Twitter buys fake news-fighting startup Fabula AI June 4, 2019 Twitter has acquired London-based startup Fabula AI, which uses machine-learning to detect fake news online. Read more: Twitter suspends 170,000 accounts in hate speech battle Founded in 2018, Fabula has developed an AI system that can analyse and learn from large datasets from social media sites. The tool can analyse how fake news spreads across [...]
Softbank struggles to raise cash for its second $100bn Vision Fund June 3, 2019 Japanese technology giant Softbank has received a chilly reception from some of the world’s biggest investors as it seeks to raise cash for a second $100bn (£79bn) mega fund. The firm’s chief executive, Masayoshi Son, announced Softbank's Vision Fund II in May, saying that many existing investors had expressed interest in the new fund. Read more: Softbank gears [...]
As a global trading hub, the City is ready to face the challenges of a new digital era June 3, 2019 With changes afoot both domestically and when it comes to our relationship with Europe, it is a challenging and frustrating time for many parts of the City. What we must not lose sight of is that London – and specifically the City – has been at the centre of global trade for centuries, and has [...]
Bristol scaleup Ultrahaptics buys US augmented reality rival for $30m May 30, 2019 Bristol-based firm Ultrahaptics has acquired one of its main Silicon Valley rivals in a deal valued at $30m (£23.8m). Leap Motion, which specialises in hand-tracking technology, will join Ultrahaptics, bringing over its staff and technology to the combined group. The two companies had been partnered for almost six years before the tie-up. Ultrahaptics' technology projects [...]
City fintech Yapily scores $5.4m from Transferwise founders and Localglobe May 30, 2019 London fintech startup Yapily has closed $5.4m (£4.3m) in seed funding from King’s Cross-based venture capital firm Localglobe and HZ Holtzbrinck Ventures. Other investors included Transferwise co-founders Taavet Hinrikus and Ott Kaukver, and C-suite executives from Twilio and Unicredit. Read more: Transferwise is Europe's most valuable fintech at $3.5bn Yapily will use the funding to [...]
Majority of UK’s tech workforce ‘prepared to leave the UK’, study finds May 29, 2019 Three-quarters of British tech workers would be willing to leave the UK to work abroad, despite London ranking as the world’s best city for tech, according to a new survey. Research by Boston Consulting Group (BCG) and Totaljobs found the majority of employees in the UK’s tech industry were the prepared to relocate, while just [...]
Facebook-backer Index Ventures leads $4m series A for UK legal startup May 28, 2019 Seedlegals, which helps UK startups automate the fundraising process, has secured $4m (£3.2m) in funding from one of the world's most successful venture capital firms. San Francisco and London-based Index Ventures led the series A funding round, putting Seedlegals among the likes of Facebook, Just Eat and Slack in its portfolio. Additional participation was provided by Kima Ventures, [...]
Salesforce’s venture capital arm raises second European tech fund at $125m May 23, 2019 The venture capital arm of Salesforce has closed its second fund for European tech startups at $125m (£98.7m), with a renewed focus on enterprise cloud. Salesforce Ventures said it was the most active corporate VC in Europe last year, making investments across the spectrum in digital payments, artificial intelligence, and blockchain. It follows the software giant's [...]
Banking unicorn N26 rapped by German regulator in money laundering probe May 22, 2019 Digital banking startup N26 has been ordered by the German banking regulator to step up its anti-money laundering policies, after a probe found the fintech firm was deficient in several areas. Bafin said today it has issued an order against N26 to "take appropriate internal safety measures" in order to comply with rules on customer due [...]
Transferwise becomes Europe’s most valuable fintech at $3.5bn valuation May 22, 2019 Money transfer service Transferwise today announced the completion of a $292m (£230m) share sale, making it Europe’s most valuable fintech company at $3.5bn. Read more: UK named world's top fintech hub as startups rake in £4.5bn Existing investors Andreessen Horowitz and Baillie Gifford expanded their holdings in Transferwise, while investment was also provided from funds [...]