Fintech Amount nabs fresh funding from Goldman Sachs

  • Amount, spun out from online lender Avant earlier this year, helps banks digitize consumer products.
  • On Wednesday, the startup announced an $81 million Series C led by Goldman Sachs, which Amount will use to meet growing demand from bank customers.
  • Forming partnerships with banks, rather than trying to compete with the same services, represents one way some fintechs are entering online banking and consumer lending spaces.
  • Visit Business Insider’s homepage for more stories.

To compete as a consumer bank is an uphill battle. Startups looking to upend traditional banking face significant barriers to entry — for one, a high cost of capital — even as the coronavirus pandemic continues to accelerate industry-wide transitions to digital banking.

It’s a strength, then, that Amount’s strategy is to help traditional banks digitize their consumer offerings, not supplant them with alternatives. Spun off from online lender Avant in February, Chicago-based Amount works with banks

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Future FinTech Appointed Ming Yi as Chief Financial Officer

BEIJING, Dec. 2, 2020 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as “Future Fintech”, “FTFT” or “Company” ) a leading blockchain e-commerce company and a service provider for financial technology, today announced it has appointed Mr. Ming Yi as the new Chief Financial Officer (“CFO”) of the Company on November 30, 2020.  Ms. Jing (Veronica) Chen resigned as CFO of the Company, effective on November 30, 2020, and she has been appointed as the vice president of the Company, in charge of its international M & A and internal control.

Mr. Yi has extensive experience in accounting, financial management and operation management. Mr. Yi has served as an independent director of Hudson Capital Inc. (Nasdaq: HUSN) since March 31, 2020.  Mr. Yi was the Chief Financial Officer of SSLJ.com Limited from July 2018 to July 2019. From June 2011 to August

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Ian’s Tech Travels: This royal take on fintech will reframe your definition of success

Technology seems like the winner right now. The Nasdaq 100, an index of 100 US tech giants, bears this out. Having started the year just shy of 9,000, it currently sits slightly north of 12,000.

But there are also counterarguments that we are in a technology bubble. With this in mind, I want to look at the growth of fintech-investing specifically, and for this I bring in Augmentum Fintech investment trust manager.

 

More no than yes

Tim Levene (pictured) has more than a decade of experience in technology and venture capital, and for several years worked as an adviser for the Duke and Duchess of Cambridge’s Royal Foundation on digital strategy and innovation. Augmentum’s Fintech trust was the first publicly listed fintech fund in Europe.

Levene is seeking typical annual returns of 20% across the trust. Of the more than 2,000 companies to have pitched to Augmentum, only 17 sit

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The Moment of Fintech During Lockdown

The lockdown is hurting every industry. FinTech is no exception. However, its digital nature means many companies find themselves well positioned

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4 min read

Opinions expressed by Entrepreneur contributors are their own.


You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.

Indian fintechs raised around $3.18 billion in equity funding in 2019-20 but the fundraising activity slowed after the spread of COVID-19 and the subsequent nationwide lockdown. In April- June of FY21, Indian fintechs have raised over $200 million.

The increasing popularity of fintech’s can exacerbate concerns relating to data privacy, use and protection. Also, there is a need to ascertain the impact of fintech on financial stability, due to higher potential for system-wide risk with its expansion.

Why fintech got affected?

In September and October, there was a rise in overall

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Fintech HMBradley’s 14-page pitch deck for 18.25 million Series A

Consumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. 

The market for these so-called ‘challenger banks’ has exploded in recent years as customers are drawn to seamless account openings and optimized user experiences on their apps and websites. 

The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. 

“Our thesis going in was that we don’t swipe our debit cards all that often, and we don’t think the customer base that we’re focusing on does either,” Zach Bruhnke, cofounder and CEO of HMBradley, told Business Insider. “A lot of our customer base uses credit cards on a daily basis.”

Instead, the startup is aiming to build clientele with stable deposits. As a result,

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Innovative FinTech Startup Powers Mobile Engagement for Emerging Markets with 8×8

LONDON–(BUSINESS WIRE)–8×8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today announced that OKO, a provider of index insurance and other farming-related services to smallholder farmers in emerging countries, has selected 8×8 to transform communications with farmers across Africa, dramatically improving service delivery and providing enhanced customer experiences via the 8×8 Communications Platform as a Service (CPaaS) Chat Apps API.

