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Top fintech stories this week – 18 August 2017

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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

Industry bullish on promise of fintech – Opimas research

Optimas Analysis 1

Market players are bullish on the near- and longer-term promise of fintech, according to new research by Opimas, “Fintech Spending and Innovation in Capital Markets”. In 2017, it estimates fintech spending across all capital markets participants to exceed $127 billion.

Digiliti Money delays earnings report, weighs sale or bankruptcy

Financial trouble in fintech paradise

Instead of reporting its second-quarter earnings, Digiliti Money plans to file for an extension with the US Securities and Exchange Commission (SEC) after its accounting firm flagged problems with its previous financial reports.

Where top US banks are investing in fintech – CB Insights

Click on the image to enlarge. Source: CB Insights

Since 2012, the top ten US banks (by assets under management) have participated in 72 rounds totaling $3.6 billion to 56 fintech companies, according to CB Insights. While investment activity dropped on a quarterly basis in Q1 2017, four of the last five quarters have seen over $1 billion invested into fintech start-ups in the US backed by venture capital firms.

The Monday mindset: 14 August 2017

Now a banker

Fintech zeitgeist! This week, Banking Technology’s editor Tanya Andreasyan muses about the growing trend of celebrity endorsement in the fintech world.

£3.6m emergency cash injection pumped into Tandem

Tandem's future is secured

UK-based challenger bank Tandem received an emergency cash injection of £3.6 million from its existing investors earlier this year when a major funding deal with House of Fraser collapsed.

Coinbase joins unicorn club with $100m funding, partners with Fidelity

Welcome to unicorn club

Digital currency wallet Coinbase has taken the leap to become a unicorn. The San Francisco-based company announced it has received $100 million in Series D funding led by IVP.

Socure raises $14m in new funding

Socure

In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.

StreetShares raises $10.3m for “Shark Tank meets eBay” approach to P2P lending

VW Credit invests in AutoGravity

Alternative lending platform StreetShares raised $10.3 million in a venture round this week. The funds come from an undisclosed investor and bring the Virginia-based company’s total funding to almost $20 million since it was founded in 2013.

Yandex and Sberbank plot joint venture for e-commerce

Sberbank to pump $500m into Yandex.Market

Russia’s tech heavyweight Yandex and the country’s largest bank, Sberbank, are planning a joint venture to “boost e-commerce development”. The new venture will be based on the Yandex.Market platform.

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