Posted In:


Let's Stay Friends...


Feb 01, 2020


Posted In:



Feb 01, 2020



3 years and 3 Prime Ministers later - the UK has left the European Union. Brexit supporters were chuffed to bits celebrating last night - while others didn’t bother to participate in the festivities dubbed ‘Let’s Stay Friends’ - with pubs promoting reduced prices of German beer, French vodka, and Irish whiskey.

Fintech startups in the UK are arguing “Brexit Shmexit!” as the UK pulled in more fintech funding ($4.9b) in 2019 than China and India, and double the rest of the EU. Moreover, more than 1,000 European financial firms have plans to open their first office in post-Brexit Britain.

But it may be the humble Dover sole that ends up causing some unpleasantness in the EU - UK trade negotiations. The EU threatens to restrict the City’s market access in Europe if fishing quotas for herring, mackerel, and sole can’t get ironed out.

So, in the ups and downs that will define the next 12 months negotiations, the best advice for everyone in Europe is perhaps Kipling’s mantra, which Boris took to heart as Foreign Secretary, “treat triumph and disaster the same” and have a cup of tea!

Portfolio News

Colombia's Minka aims to disrupt infrastructure for fintech startups with blockchain - Leveraging its partnership with ACH Colombia, portfolio company Minka's blockchain-based cloud platform represents a major milestone in disrupting finance within the LatAm region. Read more

Extend’s Andrew Jamison: "We see ourselves as an ‘Intel Inside’ for B2B payments" - Tearsheet sat down with CEO of portfolio company Extend to discuss his past experience at Amex and the future of B2B payments with his company's unique product. Read more

Embroker: 10 best U.S. cities for startup costs - Washington D.C. is the most expensive city to launch a company in the US, with a yearly cost of $145k, while Tucson, Arizona was the least expensive, at a cost of $63k, according to a report from portfolio company Embroker. Read more

Let's Stay Friends

Pub chain hosts 'Let’s Stay Friends’ promotion following Brexit - Time Martin's JD Weatherspoon is holding a promotion Friday that reduces the price of drinks including beer from Germany, vodka from France and whiskey from Ireland. Read more

Europe is on the verge of a tech investment breakthrough - Fintech is at the core of the European tech revolution, with financial centers like London alone accounting for 18 fintech unicorns. Funding is expected to grow to $10b in 2020, five times the amount raised just 5 years ago. Read more

A thousand EU financial firms plan to open UK offices after Brexit - More than a thousand banks, asset managers, payments companies and insurers in the European Union plan to open offices in post-Brexit Britain so they can continue serving UK clients, according to the regulatory consultancy, Bovill. Read more

Brexit Shmexit: the UK saw record fintech investment last year, trumping China and India - On the eve of Brexit, UK fintech startups are prepped for battle after a record year of investment, making up over 50% of European capital flows in the space. Read more

The Price of Fish and Finance in EU-UK Trade Talks - The EU has explicitly linked the City of London’s future market access to Britain giving ground on fish. Ireland’s prime minister Leo Varadkar told the BBC on Monday that “you may have to make concessions in areas like fishing in order to get concessions from us in areas like financial services. Read more

Industry News

U.S. regulators propose simpler restrictions around bank fund investments - U.S. banks would be able to take large ownership stakes in venture capital funds under proposed rules unveiled by the Federal Reserve. Read more

Institutional crypto lender Genesis Capital sees continued surge during Q4 2019 - In another record-breaking quarter, the cryptocurrency lender issued over $1bn worth of loans and saw high international demand. Read more

Despite lackluster fundraising round, STO platform tZERO is moving ahead with its broker-dealer plan - tZERO, owned by online retailer Overstock, currently only has two tokens listed on its exchange and one broker-dealer - but believes it has the right leadership team in place and tech build to support its full-stack platform plan. Read more

Ripple’s IPO could come within 12 months - Brad Garlinghouse, Ripple CEO, expects crypto/blockchain IPOs to over the next year and hinted Ripple would be early in that pack (though not the first). Ripple raised a $200m Series C last month valuing the company at $10b. Read more

SoftBank wants its on-demand portfolio to stop losing so much money - Following the FT reporting that Uber and DoorDash discussed merging last year, it seems like the Vision Fund will encounter several scenarios where their portfolio companies will be direct competitors. Read more

How the mighty Goldman has fallen - A dollar invested in Goldman in 2010 would be worth just $1.60 today. A dollar wagered on the s&p 500 would be worth $3.60, and on JPMorgan Chase, $4.10. If Goldman’s reinvention fails it may ultimately have to do a deal. Read more

When Ana ditched Andrea - She runs mega-bank Santander; he’s a top deal-maker. She offered to make him the best-paid CEO of any bank in euroland. It didn’t happen, and the $123 million lawsuits that followed shows even banking royalty can’t always get their way. Reuters special report! Read more

Elon Musk just dropped an EDM track on SoundCloud - Following Tesla posting positive earnings, the Starling project coming together, and SpaceX nailing its commercial crew flight test Musk thought it was the right time to drop the mixtape with the lyrics "Don't doubt your vibe / because it's true." Read more

Marcus steps back from UK stocks and shares Isa - Goldman had been working with Nutmeg, a UK based online wealth manager, to launch a product ahead of the UK's “Isa season” this spring. The move would have brought Goldman into the UK retail investment market for the first time. Read more

Select Financings

Aumni - Salt Lake City based data analytics platform for private investors, raised a $10m Series A round led by SVB Financial Group. Read more

Currencycloud - London based foreign exchange payments automation platform raised an $80m Series E round co-led by Visa and SAP’s venture arm Sapphire. Read more

Flux - London based digital receipts startup raised a strategic extension from Barclays, one month after it raised a $7.5m Series A round. Read more

Gabi - San Francisco based tech-enabled insurance broker raised a $27m Series B round led by Mubadala Capital. Read more

Knox - Boston based real estate investment and management platform raised a $3m Seed round led by Greycroft. Read more

Persona - San Francisco based identity verification startup raised $17.5m in Series A funding co-led by Coatue Management and First Round Capital. Read more

Policygenius - New York based online insurance marketplace raised a $100m Series D round led by KKR. Read more

Teller - London based financial services API raised a $4m Seed round from Lightspeed, Founders Fund and SciF VC. Read more



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