OKO provides effective, affordable crop insurance to farmers in emerging markets by using new technologies in satellite imagery and weather forecasting to simplify and automate the claim management process, making crop insurance accessible to thousands of smallholder farms. Serving the agricultural community across Africa, OKO was using SMS to communicate and engage with farmers for purchasing crop insurance and sharing valuable information, such as weather updates, to minimise crop damage. However, SMS communication was often limited and ineffective due to the low literacy rate of farmers.

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India FinTech Forum Selects 27 Fintech Startups for IFTA 2020


2 min read

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You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.

Non-profit fintech advocacy group India FinTech Forum announced on Tuesday the list of 27 fintech startups shortlisted for the 5th edition of India Fintech Awards (IFTA).

The startups will be giving live demos to the jury from 30 November till 2 December 2020 to compete for the Fintech Startup of the Year at the award ceremony. Furthermore, six innovative fintech companies will compete for the Fintech Scaleup of the Year award.

The fintech startups with high potential were chosen from a pool of over 600 applications received from across the globe such as the US, the UK, the UAE, Switzerland, Sweden, Spain, Singapore, Sri Lanka, Norway, New Zealand, Netherlands, Ireland, India, Hungary, Hong Kong, Germany, France, Canada, Brazil, and Algeria.

The non-profit initiative platform has

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Alibaba (NYSE:BABA), (MPNGF) – Alibaba CEO Calls China’s New Fintech Regulations ‘Timely And Necessary’ After Ant IPO Ax

Alibaba Group Holding Ltd (NYSE: BABA) CEO Daniel Zhang said that Beijing’s draft rules to prevent monopolistic behavior by China’s internet platforms are “timely and necessary,” Reuters reported Monday (Beijing time)

What Happened: Zhang, speaking at the World Internet Conference held in Wuzhen, China, said that the country’s regulations need a shakeup. 

The Chinese internet industry’s “development and government supervision is a relationship that promotes and relies on each other, so that platform enterprises cannot only develop well themselves, but also serve the sustainable and healthy development of the whole society,” the Alibaba CEO said.

The annual conference takes place on Nov. 23 and Nov. 24 and is organized by the Cyberspace Administration of China, the country’s internet watchdog and censor.   

China’s internet giants such as Tencent Holdings Limited (OTC: TCEHY), Alibaba, and Meituan (OTC: MPNGF) are reportedly under greater government scrutiny. 

Why It Matters: The draft rules, published Nov.

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Short Sellers Target Ping An’s Fintech Unit After Ant IPO Fiasco

(Bloomberg) — The headwinds that toppled Ant Group Co.’s initial public offering now threaten a $22 billion dream of China’s Ping An Insurance (Group) Co. — to pivot from a finance group to a tech giant and be valued like one.

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While Ping An’s Lufax Holding Ltd., which offers wealth management and retail lending services, was able to complete its U.S. IPO days before new Chinese rules torpedoed Ant’s $35 billion sale, the stock has given up early gains and is now a target for short sellers. Renewed threats by U.S. regulators to delist Chinese stocks also threaten Ping An’s plans to take more of its in-house startups public.

Ant’s IPO suspension “fundamentally changed near-term investment appetite” for Chinese fintech stocks, with Lufax as “the community’s No. 1 consensus short,” according to a Nov. 5 report from Procensus, which polled 84 global investors managing $15.3 trillion. Short interest

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This fintech and blockchain training bundle features 8 courses for $40

Blockchain could very well be the technology of the future. It’s gaining ground among businesses and financial providers because of its ability to record information across multiple systems, which improves transparency and security while reducing the risk of data tampering or loss. Similarly, blockchain may be used to solve ethics and bias issues in regards to machine learning and AI algorithms.

With the rise of big data and fintech, blockchain will play a pivotal role in our economy moving forward, so learning how blockchain works and how it can be applied will help you stand out on the job market. If you’re looking for fun, comprehensive courses that will get you up to speed with blockchain, fintech, data science, and more, look no further than The Ultimate FinTech & Blockchain Bootcamp Bundle by FinTech School. This bundle is available to ZDNet readers for $39.99, but you can get an additional

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