FinTech Daily: Lemonade's big impact in InsurTech; Mastercard's Kenyan Microcommerce platfor
Lemonade's First Quarter In Market Exposed
A few months ago, shortly after launching Lemonade, they did something unexpected - they shared their metrics and performance from the first 48 hours since launch. Today, as part of their 2016 Transparency Chronicles, they're sharing interesting metrics from our first quarter in market- Q4 of 2016. But since they're growing fast, most of the stats no longer represent what is seen on their screens today. Similar to what we saw in the first 48 hours, the majority of our customers are urban dwellers who live in the heart of the concrete jungle. 87% of customers bought their first home insurance product through Lemonade! They have the handled 6 claims in 2016 and happily paid out $4,589 to Lemonade customers. The team only found out about the entire thing after it was over. The first round was a $13m seed investment by Aleph and Sequoia, the second was another $13m from XL Innovate and existing investors, and our most recent round of $34m by General Catalyst, GV, Thrive, Tusk Ventures, and existing investors.
Category: New Product
Mastercard Thinks Small With New Microcommerce Platform In Africa
Mastercard, has recently entered the microcommerce market in Kenya with the launch of a new mobile platform that lets consumers buy goods with cash, mobile money, or bank transfer using their phones. The service, called 2Kuze, is aimed at Kenyan farmers and their customers and may mark the beginning of a deeper journey into mobile money products. Mastercard unveiled the new phone-ready platform yesterday and said it will allow consumers to place orders for produce more directly with farmers. In September, Visa debuted the mobile payments platform mVisa in Kenya that will rival M-Pesa on price. The partnership enabled these community organizations to transmit money digitally, rather than physically moving cash between destinations-a service sorely needed.
Category: New Product
Type: Micro Commerce
Digital Trade Chain: 7 Banks Could Go Live With Blockchain in 2017
Seven major European banks are partnering on a new blockchain-based trade finance platform, with a tentative plan to launch sometime in the second half of 2017. Dubbed Digital Trade Chain, the initiative grew out of an earlier proof-of-concept spearheaded by Belgium-based bank KBC and first unveiled in July of last year. Thus far, the banks involved - KBC, Deutsche Bank, HSBC, Natixis, Rabobank, Société Générale and UniCredit - have signed a memorandum of understanding that lays out the basic groundwork for future development. That said, the banks are looking to launch DTC sometime in 2017, with an eye to building support in markets like France, Germany and the UK. In statements to CoinDesk, the banks involved say the goal is to cut transacting costs for European businesses, particularly for more modestly sized firms. "For DTC to be successful, it needs to be available and accessible by a large number of SMEs - hence the importance of having a number of banks involved," Mancone explained. To help meet that goal, the banks are backstopping the project with an undisclosed amount of capital, with each putting up an equal amount to pay for developers and other costs.
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