These chatbots want to help you manage your money
Can a chatbot help you manage your money? Three London-based fintech startups are betting on the answer being yes and have jumped aboard the messaging gravy train as they seek to entice millennials to their respective platforms. The thinking goes something like this: A conversational interface, coupled with tech that plugs into your bank account and analyses your spending in the background, is the best way to deliver financial assistance to help you keep track of your money and actually savefor a rainy day.
[ Tech Crunch ]
The former head of M&A at Twitter and Square is joining one of Silicon Valley's oldest VC firms
After two stints working with Jack Dorsey, the co-founder of Twitter and creator of Square, Rishi Garg is accustomed to working closely with tech founders who have big visions. Now Garg, who was Twitter's head of M&A until last year, will try to find the next crop of idealistic tech entrepreneurs in his new role as a venture capital investor. Garg is joining Mayfied, one of Silicon
Valley's pioneering VC firms, where he will be the firm's 6th investing partner. The plan, he tells Business Insider, is to find startups led by entrepreneurs who are driven by more than just the challenge of building a hit product.
[ Business Insider ]
LATEST FUNDING
Methylation Sciences Raises US$30M in Funding
Methylation Sciences Inc., a Vancouver, BC-based clinical-stage pharmaceutical company, raised US$30m in funding. Quark Venture made the investment through its Global Health Sciences Venture Fund. The company intends to use the funds to advance development of an oral, small molecule therapy for adjunctive treatment of Major Depressive Disorder (MDD). Led by Nancy Harrison, President, MSI is developing Strada™ (MSI-195), which is based upon S-adenosyl methionine, a naturally occurring molecule produced throughout the body, where it plays a vital role in the one-carbon cycle. Detailed analysis from the MSI Horizon Phase 2 Trial showed support for clinically significant efficacy for MSI-195 in adjunctive treatment of MDD in a select group of patients. [ Finsmes ]
Lulalend Raises New Round of Funding to Support Credit Access for Small Businesses in South Africa
South Africa-based online lending platform Lulalend announced today that it raised a new round of financing. Funds will support the company's mission of empowering local businesses with the access to credit they need to grow. The round was led by Accion Venture Lab, the early-stage investment vehicle of the financial inclusion leader Accion, with participation from Newid Capital and Hallmann Holding International Investment GmbH. Lulalend focuses on providing productive funding for small and medium enterprises (SMEs) throughout South Africa. Its approach leverages technology and a proprietary algorithm to evaluate applicants and provide funding quickly, conveniently, and transparently. [ PR Newswire ]
Financeit Gets $17 Million In New Round Of Funding
Financeit, a point-of-sale financing provider, announced on Thursday (Oct. 6) a new round of equity financing led by new investors, including Pritzker family business interests advised by The Pritzker Organization and DNS Capital. The round also included existing investors. This investment round of $17 million enabled Financeit to fund the recently announced acquisition of TD Bank Group’s indirect home improvement financing assets, which included the purchase of more than 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff. After a transition period, the transaction will also lead to Financeit servicing approximately 45,000 existing TD consumer loans. The capital raise, which follows the close of a minority equity financing round led by Goldman Sachs in Oct. 2015, will also support the ongoing needs of the company as it continues its growth. [ Pymnts ]
BMW, Toyota and Allianz back NAUTO and its camera-based approach to making autonomous vehicles
A self-driving car tech startup called NAUTO has raised an undisclosed amount of venture funding, and entered into data-sharing partnerships with big-name auto and insurance companies BMW, Toyota and Allianz Group.Specifically, BMW iVentures, Toyota Research Institute and Allianz Ventures have invested in NAUTO’s Series A round. The startup and its investors declined to disclose the amount of funding newly invested in the extension. NAUTO previously raised $12 million in Series A funding. Founded in 2015 by CEO Stefan Heck and CTO Frederick Soo, NAUTO uses cameras, motion sensors and GPS systems, as well as its own artificial intelligence software, to detect what’s happening on the road, as well as inside a car. [ Tech Crunch ]
Nugit Raises US$5.2M in Funding
Nugit, a Singapore based artificial intelligence and data analytics startup, aised US$5.2M in funding. Sequoia India made the investment. The company intends to use the funds to accelerate its R&D efforts. Led by David Sanderson, Founder and CEO, Nugit combines artificial intelligence, natural language generation, and visual design to provide an intelligent platform that turns fragmented marketing data into decision-ready reports that integrate into marketers’ workflows. Founded in 2013, the company currently hires a team of 27 data scientists, engineers, designers and strategists. [ Finsmes ]
LATEST EXITS
Total Sells Chemical Unit Atotech to Carlyle for $3.2 Billion
Total SA has agreed to sell a specialty-chemicals business to the Carlyle Groupfor $3.2 billion, part of the French oil producer’s efforts to slim down and raise cash in the face of slumping oil prices. The business, Atotech BV, supplies plating chemicals and has a staff of 4,000, based mainly in Germany and China. Total and Carlyle, a Washington-based investment firm, said the transaction values Atotech at 11.9 times its adjusted earnings before interest, taxes, depreciation and amortization in 2015. [ WSJ ]
Avolon Holdings to buy CIT Group's aircraft leasing unit for $10 billion
Avolon Holdings Ltd, part of China's acquisitive HNA Group, said on Thursday it agreed to buy the aircraft leasing business of CIT Group Inc for $10 billion to create the world's third-largest aircraft leasing company.Avolon said it will pay $10 billion for the $9.4 billion net asset value of CIT Group's leasing unit, representing a premium of 6.7 percent.CIT Group's shares were up 7.58 percent at $39.16 in extended trading.The transaction will be funded by a combination of Avolon's cash, new equity contributed by HNA Group-controlled Bohai Leasing Co Ltd and debt financing of $8.5 billion.AerCap Holdings and General Electric Co's GE Capital Aviation Services are the world's leading aircraft lessors. [ Reuters ]
FUND RAISE
MTS Health Investors Announces Closing of Its Fourth Fund at $365 Million
MTS Health Investors, LLC (“MTS”), the healthcare-focused private equity fund, announced today the closing of its fourth fund, MTS Health Investors IV, L.P. (“Fund IV”) with $365 million in limited partner and general partner commitments. The fund was oversubscribed and closed at its fundraising cap. Senior Managing Director, Curtis S. Lane, said, “We are grateful for the ongoing support of our existing investors and pleased to add a distinguished group of new investors to this fund. MTS recognizes the confidence our partners have placed in us and will continue to work diligently to execute our strategy.” [ Business Wire ]
