Former Visa chief named CEO of crypto startup
Marc O’Brien, former chief executive of Visa UK and key advisor to Revolut, has been appointed as chief executive of mobile cryptocurrency startup Crypterium. O’Brien has more than 25 years’ experience in the financial services, FinTech and RegTech space. He was a long-term advisor to Mastercard before joining Visa, where he held various positions including six years as chief executive of Visa UK and Ireland.
TradingView secures $37m Series B funding
Online investment community TradingView has raised $37 million in Series B funding, led by Insight Venture Partners, with participation from Jump Capital and DRW Venture Capital. Founded in 2011, TradingView combines web-based charting, analytics and a trading platform with social features for users to communicate with peers. The company will use the injection of funds to expand its software product suite and to support its rapid international growth.
Adobe to acquire Magento Commerce for $1.68bn
Adobe has announced that it will be acquiring Magento Commerce for $1.68 billion, subject to customary purchase price adjustments. Magento’s platform brings together digital commerce, order management and predictive intelligence, enabling shopping experiences across a range of industries. The platform is built on scalable technology supported by a community of more than 300,000 developers.
OBIE ‘must do more for FinTech access’
The Emerging Payments Association (EPA) has called on the Open Banking Implementation Entity (OBIE) to amend the terms of the CMA’s framework so that emerging payments organisations can realise the potential of Open Banking. In an open letter, the EPA shared concerns about the barriers that could inhibit FinTechs from engaging with Open Banking.
IHS Markit set for $1.8bn Ipreo acquisition
London-based information and analytics firm IHS Markit has signed a definitive agreement to acquire Ipreo, a financial services solutions provider, for $1.855 billion. The acquisition is expected to close in the second half of 2018, subject to customary closing conditions and regulatory filings and approvals, including with the UK Financial Conduct Authority and under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976.
MUFG develops blockchain payment platform
Japan’s Mitsubishi UFJ has collaborated with Akamai Technologies to develop a new blockchain payment network, with the capacity to process more than a million transactions per second. MUFG has combined its payments business expertise with blockchain technology implemented on Akamai’s cloud delivery platform, launching the new payment network service from fiscal year 2019, compatible with Internet of Things and other new technologies.
Mastercard opens FinTech accelerator initiative
Mastercard has announced the formation of Accelerate, a new initiative to support FinTech companies with their growth strategies. The programme is designed to support the firms through tailored support arrangements including access to insight, tools, technology and investment to support innovation. Operating alongside Mastercard’s Start Path programme, Accelerate aims to deepen engagement with the payment FinTech community.
Pace of digital change ‘bringing new risks to FIs’
The speed and scale of digital transformation within the financial services industry is contributing to the emergence of new non-financial risks, according to a new report from UK Finance and Parker Fitzgerald. The report outlined how adopting new technologies, including artificial intelligence and machine learning, cloud computing and blockchain, will allow the financial services sector to develop new services and platforms to significantly reduce operational costs.
US regulator builds mock ICO site as a warning
The Securities and Exchange Commission has set up a mock Initial Coin Offering (ICO) website to help educate potential investors about the risks inherent in such opportunities. The American regulator’s Office of Investor Education and Advocacy’s site - HoweyCoins.com - touts a too good to be true investment opportunity, mimicking a bogus coin offering. Anyone who clicks on ‘Buy Coins Now’ will be led to investor education tools and tips.
Nuggets launches Alpha app testing
E-commerce platform Nuggets has opened up its mobile app Alpha to Apple iOS users. The company uses blockchain technology to let customers make e-commerce payments, log in to services and verify their identities without having to share or store their personal data with anyone, not even Nuggets.
PayPal set to buy iZettle for $2.2 billion
PayPal has agreed to buy iZettle for around $2.2 billion, in a move to take its digital payments into brick-and-mortar retailers. The acquisition is set to be the largest in PayPal's history, and is seen as a move to rival fellow US payments firm Square, which has built up a business catering to coffee shops, street vendors and other small businesses which PayPal has historically overlooked.