Staying on the beat – 30 August-05 September 2021.
From Startups to Funding
The “fully remote” Jeeves describes itself as the first “cross country, cross-currency” expense management platform. The startup’s offering was live in Mexico and Canada and today launched in Colombia, the United Kingdom, and Europe as a whole. Jeeves claims that by using its platform’s proprietary Banking-as-a-Service infrastructure, any company can spin up their finance function “in minutes” and get access to 30 days of credit on a true corporate card (with 4% cashback), non-card payment rails, as well as cross-border payments.
Unlike traditional lending platforms, VIVA Finance looks primarily at an applicant’s job status and not a credit score in hopes of making the lending space more equitable. VIVA’s $2.3 million seed investment, which closed in late 2020, was used to replicate and scale its business. The new Series A funding round, totaling $6.2 million, will be used for “nationwide expansion,” according to Markwalter.
Private equity firm Vista Equity Partners announced today that it is taking a majority stake in Drift, a company that aims to be the Amazon of businesses, with a “growth investment” that propels the venture-backed startup to unicorn status. Prior to this financing, Boston-based Drift had raised $107 million in funding from the likes of Sequoia Capital, CRV, and General Catalyst since its 2015 inception.
The software-as-a-service (SaaS) startup Factors.AI has raised $2 million in seed funding, the company announced Monday (Aug 30). Launched last March, Factors.AI uses its proprietary artificial intelligence (AI) engine to comb through customer data to find insights, helping its customers make better campaign decisions and improving the return on marketing investments.
Google and Apple have been increasingly under scrutiny over the restrictive aspects of their respective systems in other markets, and so now many will be looking to see if the move in South Korea becomes a tipping point, where the two might be subjected to similar measures in other countries. Most imminently, Australia’s Competition and Consumer Commission (ACCC) is also considering regulations for the digital payments system of Apple, Google, and WeChat, according to media reports.
The U.S. securities watchdog is reportedly investigating the development firm behind the biggest decentralized cryptocurrency exchange (DEX). Regulators are attempting to catch up to DeFi — in the hopes of regulating what chair Gary Gensler has called the “Wild West.” The investigation could herald a new era of crypto enforcement for the regulator.
U.S. Senator Elizabeth Warren (D-MA), a long-standing critic of cryptocurrency, told the New York Times that, in her view, cryptocurrency is “the new shadow bank.” Warren’s comments -a “shadow bank” refers to a non-bank financial entity that provides such services outside the remit of normal banking regulation – are a signal that the Massachusetts senator remains a strong critic of cryptocurrency and the industry built up around its applications.
The latest chapter of BNY Mellon’s study: “Asset Management: Transformation Is Already Here” provides a detailed understanding of how digital technologies can enable organizations to drive top-line growth by transforming the client experience. Technologies that bring additional enhancement to clients’ experiences and their investment returns also rank high on the list of digital imperatives for asset managers within the next three years. These efficiency technologies include machine learning and artificial intelligence (78%), predictive analytics (75%), and robotic process automation (75%).
More from PCN:
We’re excited to announce our very own In Check with Fintech podcast’s partnership with MoneyPot, Money 20/20’s official podcast series.
Apart from recording episodes onsite this year’s conference, we’re also publishing episodes with Money 20/20 executives & thought leaders. The first episode of the collaboration will launch next week with Sanjib Kalita, Editor In Chief at Money20/20. Speaking with our CEO Rogier Rouppe Van Der Voort, they will talk through the different eras and states of FinTech, challenges in the sector and how to solve them, and what we can expect from the next Money2020 conference.
Check our Podcast channel and look out for the episodes to come: https://paymentsandcards.podbean.com/
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