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<ul class="summary-list"><li><keyword id="12012277" type="UNKNOWN" weightage="60" keywordseo="twitter-users" source="Orion">Twitter users</keyword> can now charge a monthly <keyword id="12012282" type="UNKNOWN" weightage="60" keywordseo="subscription" source="Orion">subscription</keyword> fee for exclusive content with Super Follows. </li><li>The new feature allows select users to monetize their content for $2.99 to $9.99 a month.</li><li>For now, Super Follows is only available to select users in the US with 10,000 followers or more.</li></ul><p><keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> is launching a new feature where users can charge followers to view their <keyword id="12012281" type="UNKNOWN" weightage="60" keywordseo="tweets" source="Orion">tweets</keyword>.</p><p>The new <a href="https://www.businessinsider.com/what-is-twitter-super-follow-analyst-day-subscriptions-2021-2">Super Follows</a> feature allows select users to adopt a subscriber-only policy to their tweets, meaning users can pay to view exclusive content from their favorite accounts.</p><p>Creators can charge subscribers a monthly cost of $2.99, $4.99, or $9.99 a month for their exclusive content. Super Followers can be identified by creators with a little badge that appears next to their name when they reply to the creator's tweets. </p><p>Announced in February, Super Follows is currently available to those who applied to try it out in a test group before it goes public on the platform. Other users interested in trying out this new feature can apply to be put on the waitlist as Super Follows continues to roll out across the US. Creators who opt in to Super Follows must be at least 18 years old and maintain a minimum of 10,000 active followers.</p><p>Twitter hopes that this new feature will drive unique conversations on the platform and give creators a new way to make revenue for their contributions to the <keyword id="11895013" type="UNKNOWN" weightage="60" keywordseo="social-media" source="Orion">social media</keyword> site, a spokesperson from Twitter said in a press release Wednesday.</p><p>However, some Twitter users are unsure how Super Follows will actually work, pointing out that content can never be exclusive when users can take screenshots and repost them on the app.</p><p>Super Followers can Quote Tweet or Retweet the exclusive content, but non-subscribers only see additional comments on them and not the original tweet, according to Twitter. Non-Super Followers won't be able to see retweets at all and will instead be instructed to subscribe, according to Twitter.</p><p>Creators are eligible to receive 97% of their Super Follows revenue after in-app purchase fees until they reach $50,000 in lifetime earnings across all Twitter monetization products. After they reach $50,000, users are eligible to earn up to 80% in revenue after in-app purchase fees.</p><p>Twitter has been experimenting with new ways to pay its creators by creating a <a href="https://blog.twitter.com/en_us/topics/product/2021/introducing-tip-jar">tip jar</a> feature, <a href="https://help.twitter.com/en/using-twitter/spaces-ticketed-faq">ticketed Spaces</a>, a shopping section, and <a href="https://blog.twitter.com/en_us/topics/company/2021/making-twitter-a-better-home-for-writers">newsletters</a>. Super Follow is expected to compete with other creator monetization platforms like <a href="https://www.businessinsider.com/onlyfans-reverses-ban-sexually-explicit-content-2021-8">OnlyFans</a>, <a href="https://www.businessinsider.com/what-is-patreon">Patreon</a>, and <a href="https://www.businessinsider.com/how-much-money-newsletter-writers-are-making-on-substack-2021-4">Substack</a> as Twitter creates more ways for users to monetize content and keep up with its competitors. </p><p>In July, Mark Zuckerberg announced that <a href="https://www.businessinsider.com/facebook-content-moderation-accenture-questioned-ethics-2021-8">Facebook</a> and <a href="https://www.businessinsider.in/tech/apps/news/instagram-will-now-ask-for-your-birthday-to-let-you-use-the-app-will-use-ai-to-verify-it/articleshow/85788687.cms">Instagram</a> will be investing more than $1 billion through 2022 in order to pay creators for their content, <a href="https://www.businessinsider.com/instagram-facebook-to-pay-over-1-billion-pay-creators-details-2021-7">Insider reported</a>.</p>

Some of your favorite Twitter follows may start charging you to read their tweets

