Copy
Retweet Retweet
Forward Forward
Share Share

WEEK STARTING 3 FEB


AUSTRALIAN FINTECH

CBA launched a new venture-building entity named 'X15 Ventures'. Startups looking to be part of the venture don't give up equity for funding (a la the corporate venture capital model, like Westpac's Reinventure), but rather become wholly owned subsidiaries of CBA. A new venture would secure the brand (trust), expertise & customer base of the bank. My view is that this has been designed for CBA employees, over a founder and / or entrepreneur looking for funding (who would want to give up ownership?). There's a lot of bright people at CBA, and I assume a number of business cases fall outside of traditional funding pools - this would be a good way to say 'We like your idea, take it to the ventures team'. This makes sense because said employees would know internal systems and processes, would hopefully understand the customer problem and have the security of their role / salary. Undeniably, this would provide motivation for employees to try and think of more innovative solutions to problems they are solving day-to-day. I looked up all the X15 team members and they are all from the CBA Ventures Team. So - I'd say this is more an internal restructure rebranded as a ventures entity. Link

Airwallex launched a borderless card. Link

Neobank 'Xinja' has banked $100m of deposits in less than three weeks, since launching their 'Stash' savings feature. Good rate + being new + swanky app = massive success. The real question now is if these savings deposits can start recurring and churn doesn't increase. I'd say their crowdfunding campaign had a lot to do this - they had around 1500 investors, of which presumably they have spare cash, and likely put money into the company they were also invested. Link 


BIG TECH

Google mysteriously removed how much it makes from cost-per-click (CPC) ads from their 2019 financial report, suggesting their value is diminishing. Link
 
Money transfer startup, Remitly, launched a neobank for immigrants. Super interesting. Link

More payments consolidation - Worldline is buying Ingenico for $8.6bn. (It is incredibly likely you've used an Ingenico payment terminal in the last week). Link

SoftBank is cutting costs hard as a result of the WeWork screw up last year. Zume Pizza (80% laid off) and GetAround (25%) as two examples. Link


POTPOURRI

We are 10% through the year. Link

We learned to write the way we talk. Link

Interesting take: Coronavirus has forced the world's largest work from home experiment. Link

Someone faked a traffic jam in Berlin by carrying around 90+ phones in a trolley, all connected to maps. Lol. Link

TRIVIA 
Answers at the end of the email

(a) What two homophonic words mean 'Rough in texture' or 'a semester-long class at school'?

(b) What European country comes last alphabetically?

(c) The largest peninsula on earth is mostly made up of which Middle Eastern country?

JIMMY'S NOTES

If you think a friend or colleague wants to get around Fintech & startup news this year, send them over to www.jimmygrafton.com to sign up.

Have a cracking weekend,
Jimmy
Sign Up Here
FRIENDS OF THE INNER LOOP


InDebted Careers
InDebted is sublimating debt collection by leveraging machine learning to understand consumer preferences for servicing overdue accounts. We couple this with an exceptional customer experience to enable our clients to better support the financial wellbeing of their customers.



Reinventure Jobs
Open roles within the Reinventure portfolio. Maybe time for a change to FinTech?



DiviPay Jobs
DiviPay is an awesome up and coming corporate card & expense management platform. Co-founder Dan has been a long time reader / fan of the Loop! Check out the link for some of the roles they are looking for as they scale up.

 
Friends of The Inner Loop showcases some of our readers, their interests and what they're working on. If you want to be a friend of The Inner Loop, then drop me a note
LinkedIn
LinkedIn
Twitter
Twitter
Website
Website
Email
Email
***






Trivia Answers 

(a) Coarse / course

(b) Vatican City

(c) Saudi Arabia (the Arabian Peninsula)
Copyright © 2020 The Inner Loop, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Email Marketing Powered by Mailchimp