Revolut to launch in Japan and Singapore, as US expansion experiences further delays November 29, 2018 Fintech startup Revolut has received authorisation from regulators in Japan and Singapore, operating under a licence similar to its UK business through partnerships with local banks. The banking app hopes to launch in the Asia Pacific region in the first quarter of next year, with over 50,000 users already on its waiting list. The news comes [...]
Ford opens itself up to investors on driverless car tech November 15, 2018 The chief executive of Ford Motors has said the company is open to discussions with rival firms and investors on funding its self-driving technology unit, but played down ongoing talks with Volkswagen about a potential deal. Ford and Volkswagen have previously acknowledged that they are in talks on a partnership, however Ford boss Jim Hackett said today [...]
Uber posts $1bn loss as it hurtles towards an IPO in 2019 November 15, 2018 Ride-hailing giant Uber reported a quarterly loss of $1bn (£780.3m) late last night, as growth in its bookings slow ahead of its upcoming listing. The company said bookings for its private hire and food delivery services rose six per cent in the three months to the end of September, which is the third consecutive quarter of single-digit [...]
Wework bags $3bn in additional funding from Softbank November 13, 2018 Flexible workspace provider Wework has secured an additional $3bn (£2.3bn) in funding from Softbank, as it pushes ahead with its global expansion plans despite continuing to report losses across the board. The new funding builds on the $1bn that Wework received from the Japanese mega-investor in the form of a convertible bond earlier this year. Today's investment will be granted [...]
Fintech startup Revolut is in talks to raise $500m from Softbank November 12, 2018 British fintech startup Revolut is raising a $500m (£389m) series D round from the likes of Japanese mega-investor Softbank, in order to fuel its aggressive expansion plans. Several sources have told City A.M. that the deal is set to close early next year, as Revolut tries to launch its banking app in the US, one of [...]
Softbank operations boss to pull out of Saudi investment conference October 22, 2018 Japanese technology giant Softbank's chief operating officer is reportedly set to pull out of this week's Saudi Arabia business summit, as one of the world's biggest tech backers struggles with its controversial ties to the region. Marcelo Claure is said to have asked organisers of tomorrow's Future Investment Initiative conference in Riyadh to remove his name from [...]
ABB chairman breaks away from Saudi mega-city project amid Khashoggi case October 21, 2018 Former Shell chief executive and chairman of Swiss engineering firm ABB Peter Voser is the latest high-profile figure to distance himself from the advisory board of Saudi Arabia's $500bn £382.5bn) mega-city project Neom. The move follows the exit of a string of global business and political leaders from an upcoming investment conference in Riyadh. International ties to the region have been breaking [...]
Saudi-backed fund plans investment in British digital bank Oaknorth October 18, 2018 The world’s largest technology fund could pump hundreds of millions of dollars into British unicorn Oaknorth. The deal would make Saudi Arabia’s sovereign investment fund an indirect shareholder in the digital bank. Read more: Acorn OakNorth rises to $2.3bn valuation as it closes fresh $100m fundraise Softbank’s Vision Fund, in which the Saudis are the [...]
Theresa May’s new merger powers would be a hostile takeover by the state October 16, 2018 Back in July 2016, Theresa May launched her campaign for leadership of the Conservative party by promising radical action on foreign takeovers of British businesses. In the wake of Kraft’s takeover of Cadbury and Pfizer’s failed bid for AstraZeneca, May promised to defend workers and local communities from transient shareholders who, she said, were more [...]
Softbank mulls majority stake in Wework October 10, 2018 Softbank is reportedly in talks to take up a majority stake in co-working giant Wework, despite the firm tripling its losses last year. Sources told Reuters the pricing and valuation of the deal has not been confirmed, while the Wall Street Journal earlier reported the investment could be between $15bn (£11.4bn) and $20bn from Softbank's Vision Fund. The fund [...]