Revolut, the London-based fintech that offers a digital banking account and sprawling set of other financial services, is disclosing that it has raised a whopping $250 million in Series C funding, less than three years since launching.
The new round, which gives the company a $1.7 billion post-money valuation — a five-fold increase in under a year, we’re told — was led by Hong Kong based DST Global, along with a group of new and existing investors that includes Index Ventures, and Ribbit Capital. In case you aren’t keeping up, it brings the total amount raised by Revolut to $340 million in less than 36 months.
To put this into context, TransferWise — London’s undisputed fintech darling and on some features a direct competitor to Revolut — recently announced $280 million in Series D investment, giving the company a reported post-money valuation of $1.6 billion. The difference? It took TransferWise seven years compared to Revolut’s three.
NSI Ventures, the Singapore-based VC firm affiliated with PE firm Northstar Group that invested early in ride-sharing unicorn Go-Jek, is going independent after it announced it has rebranded to Openspace Ventures.
NSI Ventures was started by Hian Goh, an entrepreneur who sold his startup Asia Food Channel in 2013, and finance exec Shane Chesson in 2014. The firm was initially conceived as the venture capital arm of Northstar, which manages some $2 billion in assets with a focus on Indonesia.
In a statement, Goh paid tribute to Northstar’s support but said that “the moment has come for us to bring Openspace Ventures to the next stage, as an independent, Southeast Asia-focused venture fund manager.”
Following its spin-out, Northstar Group co-founder and managing partner Patrick Walujo will become a senior advisor to the firm, providing “strategic advice” on investments in Indonesia.
Openspace is best known in Southeast Asia for its early investment in Go-Jek, the Indonesian ride-shar..
Artificial intelligence and the application of it across nearly every aspect of our lives is shaping up to be one of the major step changes of our modern society. Today, a startup that wants to help other companies capitalise on AI’s advances is announcing funding and emerging from stealth mode.
Allegro.AI, which has built a deep learning platform that companies can use to build and train computer-vision-based technologies — from self-driving car systems through to security, medical and any other services that require a system to read and parse visual data — is today announcing that it has raised $11 million in funding, as it prepares for a full-scale launch of its commercial services later this year after running pilots and working with early users in a closed beta.
The round may not be huge by today’s startup standards, but the presence of strategic investors speaks to the interest that the startup has sparked and the gap in the market for what it is offering. It includes MizMaa Ve..
Sameer Noorani is a serial entrepreneur currently working on a stealth startup. His previous startups include: Roomvine, Hoodere and RoundOnefight.
Things really escalated quickly in this month’s Facebook-Cambridge Analytica scandal.
While it’s usually best to just sit back with a bucket of popcorn and watch reality business drama unfold, I was surprised by the severe reactions insinuating Facebook’s eagerness to profit at the expense of its users’ data, creating paranoia around data analytics and equating data driven targeting to an underhanded practice of mind control.
Perhaps this is because it’s being bundled up with the clearly unethical issues of fake news and foreign interference, both of which are distinct from the issue of data harvesting through Facebook’s API.
The scandal surrounding Facebook’s graph API 1.0 and 2.0 might not have been rooted in malicious intent. In fact, a key component of the solution lies in fo..
Jake Bright is a writer and author in New York City. He is co-author of The Next Africa.
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Business APIs in Africa are getting a boost from global venture capital thanks to a new $8.6 million round for Africa’s Talking—a Kenyan based enterprise software company.
The new financing was led by IFC Venture Capital, with participation from Orange Digital Ventures and the investor that’s upending most Silicon Valley mores, Social Capital, led by former Facebook exec Chamath Palihapitiya.
Capital from the round will be used to hire and build capacity at the company’s Nairobi headquarters; expand its presence in other geographies around Africa; and invest in research and development in IoT, analytics, payments, and cloud offerings, according to chief exe..