Sector Updates

Finish banking service Holvi is partnering with mobile point-of-sale (mPOS) solution SumUp to serve small businesses in Germany.

The Bank of England says that it will not stifle FinTech development as it attempts to lay down regulations for the rapidly-growing sector.

B2B payments network Finexio has raised $1m in seed funding. The round was led by James R. Heistand with participation form New York-based startup lab Loeb.nyc.

Software giant Oracle’s point-of-sale (POS) credit card payment systems MICROS has reportedly been hacked by a Russian organised cybercrime group.

Following the ousting of its former CEO Renaud Laplanche, peer-to-peer marketplace Lending Club continues to struggle, posting widening year-on-year losses for Q2 2016.

Kubo.financiero, a Mexican peer-to-peer lending platform, has raised $7.5m in its Series A round of funding.

Social Finance (SoFi) is hoping to shake off the recent slump in the online lending space and raise half a billion dollars in a new equity round, according to reports.

Financial service firm TIAA is acquiring online lender EverBank for $2.5bn, as the firm seeks to build out its banking services.

German insurance giant Allianz has hired a new CEO for its InsurTech incubator Allianz X. Peter Borchers will join the firm from Deutsche Telekom, where he founded the company’s hub:raum incubator.

Digital banking startup Airbanq has raised $2.5m in a seed round of funding to bring financial services to under banked consumers.