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Fredy Builes</span></p><p class="caption">It's not looking good for Monitise.</p></div><p></p></div></div>The slow motion implosion of mobile banking company Monitise continues.</p><p><a href="http://www.investegate.co.uk/monitise-plc--moni-/rns/directorate-change/201512010700114710H/">The company announced on Tuesday that its CFO, Brad Petzer, is leaving after 2 years in the role</a>. His exit follows the departure of two CEOs this year, one of whom was founder Alastair Lukies.</p><p>Monitise, founded in 2003, was once one of Britain's hottest fintech companies. In fact, it was around before fintech was even a term, pulling in funding from heavyweights such as Visa, MasterCard, and Telefonica.</p><p>The company designed mobile payment services and <a href="http://uk.businessinsider.com/santander-monitise-fintech-investment-joint-venture-2015-7">worked with big banks such as Santander</a>, as well as companies like Premier Inn.</p><p>But the company always struggled to make a profit, becoming known in the City as a classic "jam tomorrow" company - next year, they said, next year.</p><p><a href="http://www.monitise.com/sites/default/files/documents/monitise_plc_fy_rns_090915.pdf">The latest set of results</a>, from September, show losses spiralled from £31.4 million in 2014 to £41.8 million and revenue fell 6% to £89.7 million.</p><p>The rise of fintech actually hurt Monitise, as it has faced competition from nimbler payment companies like Stripe and Adyen, and giants like Apple and Google, who have both launched payment products.</p><p>Monitise has been scrambling to get with the times, transitioning to a cloud and subscription model. Shares have collapsed over 90% this year.<div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Investing.com</span></p></div><p></p></div></div></p><p>The giants who once propelled Monitise to fame are now deserting the company too. <a href="http://www.standard.co.uk/business/business-news/monitise-rocked-by-visa-s-stake-sale-move-9740683.html">Visa announced last September it was planning to sell its stake</a>, sending shares crashing 26%.</p><p>Monitise shares are down almost 5% on news of Petzer's departure.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/james-altucher-american-dream-college-housing-debt-career-2015-11">JAMES ALTUCHER: The American Dream is a lie</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pxa24weTqtZQduLr4vlODX7xiO2oUVG5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Monitise was once Britain's hottest fintech startup - now it's imploding

<ul><li><keyword id="34757" type="General" weightage="20" keywordseo="jupiter" source="Orion">Jupiter</keyword> is now looking to foray into lending as well as wealth management space.</li><li>Jupiter is a digital banking startup that allows customers to set up their savings bank account.</li><li>It expects to launch its wealth management solutions in the third quarter, between July to September 2022.</li></ul>After opening up its digital bank to everyone last year, neobanking startup Jupiter is now looking to expand its business offering by foraying into lending as well as wealth management solutions for its existing customers.<br /><br />The company’s founder and chief executive officer (CEO) <keyword id="1289434" type="General" weightage="20" keywordseo="jitendra-gupta" source="Orion">Jitendra Gupta</keyword> told Business Insider that Jupiter has three main areas of focus at the moment — increasing user engagement on the platform, investment options and introducing consumer lending services, which will help them monitise the platform.<br /><br />Jupiter is a <a href="https://jupiter.money/team/">digital banking startup</a> that allows customers to set up their savings bank account with in-built money management features such as real-time spending insights, tracking liquid assets across bank accounts, personalised savings goals and managing transactions. <br /><br /><cmsannotation type="cmsannotation" annotationid="Jupiter’s plans with lending" comment="subhead" text="Jupiter’s plans with lending"><span data-til="noop">Jupiter’s plans with lending</span></cmsannotation><br /><br />As far as lending is concerned, Jupiter wants to start its lending journey with a credit line offering by June this year and later expand into the <keyword id="180660" type="General" weightage="20" keywordseo="personal-loan" source="Orion">personal loan</keyword> domain. The option would only be open for Jupiter users, who have signed up with the platform and bank with them.<br /><br />Even though the competition in the personal lending space has been quite tough with the existence of players like Paytm and Mobikwik, Jupiter is not too concerned about that as the market is quite big to accommodate several big players. “Even if you keep offering the 10-15% customers, it’s a very very sizable offering,” Gupta emphasised. <br /><br />Secondly, the company plans to differentiate itself by offering credit lines and loans to <a href="https://www.businessinsider.in/business/startups/news/neobanking-startup-jupiter-jitendra-gupta-says-he-does-not-want-to-get-distracted-with-unicorn-status/articleshow/91148726.cms">existing one million customers</a> instead of keeping the offering open to all. Gupta noted that sourcing customers from the open market is riskier since there is no other relation between the customer and lender, in their case, however, the customers are banking with them on a regular basis, which makes it easier for the company to judge their credit profiles.<br /><br /><cmsannotation type="cmsannotation" annotationid="Mutual Funds may be launched by September this year" comment="subhead" text="Mutual Funds may be launched by September this year"><span data-til="noop">Mutual Funds may be launched by September this year</span></cmsannotation><br /><br />On the wealth side, the company plans to start with <a href="https://www.businessinsider.com/personal-finance/mutual-funds">mutual funds-type of products </a>since it majorly serves retail investors. The company intends to offer a “boutique of investment products” according to the customer's risk profile.<br /><br />“We haven't decided anything there, honestly. It is currently In the planning phase. But the roadmap is still not very clear. What I am very sure or certain [of] is that mutual funds are a no-brainer, because for any retail customer that is a first product they want to experience,” Gupta noted. <br /><br />Jupiter expects to launch its wealth management solutions in the third quarter, between July to September 2022. The three-year-old company will compete with startups like Zerodha, Groww, Upstox, Paytm Money and Mobikwik in the wealth management space. <br /><strong><br />SEE ALSO</strong><br /><a href="https://www.businessinsider.in/stock-market/news/zomato-policybazaar-nykaa-and-paytm-shares-witness-sharp-corrections/articleshow/91365062.cms" data-type="tilCustomLink">New-age startups Zomato, PolicyBazaar, Nykaa and Paytm witness sharp corrections, market cap craters by over ₹6,000 crore</a><br /><a href="https://www.businessinsider.in/stock-market/news/ril-tvs-motor-voltas-among-stocks-to-watch-out-for-on-may-6/slidelist/91362043.cms" data-type="tilCustomLink">RIL, TVS Motor, Voltas among stocks to watch out for on May 6</a><br /><a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-size-cut-down-by-a-third-due-to-market-volatility-and-lic-ipo-say-analysts/articleshow/91348072.cms">Delhivery IPO size cut down by a third due to market volatility and LIC IPO, say analysts</a><br />

