0 Have your say Scotland’s financial technology sector is booming with the number of businesses focused on fintech growing threefold in the last year. There are now more than 80 fintech-focused small and medium-sized enterprises (SMEs) based in Scotland, according to FinTech Scotland.The news comes on the first anniversary since the formation of the organisation, which is a joint initiative by a number of financial services firms, the University of Edinburgh and the Scottish Government.The explosion in the number of fintech enterprises focused on reinventing financial services has been driven by both start-ups and existing fintech firms moving to Scotland.The sector has attracted tens of millions of pounds in investment in recent years as more and more people use their smartphones and apps to manage their finances, and is home to companies such as Nucleus, LendingCrowd and Money Dashboard.The number of firms operating in the arena has been bolstered by … [Read more...] about Threefold jump in Scottish fintechs as Fintech Scotland celebrates first year
Fintech
The head of innovation at $483 billion insurance giant John Hancock shared an anecdote about a fax machine to highlight the gap between fintechs and finance giants
John Dorval, head of innovation at insurance giant John Hancock, said startups and financial firms could do a better job of working together more efficiently. One issue is around startups lacking an understanding of the underlying issues financial firms face, despite having technology capable of offering a solution. Large financial firms, meanwhile, could do a better job cutting down on the red tape involved with testing fintech products. The growth of the financial technology sector has exploded in recent years as startups look to solve problems for large, slow-moving financial firms in innovative ways. But one executive at a nearly $US500 billion insurance firm said both sides could be working with each other even more efficiently. Steve Dorval, head of innovation and advice at Boston-based John Hancock, told Business Insider in an interview Thursday there are several issues startups face when trying to solve problems for big banks and insurance companies. Dorval, who is also … [Read more...] about The head of innovation at $483 billion insurance giant John Hancock shared an anecdote about a fax machine to highlight the gap between fintechs and finance giants
Threefold jump in Scottish fintechs
0 Have your say Scotland’s financial technology sector is booming with the the number of businesses focused on fintech growing threefold in the last year. There are now more than 80 fintech-focused small and medium-sized enterprises (SMEs) based in Scotland, according to FinTech Scotland.The news comes on the first anniversary since the formation of the organisation, which is a joint initiative by a number of financial services firms, the University of Edinburgh and the Scottish Government.The explosion in the number of fintech enterprises focused on reinventing financial services has been driven by both start-ups and existing fintech firms moving to Scotland.The sector has attracted tens of millions of pounds in investment in recent years as more and more people use their smartphones and apps to manage their finances, and is home to companies such as Nucleus, LendingCrowd and Money Dashboard.The number of firms operating in the arena has been bolstered by … [Read more...] about Threefold jump in Scottish fintechs
Peter Thiel-backed digital bank N26 is now Europe’s most valuable fintech
N26, a German fintech startup backed by venture capitalist Peter Thiel, raised $US300 million in a series D funding round. The latest financing values the company at $US2.7 billion. The financing comes just 10 months after N26’s last funding round and will be used to facilitate the company’s expansion into the US market. N26, a German digital banking company backed by venture capitalist Peter Thiel, is now the most valuable fintech in Europe. The company on Thursday said it had raised $US300 million in a series D funding round that values it $US2.7 billion. That’s more than red hot $US1.7 billion UK-based fintech Revolut. Venture firm Insight Venture Partner is leading the latest funding round alongside Singapore’s sovereign wealth fund GIC. The financing comes just 10 months after N26’s last funding round, in which the company raised $US160 million from Tencent and Allianz. Nicolas Kopp, the US chief executive officer of N26, said the fundraising is … [Read more...] about Peter Thiel-backed digital bank N26 is now Europe’s most valuable fintech
Revolut rival digital bank N26 lands $300m funding round, becoming Europe’s most valuable fintech startup
Digital banking startup N26 has closed the biggest funding round in European fintech in recent years, valuing the Monzo and Revolut challenger at $2.7bn (£2.1bn). The Berlin-based fintech, which offers a current account and debit card through its mobile banking app, has raised $300m in a series D round led by US venture capital firm Insight Venture Partners. Singapore's sovereign wealth fund GIC and other existing investors also participated. It brings N26's total funding to date to more than $500m, with previous backers also including Tencent, Allianz X and entrepreneur Peter Thiel's Valar Ventures. The round beats out competitor Revolut's $250m fundraise in April as the largest closed by a European fintech firm in the age of digital banking. Read more: London's tech startups rake in almost double their European counterparts Operating across 24 countries in Europe, N26 said it has more than tripled its customer base in 12 months to reach over 2.3m registered users. The digital … [Read more...] about Revolut rival digital bank N26 lands $300m funding round, becoming Europe’s most valuable fintech startup