TDB Digest

TDB Digest – What’s Cooking in the FinTech and Banking Industry (Issue 22)

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FUNDING UPDATES

Stripe raises $600m in new funding

Stripe – a payment infrastructure recently announced that it raised $600m funding at a $95B valuation. Primary investors include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA). This funding will be used to support its European operations and expand its Global Payments and Treasury Network. John Collison, President and co-founder of Stripe, remarked, “We’re investing a ton more in Europe this year, particularly in Ireland. Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.”

Koho secures CAD 70M in Series C funding

Koho – a Canadian fintech aiming to provide an alternative to traditional banking services, recently announced that it raised CAD 70M in Series C funding. The round was led by new investor TTV Capital. Returning investors were Portag3 Ventures which followed-on for the Series C round, and Drive Capital, which led Koho’s Series B extension in November 2019. The new financing will be used to create awareness about Koho’s existing product stack. Founder and CEO of Koho, Dan Eberhard remarked, “Koho is a leader and has both the responsibility and opportunity to be a market-defining company and a leader, not just in terms of the consumer FinTech space but in terms of the Canadian regulatory payments ecosystem.”

BlockFi raises $350m in Series D funding

BlockFi – a wealth management services provider for cryptocurrency investors recently announced the completion of its Series D fundraising round. This round was led by new investors including Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global. New investment from this round will be used to augment current core product offering, foster innovation across its product stack and expand into new markets while also provide sufficient capital to consider acquisition opportunities. Flori Marquez, Senior Vice President of Operations and Co-Founder of BlockFi, commented, “Our goal for BlockFi has always been to facilitate cryptocurrencies going mainstream, and each day provides more evidence that is exactly what is occurring. I’m incredibly proud of how quickly we have added new professionals and products to meet market demand, and excited to continue adding talent and products in the months ahead.”

STRATEGIC PARTNERSHIPS

WeLab and Allianz X join forces for a WealthTech proposition

WeLab, a fintech company in Asia, recently announced it has completed the initial close of Series C-1 funding round, led by Allianz X for $75 million. Further, it was also disclosed that WeLab and Allianz X have also established a strategic partnership to drive fintech collaboration across Asia’s financial services landscape. The two companies will work together to roll-out digital wealth management services in Asia as well as move to new markets and grow their product offering. Simon Loong, Founder & Group CEO of WeLab, said, “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz.”

SUSTAINABLE BANKING

Starling Bank issues debit card made from recycled plastic

Starling Bank – a U.K. challenger bank, recently launched its new debit card which are made from recycled plastic. According to the bank, the new cards will be made from 75% recycled rPVC plastic which comes from EU industrial waste and 25% (chip and laminated surface) from non-recycled materials. The card is also the first UK Mastercard debit card to be made from recycled plastic (rPVC). Anne Boden, CEO and founder of Starling Bank said: “The environment is important to our customers, so launching a recycled plastic debit card was the right thing to do. We’re proud to be a branchless, paperless bank that runs on renewable energy. And now we’re delighted that we’re building on this with our new recycled cards.”

 

 

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