New fintech roundup: amid a worsening COVID-19 crisis and the US presidential election, the biggest headline this week was evidently Ant Group’s IPO being suspended.
Shanghai Stock Exchange suspends Ant Group’s mega IPO
The Shanghai Stock Exchange postponed on Tuesday the highly anticipated Ant Group IPO because of “major issues” which could cause the company “not to meet the listing conditions or disclosure”.
Analysis: Beijing just yanked Ant Group's IPO to show Jack Ma who's really in charge
Beijing just showed tech titan Jack Ma and the rest of China's billionaire tycoons who's really in charge.
There could be tensions between Jack Ma (Ed note: Ant Group is an affiliate company of Alibaba) and the Chinese government which is set to announce stricter rules for fintech companies. Recent comments from Ma are said to have angered the Chinese government and contributed to the IPO being halted. As you can imagine, the many small investors in Mainland China and Hong Kong are understandably not happy…
There are no clear signs as to when the public offering could resume. The Financial Times suggests the delay could last “at least 6 months”.
Brazilian payments company Conductor raises $150M
Conductor, a Brazilian card issuer and banking-as-a-service platform has raised $150 million through a funding round led by Viking Global Investors.
Brazilian payments firm Conductor raises $150 million, eyes U.S. listing: CEO
SAO PAULO/NEW YORK (Reuters) - Brazilian payments firm Conductor has raised $150 million in a private funding round to…
The company claims it has 30 million active users and processes 1.5 billion transactions annually. It could be seeking to file an IPO in the United States in the foreseeable future.
This is yet another indication that the fintech ecosystem in Latin America is maturing.
Plaid’s acquisition by VISA suffers setback
Justice Department sues Visa to stop Plaid acquisition
Nov. 5 (UPI) -- The United States sued behemoth credit card company Visa on Thursday to stop its multi-billion-dollar…
Prosecutors believe that “By acquiring Plaid, Visa would eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers,”.
Visa is confident it can prove this is not factual.