INTERVIEW: Jitendra Gupta’s Jupiter neobank is all set to foray into personal lending and mutual funds this year

<ul><li><keyword id="184851" type="General" weightage="20" keywordseo="glance" source="Orion">Glance</keyword> is not an app, rather it’s a built-in feature of Android phones that pushes personalised content on lock screen.</li><li>Glance is a brainchild of InMobi, India’s first digital company to be valued over a billion dollars.</li><li>Glance has over 140 million daily active users already due to its strong presence in sub-$250 smartphones in India.</li></ul><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> has penetrated almost every aspect of our lives — whether it's through their telecom and internet services, ecommerce and retail network, oil and gas business or its bundle of digital services. <br /><br />The Mukesh Ambani-led company has now reportedly set its eyes on tapping into a wide array of Android phones as well, with a<a href="https://www.livemint.com/companies/news/reliance-industries-in-talks-to-buy-stake-in-google-backed-glance-inmobi-report-11632745302124.html"> $300 million</a> investment in Glance. This may be an interesting development, especially when Reliance plans to launch its own Android smartphone <keyword id="11900973" type="General" weightage="20" keywordseo="jiophone-next" source="Orion">JioPhone Next</keyword>.<br /><br />Glance is not an app, rather it’s a built-in feature of Android phones. When users that have Glance enabled on their phones, wake their Android smartphone up, they must have noticed a catchy image with a news headline. Well, that’s the first and most basic glimpse of what Glance does. Once they swipe right, they can watch Lives as well as short video content, see photo stories and play games.<br /><br />It provides personalised content on the lockscreen, across categories like news, entertainment, tech, sports, fashion and travel. The said content is driven by artificial intelligence (AI) and is available in different languages — English, Hindi, Tamil, Telugu, Marathi, Bengali and more. <br /><br /><strong>Glance has a strong presence in the Android ecosystem<br /></strong><br />Glance claims to have over 150 million daily active users. The reason for this massive growth has been its strong presence in the sub-$250 smartphone market, which makes up 80% of sales in India, says a Counterpoint Research <a href="https://www.counterpointresearch.com/glance-active-user-base-india/">report </a>published in September this year.<br /><br />About 79% of Glance users in India use phones priced below the $250 mark. Over 45% of Glance’s traffic comes from users using smartphones ranging between $150-250 and 12% are from users using phones below $100 price point. Users using phones priced between $100-$150 and above $250 make up another 21% each of the company’s user base.<br /><br />  <div type="image" title="Take a deeper look at the meteoric rise of Glance that may have caught Mukesh Ambani’s eye" msid="86579557" hostid="261"></div><br />The research also revealed that 70% of newly-launched smartphones in India, in the sub-$250 segment now, come pre-installed with the platform.<br /><br />According to a previous press note issued by the company in December 2020, it had over 115 million daily active users who spent 25 minutes per day consuming content on Glance.<br /><strong><br /> Monetisation is still underworks</strong><strong><br /></strong><br />Besides organic growth and strong alliance with Google, Glance has also relied on mergers and acquisitions (M&amp;A) to build on its growth with more users and offerings. Over the last two year, it has acquired Indian short-video <a href="https://www.businessinsider.in/advertising/ad-tech/news/inmobis-glance-to-boost-its-regional-content-after-acquiring-roposo/articleshow/72220702.cms">content platform Roposo in 2019</a> and e-commerce platform Shop101 in 2021.<br /><br />Global expansion and monetisation of Glance has been on the agenda for InMobi this year. “The course to monetisation is important. In 2021, we will spend a lot of time trying to figure out the right experiences in monetisation,” founder and chief executive (CEO) Naveen Tewari previously <a href="https://economictimes.indiatimes.com/tech/technology/inmobi-to-test-monetisation-for-content-platform-glance-this-year/articleshow/80390045.cms">told</a> Economic Times in January 2021.<br /><br />The company was also considering leveraging 3 million creators on Roposo to monitise the short video app, either by connecting them to brands or setting up social commerce on the platform. Glance provides distribution and scale for its content business and Roposo provides it with fresh user-generated content, Tewari had emphasised. <br /><br /><strong>Reliance set to launch its Android phone next month<br /></strong><br />Ambani has stressed that the <keyword id="4792220" type="General" weightage="20" keywordseo="jiophone" source="Orion">JioPhone</keyword> Next will be amongst the most affordable smartphones in India and globally. <br /><br />The <a href="https://www.businessinsider.in/tech/mobile/news/jiophone-next-smartphone-announced-check-out-features-launch-date/articleshow/83806398.cms">JioPhone Next will be available</a> for purchase from October 15, delayed from the previous deadline of September 10. The price of the smartphone has not been revealed yet, but it is expected to cost ₹3,499. Reliance has plans to take it beyond India once it is rolled out in India.<br /><br />Glance is a brainchild of InMobi, India’s first digital company to be valued over a billion dollars. Glance, on a standalone basis, too is valued at over a billion dollars and is backed by global tech giant Google.<br /> <br />While InMobi was founded by Naveen Tewari, Mohit Saxena, Amit Gupta and Abhay Singhal in 2007, Glance was introduced to the world in 2019. <br /><br /><strong>SEE ALSO</strong><br /><a href="https://www.businessinsider.in/business/startups/news/pine-labs-is-betting-on-these-two-segments-to-make-it-worth-6-billion-dollars/articleshow/86559235.cms" data-type="tilCustomLink" style="">Nearly as old as Google, Pine Labs is betting on these two segments to make it worth $6 billion</a><br /><a href="https://www.businessinsider.in/business/news/tesla-boss-elon-musk-becomes-the-richest-man-in-the-world-yet-again/slidelist/86552402.cms" style="">Tesla boss Elon Musk becomes the richest man in the world, yet again</a><br /><a href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a><br />

