Investors are growing increasingly weary of AI
FinTechInShorts
by Rinsu Ann Easo
16h ago
After years of easy money, the AI industry is facing a reckoning. A new report from Stanford’s Institute for Human-Centered Artificial Intelligence (HAI), which studies AI trends, found that global investment in AI fell for the second year in a row in 2023. Both private investment — that is, investments in startups from VCs — and corporate investment — mergers and acquisitions — in the AI industry were on the downswing in 2023 versus the year prior, according to the report, which cites data from market intelligence firm Quid. AI-related mergers and acquisitions fell from $117.16 billion in 20 ..read more
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Generative AI is coming for healthcare, and not everyone’s thrilled
FinTechInShorts
by Rinsu Ann Easo
2d ago
Generative AI, which can create and analyze images, text, audio, videos and more, is increasingly making its way into healthcare, pushed by both Big Tech firms and startups alike. Google Cloud, Google’s cloud services and products division, is collaborating with Highmark Health, a Pittsburgh-based nonprofit healthcare company, on generative AI tools designed to personalize the patient intake experience. Amazon’s AWS division says it’s working with unnamed customers on a way to use generative AI to analyze medical databases for “social determinants of health.” And Microsoft Azure is helping to ..read more
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Linqto to go public via $700m SPAC merger with BCSA
FinTechInShorts
by Laura M
2d ago
Linqto Going Public: US digital investment platform Linqto is set to go public via a business combination deal with Nasdaq-listed special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition Corporation 1 (BCSA). Linqto’s Offerings: Founded in 2020 and based in California, Linqto offers investors a means to make liquid investments in mid-to-late-stage tech companies, with a focus on fintech, blockchain, and auto sectors. Transaction Details: The transaction will result in Linqto operating as a wholly-owned subsidiary of BCSA while continuing to operate under the Linqto ..read more
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Mastercard to realign organisational structure with three new divisions
FinTechInShorts
by Laura M
3d ago
Organizational Restructuring: Mastercard announces plans to reorganize its teams into three units: Core Payments, Commercial and New Payment Flows, and Services. Leadership Changes: Jorn Lambert, previously Chief Digital Officer, will now serve as Chief Product Officer and lead the Core Payments unit. Raj Seshadri, a former BlackRock executive, will become Chief Commercial Payments Officer, overseeing the Commercial and New Payment Flows unit. Craig Vosburg, who served as Chief Product Officer, will take on the role of Chief Services Officer, leading the Services unit. Greg Ulrich will l ..read more
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How Neural Concept’s aerodynamic AI is shaping Formula 1
FinTechInShorts
by Rinsu Ann Easo
3d ago
It’s a long way from pedal bikes to Formula 1. But that’s precisely the quantum leap that AI-based startup Neural Concept and its co-founder and CEO, Pierre Baqué, made in just six years. In 2018, the company’s fledgling software helped develop the world’s most aerodynamic bicycle. Today, four out of 10 Formula 1 teams use an evolution of that same technology. Along the way, Baqué’s company picked up contracts with aerospace suppliers like Airbus and Safran, earning a $9.1 million Series A raise in 2022. Now at 50 employees, Switzerland-based Neural Concept is working toward a Series B round ..read more
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Spendesk combines procurement with spend management through Okko acquisition
FinTechInShorts
by Laura M
3d ago
Acquisition Details: Spend management platform Spendesk is acquiring Okko, a Software-as-a-Service (SaaS) procurement platform based in Paris, France. The acquisition is aimed at integrating Okko’s procurement capabilities into the Spendesk platform. Okko’s Offering: Okko provides an “intake-to-procure-to-pay solution” that digitizes procurement workflows. Features include vendor and contract renewal management, onboarding, and collaborative purchase requests. Integration with Spendesk: Okko’s capabilities will be integrated into Spendesk’s platform, which already offers spend managem ..read more
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Alisa Bank snaps up invoice financing fintech Puro Finance to bolster SME services
FinTechInShorts
by Laura M
3d ago
Merger Details: Alisa Bank in Finland is set to acquire invoice financing fintech Puro Finance through a share exchange. The acquisition will result in Puro Finance becoming a subsidiary of Alisa Bank. The transaction will give Puro Finance’s shareholders a 40% stake in the combined entity, valued at €10.4 million. Continued Operations: After the merger, Puro Finance will continue to operate its invoice financing service, offering support for invoicing, financing, credit insurance, collection, and bookkeeping functions. Strategic Focus: Alisa Bank’s strategy post-merger will primarily ..read more
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Salt Bank makes digital debut in Romania powered by Starling Bank’s BaaS
FinTechInShorts
by Laura M
3d ago
Salt Bank Launch: Recently launched in Romania as the country’s newest digital challenger. Operates as a subsidiary of Banca Transilvania Financial Group, based in Bucharest. Offers retail banking services including 3% current accounts, mixed term deposits, multicurrency cards, and savings accounts called Spaces. Founder Programme: Introduced a founder programme to incentivize early customer enrolment. Customers receive “founder points” which can be redeemed for monetary value or exchanged for shares in the future. Partnership with Engine by Starling: Partnered with Engine, the Bankin ..read more
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EQT to sell data management tech firm Rimes to Five Arrows
FinTechInShorts
by Laura M
3d ago
Rimes: Provides enterprise data management and investment intelligence solutions for asset managers. Supported by EQT since 2020 with a significant growth investment. Offers Matrix IDM, acquired in 2021, and launched a new AI product division in the same year. Acquisition by Five Arrows: EQT has agreed to sell Rimes to Rothschild & Co.’s alternative assets unit Five Arrows. Five Arrows has global assets under management exceeding €26 billion. Leveraged its long-term fund FALT and principal investments division FAPI for the acquisition. Transaction expected to close in the coming mont ..read more
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UK’s antitrust enforcer sounds the alarm over Big Tech’s grip on GenAI
FinTechInShorts
by Rinsu Ann Easo
3d ago
The U.K.’s competition watchdog, Competition and Markets Authority (CMA), has sounded a warning over Big Tech’s entrenching grip on the advanced AI market, with CEO Sarah Cardell expressing “real concerns” over how the sector is developing. In an Update Paper on foundational AI models published Thursday, the CMA cautioned over increasing interconnection and concentration between developers in the cutting-edge tech sector responsible for the boom in generative AI tools. The CMA’s paper points to the recurring presence of Google, Amazon, Microsoft, Meta and Apple (aka GAMMA) across the AI ..read more
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