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Public Market Investors Bet on a Full Fintech Recovery, IPO Market Is Back Open, the New Face of Gen Z Banking (?)

Hello and welcome to your weekly digest about financial technology. If you’re returning from last wee
Issue #62  •  June 15  •  View online  •  Suggest a link
Sharing with you relevant and exciting utilization of a number of innovative technologies, be it disruptive or sustaining to the existing financial services industry.
Hello and welcome to your weekly digest about financial technology. If you’re returning from last week, thanks! If you’re new, it’s very nice to have you! Share the love and tell your fellow fintech enthusiast friends to sign up here.
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This Week in Fintech
It may have been a bad week for European neobanks — with mass layoffs at Monzo and tales of forced firings at Revolut — but at least the public markets are positive that financial technology companies are going to do well coming out of lockdown.   •   Share

We’ve seen challenger banks for teens; we’ve seen pocket money apps for tweens; and now, Europe’s youngsters are getting a “messenger bank” — an encrypted chatbot that manages users’ finances and sends money via Facebook, WhatsApp, Telegram and Viber.   •   Share
Steve McLaughlin FTP
Payment processor @Shift4Payments completed its IPO on Friday raising $345 million – the stock closed its first day of trading at $33.54 after pricing at $23, above the filing range of $19-21 #Payments #FinTech
Funding, Merger & Acquisitions
With a $2.1 billion estimated valuation, fintech insurer Lemonade may be the next unicorn as it files its IPO.

Today M1 Finance, a Chicago-based fintech startup focused on consumer finance, announced that it has closed a $33 million Series B. Left Lane Capital led the round, with participation from Clocktower Technology Ventures and Jump Capital. The firm has raised around $54.5 million to date.   •   Share

Wahed Invest got the financing from Saudi Aramco Entrepreneurship Ventures unit as part of a $25m funding round

Brussels-based fintech startup iBanFirst has raised a €21 million Series C round, led by Elaia and Bpifrance Large Venture, to expand its financial services platform for SMEs. Specifically the platform enables B2B payments in multiple currencies.   •   Share

Codat, a London-based startup that connects the data systems of small businesses to banks, fintechs and other institutions, has raised $10 million from Index Ventures to finance expansion into the US.   •   Share

Something More for You to Read
Visa’s purchase of Plaid for $5.3B, Paypal’s purchase of Honey for $4B and Chime’s recent $500M round are all examples of “fintech’s” renaissance in the last 5 years. But behind all the shiny fintech…   •   Share

Fintech continues to dominate the London tech fundraising scene, accounting for 39% of VC investment in the UK capital’s technology companies so far this year.

In India, it’s Google and Walmart-owned PhonePe that are racing neck-and-neck to be the top player in the mobile payments market, while Facebook remains mired in a regulatory maze for WhatsApp Pay’s rollout.   •   Share

Over the next 15 months, Africa is set to receive a total of $50bn towards its economic recovery from the World Bank, which has identified the protection of the region’s small and medium-sized enterprises (SMEs) as essential to its economic bounce-back from the coronavirus. Financial technology has a key role to play in this.

New research from Encompass Corporation reveals that 42 per cent of business decision-makers have waited over two weeks for a business loan application from their banking provider.
Techstars Startup Digest Fintech is curated by:
Alessandro Ravanetti Alessandro Ravanetti - Freelance content writer and copywriter. Working in the fintech industry since 2011, I built and managed digital companies with distributed teams and international partners, gaining experience with both startups and large corporations. I am an independent expert with the European Commission, FundingBox and the Eureka Network, and an advisory board member of SXSW.
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