Take a deeper look at the meteoric rise of Glance that may have caught Mukesh Ambani’s eye

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.co.uk/detail/news-photo/fan-shows-his-support-during-the-womens-football-first-news-photo/149220100">Julian Finney/Getty Images</a></span></p></div><p></p></div></div>Monitise, the mobile payments company, has appointed a new chief operating officer as it looks to stabilise its management team following <a href="http://uk.businessinsider.com/monitise-loses-cfo-after-exit-of-two-ceos-2015-12">the departure of two CEOs and a chief financial officer in less than a year.</a></p><p><a href="http://otp.investis.com/clients/uk/monitise/rns/regulatory-story.aspx?cid=1162&amp;newsid=689495">The company has added Gavin James, currently the chief executive of call centre operator Vertex Group, as its new COO. </a>James has been working with Monitise as an advisor for five months, more recently in a "<span>finance function capacity." James is a chartered accountant by profession.</span></p><p><span><span><a href="http://otp.investis.com/clients/uk/monitise/rns/regulatory-story.aspx?cid=1162&amp;newsid=689495">Monitise's current chief executive, Lee Cameron said in a statement: </a>"I am delighted that Gavin is formally joining Monitise as Chief Operating Officer. Gavin has supported the Company over the past five months and brings a wealth of experience to the role.  His continued support and oversight of all operational and financial matters ensures that my time is focused on business development opportunities and execution of our strategy."</span></span></p><p><span>James' appointment looks to be part of an accelerating turnaround for Monitise, which in the past has struggled to make a profit, something which has been compounded by competition in the mobile payments sphere from the likes of Apple Pay. In its most recent results, released in September, losses increased <span>from £31.4 million in 2014 to £41.8 million and revenue fell 6% to £89.7 million.</span></span></p><p><span><span>However, in January, <a href="http://www.ft.com/fastft/2016/01/21/monitise-set-to-avoid-loss-for-first-time-in-5-years/">the company forecast that it is expecting "</a><span><a href="http://www.ft.com/fastft/2016/01/21/monitise-set-to-avoid-loss-for-first-time-in-5-years/">prospective EBITDA positive trading for H2 FY 2016" something that it says "means the business is sufficiently well funded to meet its future plans"</a>. Essentially, it expects to be profitable in the second half of 2016, something that hasn't happened in five years.</span></span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/2-in-1-shampoo-conditioner-combination-science-2016-3">Why 2-in-1 shampoo and conditioner products don't work </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="91YjV0MTE6Q-UUNd4hePsmmU5pUlzcwC" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

