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Credit Karma Names Susannah Wright its First General Counsel

Former prosecutor and SolarCity and Tesla counsel joins rapidly expanding financial technology company Credit Karma, the top venture-backed personal finance company in the world, today announced it has named Susannah Wright its first general counsel. Previously head of compliance at SolarCity and Tesla, Wright also joins Credit Karma’s executive committee. As general counsel, Wright oversees all legal matters at Credit ... Read More »

Fintech Company Klarna Becomes a Bank

Klarna is the First Major European Fintech to Receive a Full Banking License When Klarna’s three founders presented their digital invoicing idea to the cream of Swedish industry and the country’s king in 2005, they suffered rejection.   “Look, this is never going to work; the banks are going to do this,” Klarna’s chief executive, Sebastian Siemiatkowski, remembers as the message of ... Read More »

Encompass Corporation in the News: Fintech Firm Swaps Bondi for Broomielaw

Encompass’s search for excellence brought it half-way round the world to Glasgow. It perhaps wouldn’t be the most obvious switch, but BIIA member Encompass have made the move from Sydney, Australia, to Glasgow, Scotland. One of the principle reasons for the move has been the support and assistance offered to encompass by Scotland’s Economic Development International. It is two years since ... Read More »

Ant Financial Appears to Becoming the World’s Top Consumer Bank – If Foreign Regulators Let It Happen

The biggest obstacle for the Alibaba affiliate are strict regulations abroad In a world that embraces disruptive technology, China’s most prominent financial technology company, Ant Financial Services Group, would probably have no problems morphing into a bank, even without licenses. Beginning as an online payment processor called Alipay supporting Alibaba Group Holding’s flagship e-commerce platform Taobao, Ant Financial has expanded ... Read More »

TransUnion: Five Questions on FinTech with Ibrahim Dusi of Payoff

As part of TransUnion’s “Five questions on FinTech” blog series, John Wirth sat down with Ibrahim Dusi, Chief Risk Officer at Payoff, to get his insights on the future of the FinTech industry, the importance of differentiation and innovation, and how they are saying yes to more consumers Q1: What do you see as critical milestones for the FinTech industry as it matures? ID: The ... Read More »

Blockchain Based SME Lending Platform Bitbond Receives €5 Million Debt Commitment

Global SME marketplace lender Bitbond today announced that it received a commitment from Obotritia Capital to fund loans worth €5 million through its platform. Additionally, Obotritia invested an undisclosed amount of equity to acquire a stake in Bitbond. Bitbond was founded in 2013 and shortly after its start the young company was able to win investors like Point Nine Capital. In 2015 we ... Read More »

Alibaba Makes Its First FinTech Investment In Hong Kong

Alibaba has expanded its investment portfolio in Hong Kong and has chosen Qupital to be its first FinTech investment in the city.  Qupital has just secured a seed investment round of $2 million, led by MindWorks Ventures and Alibaba Entrepreneurs Fund, with co-investment from DRL Capital, Aria Group and several other investors. The funding will be used to enhance its ... Read More »

Fintech Start-up Cloudcase Provides Lending Solution for New Zealand’s TSB Bank

TSB Bank in New Zealand is rolling out a new lending solution from Australia-based fintech start-up Cloudcase. The bank states the new system “substantially reduces the time to process a loan from application to contract with multiple business efficiencies and customer benefits”.  The project started in January last year and has been a collaborative effort of TSB Bank’s technology teams ... Read More »

Kreditech Russia Achieves Microfinance Company Status

Kreditech Group’s subsidiary, LLC MFC “Kreditech Rus”, received the status of a Microfinance Company (MFC) on March 27, 2017 from the Central Bank of Russia. A new federal law in Russia aims to make the microfinance market transparent and understandable. It therefore requires the MFC status for all alternative lending companies operating in the country. As a Microfinance Company, Kreditech Russia ... Read More »

UK Department for International Trade selects Encompass Corporation for RegTech Trade Mission

Glasgow based Encompass Corporations has been chosen by the Department for International Trade to join its first RegTech mission to the United States. The mission will last from 24th to 28th April and will take shape through a range of workshops, seminars networking and events. As well as networking with US counterparts, the mission will give the opportunity for UK ... Read More »

Credit China Eyes Online Payments and P2P

Credit China FinTech Holdings Ltd is planning more investments as it aggressively expands beyond its original loans and lease-financing businesses into online payments and peer-to-peer lending. The company, part of a consortium that offered to buy a stake in Ping An Securities Group Holdings Ltd last month, is in talks with “multiple” financial-services companies based in Asia outside China, said ... Read More »

Disruptive Fintech Is Dead — Long Live Collaborative Fintech!

Takeaways From Global Fintech Hackcelerator And FinovateAsia 2016 by Zhi-Ying Ng, analyst at Forrester Research serving eBusiness & Channel Strategy professionals FinovateAsia 2016 in Hong Kong and the Global Fintech Hackcelerator in Singapore last year gave us a glimpse into how fintech in the region will develop in 2017: Asia’s governments are playing a pivotal role in driving fintech investment. MAS ... Read More »

German Based Kreditech Raises EUR 10m from Rakuten

An Investment to improve financial freedom for the underbanked and open up new partnership opportunities Kreditech, a leading consumer finance company, has raised EUR 10m equity from Rakuten, Inc. This is another landmark investment in fintech by Rakuten, a leader in internet services and global innovation headquartered in Japan. Rakuten joins Kreditech’s outstanding group of backers, including J.C. Flowers and ... Read More »

Credit China Fintech to Invest in Vietnamese Amigo Technologies to Go Global

Credit China FinTech announced that the Group intends to acquire approximately 51% of the enlarged issued share capital in Amigo Technologies Joint Stock Company (“Amigo Technologies”) at a consideration of approximately USD12.73 million, equivalent to a valuation of approximately USD25 million.  Established in January 2005, Amigo Technologies is principally engaged in the provision of IT services and solutions for personalised ... Read More »