‘thin’ credit file or who are newly arrived in a country.