One of Britain's best known fintech companies has a new COO

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Spanish banking giant Santander has<a href="http://www.investegate.co.uk/monitise-plc--moni-/rns/banco-santander-and-monitise-joint-venture/201507010700297682R/"> teamed up with mobile payment specialist Monitise on a joint venture</a> that will be "<span>investing in, building and scaling fintech businesses with the potential to redefine and support financial services globally."</span></p><p>As well as investment, chosen startups will get "<span>access to Monitise's new cloud-based platform which is designed to connect banks to digital innovation for their customers," as well as the opportunity to partner with Santander, <a href="http://www.forbes.com/sites/liyanchen/2015/05/06/2015-global-2000-the-worlds-largest-banks/">which is estimated by Forbes to be the 10th biggest bank in the world</a>. </span></p><p>The <a href="http://www.investegate.co.uk/monitise-plc--moni-/rns/banco-santander-and-monitise-joint-venture/201507010700297682R/">new 50:50 joint venture</a>, funded by £10 million ($15.6 million) each from Santander and Monitise, is in addition to a $100 million (£63.8 million) fund Santander set up last year to invest in fintech startups. It shows just how seriously the bank is taking the threat - or some would say opportunity - of fintech.</p><p>Banks are facing a huge wave of competition from startups that have found cheaper, quicker and smarter ways to do finance using technology.</p><p>As a result, different corners of the sprawling world of banking are being chipped away at - <a href="http://uk.businessinsider.com/uk-fintech-startups-worth-1-billion-2015-6">GoCardless is eating away at the direct debit business</a>; startups like <a href="http://uk.businessinsider.com/currencyfair-ceo-says-banks-are-trying-to-hedge-against-fintech-by-investing-in-startups-2015-6">TransferWise</a> and <a href="http://uk.businessinsider.com/former-goldman-sachs-partner-patrick-de-nonneville-invests-in-kantox-fx-platform-raise-11-million-series-a-2015-5">Kantox</a> are stealing foreign exchange revenue; and peer-to-peer marketplaces like <a href="http://uk.businessinsider.com/funding-circles-new-150-million-round-impact-on-smbs-2015-4">Funding Circle</a> are reinventing lending.</p><p>Santander and Barlcays have been among the most active in embracing these new challenges. Santander's <span>global head of R&amp;D innovation Julio Faura, who will co-head the new investment joint venture, recently <a href="http://uk.businessinsider.com/santander-has-20-25-use-cases-for-bitcoins-blockchain-technology-everyday-banking-2015-6">spoke to Business Insider about how the bank is experimenting with bitcoin</a>.</span></p><p><span>The as-yet-unnamed joint venture will let Santander keep an eye on the fintech world to make sure some plucky startup doesn't catch it on the back foot. It will also let the bank try and bring any promising startups into its fold rather than face it as competition. Keep your friends close and your enemies closer, as the saying goes.</span></p><p><span>There's something of that in the joint venture for Monitise too. The company was once one of Britain's most promising tech startups - Santander in fact invested when it was a young fintech innovator - but Monitise has struggled to deliver profits and has faced a huge amount of competition in the payments space in recent years. </span></p><p><span>The London-listed company's shares have fallen more than 75% over the last year and earlier this year Monitise put itself up for sale, <a href="http://www.standard.co.uk/business/business-news/monitise-abandons-plans-for-sell-off-after-failing-to-attract-the-right-offer-10133079.html">only to pull the plug after failing to get a good enough offer</a>. Founder Alastair Lukies stepped down as co-CEO at the same time.</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div>Monitise, <a href="http://www.investegate.co.uk/monitise-plc--moni-/rns/banco-santander-and-monitise-joint-venture/201507010700297682R/">which announced the deal today</a>, doesn't say specifically what type of financial technology firms the new investment company will target, other than to say they will be consumer facing. But the businesses will likely involve payments given Monitise's pedigree.</p><p>The London-based company runs mobile banking apps for the likes of Santander, RBS and Barclays, and works with the likes of Visa, which is an investor in the company. Like Santander, Monitise is probably hoping that it can recapture its edge by bringing promising young companies under its wing.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/psychopath-jon-ronson-ceo-traits-2015-5">How to know if you're a psychopath</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xxMzl3dDow-R28pScWGuiAPHIeSaFV_2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Santander is going to build fintech firms to stop startups destroying it

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Getty Images" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/55814868dd08953c4d8b45f6-960/coachella-2015.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Getty Images</span></p></div><p></p></div></div></p><p>Roughly three European tech companies a year have been sold or floated on the stock exchange, or otherwise valued by investors, at $1 billion or more since 2000, a<span>ccording to </span><a href="http://www.gpbullhound.com/wp-content/uploads/2015/06/GP-Bullhound-Research-Billion-Dollar-Companies-2015.pdf">data from British investment bank GP Bullhound</a>. </p><p>But since April 2014, Europe has <a href="http://uk.businessinsider.com/13-european-unicorn-startups-worth-more-than-1-billion-in-the-last-year-2015-6">added 13 companies</a> to its list of "unicorns." (Three firms - London-based online fashion retailer Boohoo.com, Spanish online travel company Edreams, and British mobile money firm Monitise - dropped off.) <span style="line-height: 1.5em;">The continent now boasts forty $1 billion dollar-plus companies.</span></p><p>GP Bullhound's report also sets out which tech firms we're likely to see reach billion-dollar valuations next. </p>

