Fintech Quick Snippets for 11/1

Fintech

Today, we are revisiting our fintech quick snippets format for our readers.

First up, PE Hub is reporting that Glenn Hutchins, former head of Silver Lake, and Robert Greifeld who previously ran Nasdaq, have teamed up to invest up to $2B in long term fintech investments.

In June of this year, the two joined forces along with GIC and Temasek out of Singapore and the Canadian Public Sector Pension Investment Board to buy $750 million of new Virtu stock.  Robert Greifeld also took the helm of that firm as Chairman and Hutchins joined their board.  Looks like these two have a beautiful future together.

Next, San Francisco fintech investment banker FT Partners announced on 10/31 their “exclusive role as sole strategic and financial advisor to Remitly on its $115,000,000 Series D financing led by Nasper’s PayU. Other existing investors, Stripes Group, DFJ and DN Capital, will also participate in the round. FT Partners also advised Remitly on its $38,500,000 Series C financing round.

Remitly is the largest independent digital remittance company in North America, transferring nearly $4 billion in annualized volume. PayU, which is a global online payment service provider and the FinTech investment division of Naspers, supports over 300,000 merchants and millions of consumers in making online payments. PayU’s heritage in local payments in growth markets along with its focus on providing access to products that meet local needs will assist Remitly in further expanding its global footprint.”

Finally, the CME came out of stealth mode on Tuesday with a major announcement that they, too, will be entering the market with bitcoin futures in Q417.  These cryptocurrency futures are expected to significantly change the landscape of digital currency trading and smooth out the volatility.

According to their press release, “The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin.  Bitcoin futures will be listed on and subject to the rules of CME.”

You can find a more extensive piece on this new development, written by FintekNews’ CEO Bill Taylor, at this link.