FinTech Daily: Paypal launches Slack bot payments; FinTech investment plummets post Brexit vote; Fit
PayPal launches Slack bot for peer-to-peer payments
PayPal today launched its first bot for users of team messaging app Slack. The bot lets people send peer-to-peer payments with the shortcode /paypal and a user's Slack handle. PayPal bot is now available to Slack users in the United States, United Kingdom, Australia, and Canada, the payments company announced in a blog post. The PayPal bot follows the launch last week of Slack Enterprise Grid, a service for large corporations. Last November, PayPal joined Square Cash and Venmo to allow P2P payments with Siri. Weeks earlier, PayPal and Stripe joined a Facebook Messenger beta program to accept payments through the platform.
Brexit vote has 'chilling' effect on start-up investment
Innovate Finance, which represents 300 UK fintech companies, says venture capital investment fell from $1.2bn in 2015, to $783m last year. "Our members tell us Brexit has had a chilling effect on investment," Innovate Finance chief executive Lawrence Wintermeyer told the BBC. But globally, investment rose 10.9%. There were 1,436 fintech deals globally, attracting $17.4bn in investment, Innovate Finance says, with China outpacing the US for the first time. While London could boast "One of the best fintech investment scenes in the world", thanks to government support and "Enlightened regulators", the capital could be "Challenged as a global financial centre" if tech talent was forced to move abroad, he said. Tim Levene, managing partner at Augmentum Capital, a £40m fund investing in fintech start-ups such as Nutmeg, Zopa and Seedrs, said:"We tried to raise £100m for a new European fintech fund last year, but two major institutions pulled out two weeks after the Brexit vote - they don't like the uncertainty. "While the availability of early-stage funding for fintech companies may have been impacted, we have seen demand for profitable, growing assets rise at a rate that has arguably never been greater."
Meniga Launches 'FitBit-Inspired' Finance App Improving Saving & Spending Skills
A new 'gamified' digital personal finance app has been launched by Meniga, a European next-generation banking solutions provider that helps millions of banking customers across 18 countries engage with their finances through online and mobile tools. Showcased at this year's Finovate Europe 2017 financial technology industry show today in London by Georg Ludviksson, co-founder and CEO of Meniga, the company's new Challenges module is a digital offering designed to support banks in helping their customers manage their own finances using such incentives and assist banks retaining customers. Based on Meniga research on how to engage users with any financial personality type, which has been gleaned from eight years of experience implementing personalized digital banking solutions across 18 markets, the Meniga Challenges UX applies proven logic that short-term goals drive long-term gain. "First-generation personal finance management solutions that require a high degree of motivation and typically attract the conscientious minded, generally manage to sustainably engage +20% of the digital banking user base," Ludviksson pointed out.
Category: New Product