The 13 European tech startups that are most likely to be worth $1 billion next

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.hero.cx/story">Hero</a></span></p><p class="caption">Adam Levene, left, and Alistair Crane, Hero.</p></div><p></p></div></div>LONDON - Can London still survive - thrive even - as a global tech hub after Brexit? The scene in Britain's capital city has always played second fiddle to Silicon Valley globally and <a href="http://uk.businessinsider.com/brexit-germany-politician-cornelia-yzer-writing-london-startups-relocate-berlin-tech-soampli-2016-8">risks being eclipsed by Berlin in the years ahead.</a></p><p>But Alistair Crane, who is building his second tech business here, believes London still has an edge.</p><p>"From an investor perspective, Brexit isn't a major consideration for them," he says.</p><p>"What the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> government has done really well and what Brexit hasn't impacted is the encouragement and relief the UK government has for seed investors. I think that makes the UK an attractive destination for anyone to bring their money."</p><p>Crane spoke to Business Insider recently at the offices of his new venture, Hero, in Fitzrovia, the West End of London. Crane previously built mobile apps business Grapple, which made products for top clients such as BSkyB, Procter &amp; Gamble and Whitbread. The business, which Crane cofounded in 2009, was <a href="http://www.independent.co.uk/news/business/news/tech-entrepreneurs-sell-mobile-app-design-business-grapple-for-40m-8800146.html">sold to London payment technology company Monitise in 2013 for close to £40 million.</a></p><p>The deal took Crane out to San Francisco where Crane ran Monitise's US business but he has been lured back to London to take the role of CEO at new retail technology startup Hero, founded by an early employee at Grapple.</p><p>Why not move the business out to the Valley?</p><p>"Number one, the centre for retail excellence is London," Crane says. "It doesn't mean there aren't enormous retail scenes in the US - there are - but in my opinion, they're following not leading.<span><br /></span></p><p>"In addition to that, I think it's worth mentioning the talent pool in the UK. I think it's got to a bit of a silly stage the US from an employment perspective. The reason why you read about people raising millions and millions of pounds in their seed round is because they have to for office space and salary. Thanks very much WeWork and your $300,000 developer.</p><p>"People in London aren't cheap but they're really good, reliable, it's a great employment scene, and Adam and I had already built a business in the space so had a lot of the contacts and could get the best people from the start."</p><p>Adam is Adam Levene, the founder of Hero. The startup aims to build a sort of WhatsApp for shopping, connecting shop assistants with online shoppers.</p><p>"On a Wednesday afternoon at 4 p.m. if you go into any store you'll see the same thing - lots of idle store associates not doing very much," says Levene. "But they all have one of these [a smartphone] in their pockets and they've all got these customers shopping on their websites and nobody's putting the two together. From a productivity point, it's a really easy sell.</p><p>"If you're an online shopper and you can't make it to that Bond Street store, the associate can pull out their phone, flick on live video and suddenly as a shopper you're sitting on the website and you're stepping into the store."</p><p>As well as live video and chat features, Hero aims to tap into <a href="http://uk.businessinsider.com/what-are-chatbots-a-new-app-and-mobile-monetization-opportunity-2016-9">the current zeitgeist for "chatbots"</a> - artificially intelligent chat interfaces that can use computers to answer simple questions like: what time does the shop close? Here again, Levene thinks London has an advantage over Silicon Valley.<span></span></p><p>"Seeing the talent within engineering, especially in data science, that's happening in London - if you think about fintech and where AI is going next, the talent is here. The AI hub of the world will be here in London. It's not going to be on the West Coast, it's going to be London."</p><p>Levene founded Hero in 2015 and has been developing and testing the product since. He and Crane are now taking it to market to try and commercialise the idea and conducting trials with the likes of online furniture retailer Made.com, which has four showrooms around the UK, and glasses retailer Cubitts.</p><p>"We're talking to a bunch of different retailers because we don't know where this will best resonate first and we're not presuming to go and tell the market," says Crane. "All we know is that we have the most value to retailers and businesses that really value customer experience."</p><p>Levene adds: "The big macro-trend with any retailer or brand is it's all about experience. Everyone's doing everything online and if your store only exists to be transactional then it's a huge cost, because people are transacting digitally. Your store is all about the experience, the look and feel."</p><p>He highlights Virgin Money, which refers to its branches as "lounges" and offers free coffee. Hero hopes to bring that kind of experience and brand sensibility to people who can't make it to the stores.</p><p>"WhatsApp, Facebook Messenger, still the humble SMS," Levene says. "There's about 80 billion of theses messages sent every day across the world. Very few of those messages are between people and companies. That for me was the original opportunity."</p> <p class="tagline"><div id="categorypromo"><p><h2><span>Learn more:</span></h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></p></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bullard-raising-rates-macroeconomics-interest-sensitive-sectors-saving-investing-borrowing-2016-12">This is what will happen when the Fed raises rates</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BkbDlkeDqT2RZ4etnNLIpfljksCpCelH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Why this entrepreneur returned to London from Silicon Valley for his second business

