Financial services regulatory tech outfit Kyckr was in the market for fresh capital on Friday to fund the expansion of its sales and account management teams.
The company was on the hunt for $8 million through a two tranche placement and had tapped Bell Potter to give it a hand.
Tranche one of the placement would raise $4.7 million and tranche two – which was subject to shareholder approval – would snare $3.3 million, according to terms sent to funds.
The offer was priced at 8¢ a share, which represented a 20 per cent discount to Kyckr’s 10¢ last close and a 17.7 per cent discount to the ten-day VWAP.
Funds were told the money raised would be used to expand Kyckr’s sales and account management teams, as well as fund marketing campaigns.
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UK fintech startup pirkx launches in Australia
Wellbeing benefits startup, pirkx, is launching its services in Australia, following successful seed funding rounds and successful launch in the UK market.
The UK fintech makes this exciting announcement with support from the Department for International Trade and Austrade through the FinTech Bridge programme.
Founded in 2018, pirkx launched its affordable wellbeing benefits service to everyone in the UK, aiming to improve health, wealth and happiness for all. The company offers an affordable wellbeing benefits package, available to all workers – whether self-employed, part of a small or large company, charity, or even for a client.
Following this international expansion, Australian workers will now be able to access the service directly through its Self-Serve platform on its website.
Stella Smith, pirkx CEO and Founder comments:
“pirkx started as a small idea to help friends in the gig-economy access wellbeing services. In those early stages, I would never have thought that we would expand to offer these services to people in Australia so quickly. It’s a really exciting moment.
“So far, we’ve seen success in creating something affordable to truly bring wellbeing benefits to everyone in the UK – whether you’re self-employed, an employee within a small or medium sized business or supporting as a volunteer within an organisation that may not have the facility to offer benefits. We’re delighted to expand our mission of Happier, Healthier Humans overseas and help make this happen.
“The Austrade team and the Department for International Trade have been fantastic at helping guide us through the FinTech Bridge programme to launch us into Australia. I want to say a huge thankyou to them, and to my team as we look forward to working closely with Ella to support her in bringing the mission to Australia.”
Florida Governor Ron DeSantis Signs HB 1391, the State Now Welcomes Fintech Firms via its Regulatory Sandbox Program
Ron DeSantis, the 46th Governor of the US state of Florida, noted on July 2, 2020, that with the signing of HB 1391, Florida now welcomes Fintech firms that aim to “disrupt the status quo and gives them an opportunity to provide new types of products and services.”
DeSantis thanked James Grant, a Republican member of the Florida House of Representatives, for continuing to support entrepreneurship and innovation as the state’s officials move forward with developing economic recovery plans following the COVID-19 outbreak.
With the signing of HB 1391, Florida welcomes #FinTech companies that disrupt the status quo & gives them an opportunity to provide new types of products & services. TY @JamesGrantFL for supporting entrepreneurship & innovation as we move forward with FL’s economic recovery. pic.twitter.com/BKcSKHF9Ye
— Ron DeSantis (@GovRonDeSantis) July 2, 2020
Jimmy Patronis, the Chief Financial Officer (CFO) in Florida, was present when Gov. DeSantis signed a bill that supports the launch of a Fintech sandbox within the Office of Financial Regulation for supporting innovative technology projects.
In 2019, DeSantis and Patronis had confirmed that they would be working on legislation to establish a regulatory sandbox for Fintechs in Florida.
“Thank you to Governor DeSantis for signing this important piece of legislation today. Also, a big thank you to the bill sponsors, Representative Jamie Grant and Senator Travis Hutson, for their hard work and support to get this bill passed.”
“As someone who has run a small business, I know just how beneficial it is to our communities to attract high paying, technology-focused jobs. Fintech’s opportunities for Florida are limitless and the more we can do to create a regulatory environment that allows businesses to innovate and test new technologies, the more effective we’ll be at attracting technology jobs and investment to Florida communities.”
State Rep. James Grant, R-Tampa, noted:
“I was honored to work with Governor DeSantis, CFO Patronis and many others to get these reforms and innovations passed into law. Revolutionizing the way we protect and use state data is critical to our future and a reality only because of the unselfish teamwork that made this bill a reality. I cannot wait to see the Florida Digital Service transform the way government delivers services and the Fintech environment flourish here in Florida.”
State Sen. Travis Hutson, R-Palm Coast, remarked:
“Thank you to Governor DeSantis for signing the Fintech legislation today. Ensuring Florida remains a top destination for companies seeking opportunities to grow is one of my top priorities, and I was honored to sponsor this important bill.”
Florida is a low tax state that is viewed as business-friendly. In the past couple of years, multiple financial services firms formerly based in the New York City area have relocated to Florida due to low taxes.
Global Fintech Funding Declined during COVID-19, Investors Now Focused on Mature Fintechs like Robinhood and Stripe: Report
The global Fintech industry is being transformed by the COVID-19 outbreak and resulting socio-economic problems and challenges, according to a recent report from CB Insights.
As mentioned in the report, the first quarter of this year was quite difficult for the financial services sector – which may be due to changes in consumer behavior after governments began enforcing lockdowns and asking people to observe safe distancing measures.
CB Insights confirms that Fintech funding declined during the Coronavirus crisis, as many investors pulled back from their commitments due to economic uncertainty.
The report noted:
“While regulations and legislation are geographically dependent, there are several noteworthy developments around the world. Firstly, regulators in the US are becoming more amenable to Fintech companies acquiring bank charters, as we’ve seen with Lending Club and Square.”
The report added that the research firm is keeping a close eye on global virtual currency and stablecoin regulations in order to “see how crypto plays out.” CB Insights is also watching the global Open Banking regulations and their potential impact on the Fintech sector.
The report also summarized key trends from the insurance and cybersecurity space, by noting:
“Traditional commercial insurance products do not cover data breaches, network interruptions, or other cyber risks. While companies are heavily investing directly in cybersecurity technologies to prevent these attacks, they’re also increasingly purchasing cyber insurance policies to protect themselves in case of an attack.”
The report pointed out that the “complexities of these risks and the lack of extensive historical claims data” have created “uncertainty” in the global cyber insurance market. This emerging market is valued at approximately $20 billion, according to CB Insights.
The report also mentioned that after huge rounds for firms like Stripe and Robinhood, the Fintech funding landscape looks like it’s in “a holding pattern.”
Fintechs appear to be drawing on all available financing resources, such as “extension” rounds (for example, Stripe’s Series G). It seems that investors are focused on remaining liquid and may not be too keen to commit capital to early-stage ventures, the report revealed.
“[Right now,] investors are putting money in later-stage, more mature companies (like Robinhood) with clear unit economics and paths to profitability. In general, we expect continued uncertainty and funding pullbacks.”
The global Fintech market is expected to grow at a compounded annual growth rate (CAGR) of about 20% and is projected to reach a market value of approximately $305 billion by 2025, according to a June 2020 report from ResearchAndMarkets.
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