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Executive Summary
Facebook’s consortium project, Libra, has the potential to disrupt traditional business models in retail banking, payments, and retail asset management (in addition to regulatory and monetary policy). While there are many variables that will impact how this will all play out and there are significant technology, privacy, regulatory, and security concerns that could stop this project in its tracks, a meaningful new front has opened up in the evolution of western financial services that warrants discussion.
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The Next Wave Of Fintech Will Be A Tsunami vs The First Fintech Wave
(Editorial Note: This is a high-level, big picture post that might not be suitable for hardened financial technology geeks. Don’t worry, we’ll have more for you in subsequent posts.) It used to be that financial services intermediaries were to a large extent immune to outside innovation. While entire industries have been obliterated or reimaged over the last 30 years by waves of technological innovation (think retail, entertainment, or travel), financial services has remained relatively unscathed. Yes, electronic exchanges have replaced physical trading pits, online brokers and ETFs have replaced stock brokers, and cards have largely replaced paper checks. But even today, despite the hype around fintech, the core systems, operations, and players (outside of payments) remain fundamentally the same. We do not believe this will be the case a decade from today. We are very pleased to announce the launch of Nadifin, a new European fintech accelerator. Nadifin will be based out of Luxembourg and will offer a yearly accelerator program based on multiple workshops in different European cities.
Nivaura Poised for Growth Following $20m Strategic Seed Investment Round
Investors include Allen & Overy, Linklaters, London Stock Exchange Group, MiddleGame Ventures, Santander InnoVentures and Transamerica Ventures (a wholly owned Aegon subsidiary). Pascal, Patrick and I are pleased to announce the MGV team publicly for the first time. You can read Pascal's blog post here for further details. We will announce further details on our fund, investment themes, ecosystem activities, specific investments, and added team members over the coming months. Stay tuned...
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"Before the endgame, the Gods have placed the middle game." - Siegbert Tarrasch
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