FinTech News

China to Fine Ant Group More Than $1B as Regulatory Revamp Nears End: Sources

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul. The …

Beijing Gives Initial Green Light to Revive Ant Group’s IPO as Crackdown Eases: Sources

China’s central leadership has given billionaire Jack Ma’s Ant Group a tentative green light to revive its initial public offering (IPO), two sources with knowledge of the matter said, in the clearest sign yet Beijing is easing its crackdown on …

UK Seizes Funds Linked to $150M Fraud From Fintech Firm QPay

The UK seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy. QPay Europe Ltd., which offers due diligence and underwriting services, agreed to forfeit …

Markets/Coverages: Palisade Legal Risk MGU; Tokio Marine Kiln IP Abatement; Marsh Cybersecurity Marketplace

Palisade Partner Launches Specialty Managing General Underwriter Palisade Insurance Partners, a specialty managing general underwriter, has been launched with plans to provide a range of contingent legal risk insurance and other specialty insurance products across the U.S. and International markets. …

UK Fintech Vitesse Raises $26M With Participation From Hannover Digital Investments

Vitesse PSP, the London-based fintech that specializes in digital solutions for global payments and counts numerous insurers among its customers, announced it has raised $26 million in Series B funding. The Series B funding, which was led by Prime Ventures, …

Investor Warburg Cuts Valuation of Ant Group by 15% to Below $200B: Source

HONG KONG – Warburg Pincus, a major global investor in Ant Group, has cut its valuation of the Chinese fintech company by 15% to below $200 billion due to risks from a restructuring at the Hangzhou-based firm, a source with …

China’s Ant Group Reports 39% Rise in Profits on Investment Gains

Ant Group Co.’s profit rose an estimated 39% in the June quarter, attributed to a gain in investments as billionaire Jack Ma’s fintech giant grapples with the impact of China’s rapidly shifting rules for private enterprise. The company contributed 6.5 …

India’s Paytm Tumbles in Market Debut, as Investors Question Lack of Profits

MUMBAI – Indian digital payments firm Paytm tumbled 25% on its maiden day of trade on Thursday, with investors questioning its lack of profits and the lofty valuations it gained in the country’s largest-ever IPO. Despite fears that Paytm’s market …

SoftBank-Backed Fintech Raises $761M in India IPO. Now Comes the Hard Part.

Yashish Dahiya’s PB Fintech Ltd. climbed 23% on its first day of trading after raising $761 million in an IPO. Now comes the hard part. “Now, we have to deliver,” the founder and chief executive officer said just hours after …

Paytm’s IPO Oversubscribed but Doesn’t See Blow-out Demand From Investors

BENGALURU – Paytm’s $2.5 billion initial public offering (IPO), India’s largest, was oversubscribed at the close of bidding on Wednesday, although investors showed less enthusiasm than for some other tech firms that have ridden the country’s IPO boom. The company, …