<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/chart-app-revenue-android-ios-2014-6"></a></td></tr></tbody></table></div><p class="p1">Trust is paramount to the success of online services since we rarely see the people behind the scenes, but according to a <a href="http://info.monitise.com/mobile-money-landscape.html" target="_blank">new mobile banking report by Monitise</a> charted for us by <a href="http://www.statista.com/" target="_blank">Statista</a>, people have little trust in social networks to take care of their personal data.</p>
<p class="p1">The chart breaks down consumers' levels of trust for various online services in four different countries, including the U.S., UK, China, and Brazil. Of the various online services, consumers tended to trust their banks and financial institutions the most - likely because these services use multiple security safeguards to protect consumers' info - while major retailers, Internet companies like Google and mobile tech companies like Apple had varying levels of trust in those countries. However, across the board, users found social networks to be the least trustworthy online entities.</p>
<p class="p1">In a related note, <a href="http://www.businessinsider.com/facebook-study-emotional-states-transfer-2014-6" target="_blank">Facebook recently admitted to a massive secret experiment</a> designed to purposefully manipulate the emotions of its users.</p>
<p class="p1"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Statista</span></p></div><p></p></div></div></p>

CHART OF THE DAY: People Do Not Trust Their Social Networks

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Toby Melville/WPA Pool/Getty Images</span></p><p class="caption">David Cameron holds up a blue star given to him by a child during a campaign visit to a nursery on May 6, 2015 in Cannock, United Kingdom. </p></div><p></p></div></div>David Cameron is on a trade mission to South East Asia right now, and he's banging the drum for Britain's fintech industry.</p><p>The Prime Minister is throwing his weight behind a new fintech manifesto from trade body Innovate Finance, published on Thursday, and is holding a roundtable in Indonesia to coincide with the manifesto's release.</p><p>The roundtable features representatives from top British firms like mobile payment specialist Monitise, peer-to-peer lender Ratesetter, bitcoin wallet provider Blockchain, and online business loan provider iwoca. </p><p>The companies are all part of a crop of British businesses using technology to do financial services faster and cheaper thank traditional operators. Most have sprung up since the 2008 recession, thanks to a combination of technological advances, redundancies at big banks, and a distrust of traditional lenders among consumers.</p><p>David Cameron said in an emailed statement on Thursday: "This government wants the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> to be the leading FinTech centre in the world, that's why, at the Summer Budget, we appointed a Special Envoy for this fast growing sector."</p><p>Well-known London technology investor Eileen Burbidge was <a href="http://uk.businessinsider.com/uk-treasury-names-eileen-burbidge-special-envoy-for-fintech-2015-7">named Special Envoy for fintech in the recent budget</a>.</p><p>Innovate Finance's manifesto calls for the creation of 100,000 new fintech jobs by 2020, in part through the creation of apprenticeships and fintech degree courses. That's almost double the current total of 135,000 fintech jobs in Britain.</p><p>Commenting on this, Cameron said in the statement: "I'm pleased that Innovate Finance's manifesto has set such ambitious goals including the creation of 100,000 jobs. This will ensure we are a world leader in the development of financial services technologies."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/facts-about-greek-economy-bailout-euro-crisis-2015-6">6 mind-blowing facts about Greece's economy</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JueTR5dTo3QyUhdNPH4LuPBLRuUjzGwo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

