Fintech Daily Information Briefing on [August 26, 2020]
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The following is the Fintech Daily Information Briefing on [August 26, 2020] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.
[1]. Silicon Valley cloud computing Unicorn snowflake submits listing application
Snowflake, the fastest-growing cloud computing service in Silicon Valley, filed for an IPO on NASDAQ on Monday. Goldman Sachs and Morgan Stanley are co underwriters. The IPO application makes snowflake one of the most anticipated IPO deals in the technology sector this year. Snowflake had been financing heavily before. Snowflake was valued at $12.4 billion of the $479 million g-round in February. When the IPO was announced in early June, it was revealed that the company was seeking a valuation between $15 billion and $20 billion. Snowflake has met the listing requirements and expanded at an amazing speed. In the fiscal year ending January last year, the company’s revenue was less than 100 million yuan. In July last year, it broke through the integer barrier, and in the first half of this year, it soared to US $242 million, more than doubling year-on-year. This speed of performance growth is exactly what many venture capital companies expect. Therefore, although snowflake has a net loss of $171.3 million, which is still very large, considering the speed of its expansion, this kind of loss is completely acceptable to investors. The company’s gross profit rate data also continued to grow high. It was 46.5% at the end of January last year, 49.4% six months later, 56% at the end of January this year, and 61.6% at the end of July.
[2]. Asia Pacific fintech investment up 9.1% in the second quarter of 2020
Recently, S & P global market intelligence released the Asia Pacific Financial and technological investment report in the second quarter of 2020. The report noted that the total financing of financial and technological enterprises in Asia Pacific region increased 9.1% in the second quarter of 2020 to US $1.4 billion compared with the previous quarter. The number of financing transactions was the same as that of the previous quarter, with 107 transactions. Southeast Asia and Australia were the most prominent, with financing of $455million and $369million respectively. In the southeast, the wallet business has the most attractive investment, such as paymaya in the Philippines and wave money in Myanmar. In Australia, digital banks have become a new investment favorite, with judo bank, 86400 and xinja bank raising a total of $176million in the quarter. India, the Asia Pacific Financial Technology Finance champion in the last quarter, fell 38 percent to $339million in total funding in the quarter, as government scrutiny and foreign investment restrictions increased.
[3]. Socure, a digital identity authentication platform, received $35 million in financing, and Wells Fargo participated in the investment
On August 25, 2020, socure, a digital authentication platform, announced that it had obtained $35 million in financing. Sorenson ventures leads the investment in this financing, and the existing investors commerce ventures, scale venture partners and flint capital participate in the financing. In addition, institutions including Citigroup venture capital, Wells Fargo strategic investment and MVB Financial Corp have also become strategic investors in socure. After this financing, the total financing amount of socure reached 96 million US dollars. The funds will be used to support socure’s development and enhance its machine learning capabilities. Earlier this year, socure was named by Forbes as the 25 most noteworthy machine learning start-ups.
[4]. Cooper banking, an American youth banking service platform, received $4.3 million in seed round financing
On August 25, 2020, Cooper banking, a U.S. – based youth Digital Banking service platform, announced that it had won $4.3 million in seed round financing. PSL ventures led the investment, and Jack Brody, mana ventures and Western technology investment of snap Inc. participated in the financing. Cooper banking, founded in 2019, hopes to help parents and teenagers establish a contact platform through its app and debit card products, so as to provide teenagers with the right financial basic knowledge education and the opportunity to make financial decisions.
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