Divvy, an US based in spend and expense management tool, claims that they closed a $500 million purchase agreement with Credit Suisse. The agreement gives Credit Suisse the right to buy up to $500 million in future Divvy receivables over the next two years. It gives Divvy more lending power to help customers grow their businesses—adding $500 million in debt capital to the $250 million they received from Waterfall Asset Management in January 2019. Divvy’s goal is it to modernize the way companies manage spending by fusing financial management software with a smart corporate card. Divvy gives real-time visibility into the…
Author: Fintech News America
Dynatrace, a cloud computing firm backed by Private Equity firm Thoma Bravo, launched a successful initial public offering (IPO) on August 1, 2019, raising roughly US$570 million. The stock rose 49% in its market debut on the New York Stock Exchange, closing at US$23.85 on Thursday, August 1, from its offer price of US$16, giving the company a market value of US$6.71 billion. Dynatrace sold 34 million shares. Owners of stocks uploaded another 1.6 million shares. According to IPO filings, private equity firm Thoma Bravo will remain Dynatrace’s controlling shareholder, owning 71% of the company’s stock, or 200 million shares.…
PitchBook, a software-as-a-service company that delivers data, research and technology covering the private capital markets, has released its list of the ten most valuable fintech startups in North America and Europe. These tackle a broad range of areas including cryptocurrencies, payments, credit, investment and trading. Among the ten fintech startups, PitchBook notes two main trends: the removal of traditional banking fees such as Credit Karma’s free credit and financial management platform, and Robinhood’s commission-free trading platform, as well as the elimination of geographical limitations and complex processes in traditional credit and money services like Opendoor’s instant home buying service. The…
The following are 26 of the top fintech, digital finance-focused events and conferences taking place in the coming months in the US: #PAY Symposium & Exposition August 20 – 21, 2019 Caesars Palace, Las Vegas #PAY Symposium & Exposition, a C-Level event, will address the entire spectrum of the payments industry – from banking to blockchain and beyond, and provide the opportunity for leaders in the industry to showcase their brand to key decision makers. With over 50,000 square feet of conference and exhibit space, #PAY Symposium & Exposition will focus on the tidal wave of transformation that is…
Last year, the UK’s Financial Conduct Authority (FCA) expressed intentions about launching a global sandbox, and just a few months later, announced a collaboration with regulators around the world to create that sandbox for innovative fintech firms to interact with regulators. Fintechs across the globe face key issue at a point in their growth: scaling. Or specifically, expanding into other jurisdictions with vastly differing laws and ensuring compliance. The programme, christened the Global Financial Innovation Network (GFIN), aims to mitigate those issues, and saw the participation of 17 regulators. Since the announcement, 44 unique applications came to GFIN’s network of regulators.…
The Canadian fintech industry has seen tremendous growth in recent years and is expected to continue to expand exponentially as collaborations between fintechs and traditional financial institutions, new and improved regulations, and leadership in the financial services space continue to stimulate fintech innovation in Canada, according to a new report by Global Risk Institute. This report, titled An Overview of Fintech in Canada, claims that although fintech adoption in Canada remains slow, it has reached the Early Majority Adoption phase and is expected to continue to grow. Canada’s “big six” financial institutions, which are the National Bank of Canada (NBC), Royal…
Lykke, a Swiss Fintech company building a global marketplace on the blockchain, announces the grand opening of Lykke de México S.A. de C.V., a Mexican subsidiary designed to bring the unique Lykke trading experience to the Latin American market. “We are thrilled to be in Mexico,” said Erwin Fedier, CEO of Lykke de México S.A. de C.V. “As the first carrier to serve Latin America directly, we are making the global marketplace available to millions of people.” This new subsidiary is the direct result of Lykke Streams, Lykke’s innovative platform for crowdsourcing contributions to projects of all kinds.…