May 17, 2020

Global fintech investment hits record $5.4bn in Q1 2018

Fintech
investment
record
funding
Jonathan Dyble
2 min
Fintech
A new report from CB Insights has revealed that fintech companies raised a record $5.4bn in venture capital for the three-month period ended March 31 ac...

A new report from CB Insights has revealed that fintech companies raised a record $5.4bn in venture capital for the three-month period ended March 31 across a record number of 323 deals.

The rise in fintech investment at the beginning of 2018 was driven by a dozen investments that were valued at over $100mn, such as the $500mn investment into Credit Karma, $350mn in Robinhood and $207mn raised by Atom Bank.

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North America accounted for the largest proportion of this investment, with $2.17bn in venture capital funding across 157 deals being secured by North America fintech firms, closely followed by Asia that saw a drastic spike in investment levels, up to $2.02bn in total for Q1.

Meanwhile, fintech funding in South America for the quarter surpassed the continent’s total fintech investment for the whole of 2017, rising to $271mn, most of which came from the $150mn funding round for Brazilian mobile banking company Nubank.

Whilst banks continue to account for a significant proportion of this funding, those in the US such as Goldman Sachs, Citigroup and JPMorgan have taken a step back in investing, whilst European banks have raised these levels, such as Santander making three new portfolio invests during the three months period alone.

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Jul 7, 2021

ServiceNow pumps millions into EU service compliance

ServiceNow
Compliance
EU
Schrems II
2 min
ServiceNow
ServiceNow has announced a multimillion euro investment in EU services, providing customers even greater trust, choice, and control over their data

ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.

The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.

ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.

ServiceNow upgrade: free of charge

There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.

Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.

ServiceNow upgrade: ‘peace of mind’

“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”

Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.

“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”

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