Fintech Summary for May 2016: Fintech is Still Disrupting Traditional Banks

We’ve prepared a short list of important aspects in the fintech area during May.¬†

Aviva Ventures invests in Founders Factory

An undisclosed multimillion pound investment into the tech incubator Founders Factory was made by Aviva Ventures. The companies will work together to develop seven FinTech startups every year. The chief digital officer of Aviva, Andrew Brem, told the press that he believes it’s time to bring the insurance industry into the digital age.

Investment

TransferWise, the international money transfer platform, has previously raised $26m. The total funding of the company has been raised to $117m since it was founded in 2011. The round has been led by Baillie Gifford, which moves along¬†Andreessen Horowitz, Peter Thiel’s Valar Ventures and Sir Richard Branson as investors in the company.

HM Treasury announces Fintech Bridge

A new “FinTech Bridge” has been announced by HM Treasury, which is now seeking to offer help to UK FinTech startups and investors with access to the Asian market and eventually expand to Singapore.

The Treasury is also trying to attract Singaporean FinTech companies and investors to the UK.

The Financial Conduct Authority and the Monetary Authority of Singapore signed a regulatory cooperation agreement at launch.

Pulse of Fintech Report

The VC funding in UK FinTech companies saw a drop of 41% in the first quarter of 2016, according to the “Pulse of FinTech report” created by KPMG and CB Insights. However, even with those figures, UK is still ahead of Germany i the investment stakes, mainly because of the investments from World Remit and Ezbob.

In the United States, the interest into payment companies is on the decline.