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The New Fintech Realism, Banks' Race for Speed, Marqeta $4.3bn Valuation

Hello and welcome to your weekly digest about financial technology. If you’re returning from last wee
Issue #60  •  June 1  •  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.
Happy reading,
This Week in Fintech
A new study shows a number of incumbents are catching up with digital banks on user experience.   •   Share

Ron Shevlin on the future of fintech: the new normal in fintech will be an era of fintech, or economic, realism.   •   Share

Funding, Merger & Acquisitions
Payment card issuing startup Marqeta has raised $150 million from a U.S. institutional investor, doubling its valuation to $4.3 billion.

The Barcelona-founded startup is similar to the Visa-acquired Plaid, but with a Latin American twist.   •   Share

 Starling Bank has raised approximately €44.3 million in a funding round led by JTC and Merian Chrysalis Investment Company Limited. The investment follows an approximate €66.5 million investment in February 2020, bringing the total raised by Starling in 2020 to around €110 million and making the total it has raised since its founding approximately €402 million.

Berlin-based Smava, a credit comparison platform that offers cheaper loan options to consumers, has raised €57 million from Kreos Capital, along with existing investors Earlybird, Verdane, Vitruvian Partners and Runa Capital. The round includes a mix of capital and growth debt.   •   Share

Cryptocurrency exchange company Coinbase has announced plans to acquire Tagomi, an advanced cryptocurrency brokerage platform specifically targeted at professionals and institutional investors. Terms of the deal are undisclosed and the acquisition is still pending regulatory approval.   •   Share

Iceland-born Meniga, a fintech company that provides digital banking solutions to large banks, has raised €8.5 million in strategic investments from French banking group Groupe BPCE, Portugal’s Grupo Crédito Agrícola and long-standing strategic partner UniCredit. Velocity Capital, Industrifonden and Frumtak Ventures also participated in the round.   •   Share

Santander InnoVentures, the Spanish banking group’s $200 million corporate venture fund, has invested an undisclosed sum in Latin American alternative small and medium-sized enterprise lender a55.

Singaporean financial comparison site GoBear has raised $17 million in funding from returning investors Aegon and Walvis Participaties.

Something More for You to Read
Regulatory consistency, legislation that tunes in with sector capabilities and forward-thinking agile startups will give continued growth and innovation the biggest chance of success.   •   Share

Here Neil Patel on equity crowdfunding and the future of financing. In 2019 alone, more than $1.2 billion in capital was raised on the public online equity markets, under either SEC Regulation CF or Regulation A+.

European financial institutions are spending between €50-€100 million on Open banking initiatives, with spend exceeding €100 million for nearly half (45%) of 290 financial institutions surveyed by Swedish account aggregator Tink.

Chris Skinner’ report on the future of the payments sector.
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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