David Cameron is going big on fintech

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Alibaba divulged a number of statistics <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2tpyf.1jp/VaQ3XsPo45zwQ33zA0575" target="_blank">at a recent summit</a> that help inform its latest efforts to expand its presence in China's rural commerce market. </p><ul><li>Rural China represents a large minority of the country: 600 million Chinese citizens live in rural areas, equating to about 44% of the country's total population.</li><li>But it's still a largely untapped region for e-commerce: Under 10% of goods purchased on Alibaba's China-based online marketplaces were sent to rural areas in Q1 2015. And there were only 77 million rural online shoppers last year, up 40% year-over-year (YoY). </li><li>Mobile commerce is surging though: Rural-originated mobile commerce volume on Alibaba's Tmall.com, Taobao Marketplace, and Juhuasuan jumped 250% to $32 billion in 2014.</li><li>Rural areas are driving the growth in mobile commerce: 75 of China's top 100 counties for mobile shopping volume growth were rural in 2014.  </li></ul><p>Alibaba is establishing a physical network to tap into this demographic. Alibaba is seeking to build 101,000 local fulfillment centers throughout rural China in the next three to five years that will deliver goods purchased through Taobao. At the summit, Alibaba stated that so far it has built 63 county-wide centers and 1,803 village-wide ones.</p><p><span style="line-height: 1.5em;">With this investment, Alibaba is betting that mobile commerce will continue to balloon in rural China. If Alibaba successfully builds out a parcel network in these areas, it could establish familiarity among rural customers before its competitors do. This would help the company build loyalty among rural customers, giving it a steady new stream of shopper activity.</span></p><p><em><span id="docs-internal-guid-eaae21d7-8cb8-9629-1c73-da78b3600d23">This story was originally sent to thousands of professionals in the payments industry in this morning's PAYMENTS INSIDER newsletter. You can join them<strong><a href="http://bii_www.businessinsider.com/welcome/newsletters/?&amp;utm_source=House&amp;utm_term=CtgrPr_PI-baba-rural-2015-7-14&amp;utm_campaign=CtgrPr_nlsa"> -- sign up for a RISK FREE trial now »</a></strong></span></em></p><p><span id="docs-internal-guid-eaae21d7-8cb9-2057-a5ac-9e13f12e8fda"><span>Here are other stories you need to know from today's PAYMENTS INSIDER:</span></span></p><ul><li><span style="line-height: 1.5em;">RUMOR - BARCLAYS TO SUPPORT APPLE PAY AFTER ALL</span></li><li><span style="line-height: 1.5em;">LUXURY RETAIL IS MOVING ONLINE IN CHINA</span></li><li><span style="line-height: 1.5em;">WALMART PARTNERS CAN NOW PAY FOR SUPPLIES WITH M-PESA</span></li><li><span style="line-height: 1.5em;">MONITISE LOSING KEY INVESTOR</span></li></ul><p><em><span id="docs-internal-guid-eaae21d7-8cb9-02e2-30c0-0a5b69b18bac">Find this article interesting? You can get it delivered to your inbox every weekday morning. Get the jump on your competitors.<a href="http://bii_www.businessinsider.com/welcome/newsletters/?&amp;utm_source=House&amp;utm_term=CtgrPr_PI-baba-rural-2015-7-14&amp;utm_campaign=CtgrPr_nlsa"> <strong>Try it RISK FREE now »</strong></a></span></em></p>

The Chinese rural market represents almost 50% of the population - here's how Alibaba intends to capture that untapped opportunity

<p><em>Welcome to <strong>The Fintech Briefing</strong>, a morning email providing the latest news, data, and insight into disruptive fintech in Europe and around the world, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.</em></p><p><strong>Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.</strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label>  <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>NEARLY A THIRD OF BANK JOBS ARE AT RISK: </strong>The global financial services industry could see a 30% reduction in jobs by 2025, according to a <a href="https://ir.citi.com/SEBhgbdvxes95HWZMmFbjGiU%2FydQ9kbvEbHIruHR%2Fle%2F2Wza4cRvOQUNX8GBWVsV">new report </a>from Citi. For context, that's a decline of about 45% from peak employment levels just before the 2008 financial crisis. </p><p><strong>It's driven by cost cutting. </strong>Since the financial crisis, banks have been looking to reduce costs. Profits are being dented due to increased regulatory burdens and heavy IT spending. Over 70% of banks' IT spend goes to supporting legacy systems according to the report. </p><p><strong>Staff can be replaced with automated processes. </strong>60-70% of all retail banking employees are doing "manual processing-driven jobs" that can theoretically be replaced or partly replaced by automation. One bank found that 85% of its operations, which accounted for 80% of employees, could be at least partially automated <a href="http://www.mckinsey.com/business-functions/business-technology/our-insights/automating-the-banks-back-office">according</a> to McKinsey. An "ideal level of automation" would result in a 50% reduction in back-office staff.</p><p><strong>Replacing employees with automation reduces risk. </strong>Alongside cost cutting, risk management is a major priority for bankers. 71% of bankers considered risk management the most important agenda item for their organisation in 2015, compared to 56% in 2014, according to <a href="http://www.ey.com/Publication/vwLUAssets/EY-european-banking-barometer-2015/$FILE/EY-EBB-2015.pdf">Ernst and Young.</a> Automation can help mitigate risk because it removes opportunities for internal fraud, as well as human error. </p><p><strong><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56fe0e66dd0895342b8b48c9-960/full time fs employees.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></strong></p><p><strong>SWISS BANKS COLLABORATE ON MOBILE PAYMENTS: </strong>The 5 biggest banks in Switzerland have said they are in talks with payments and telco infrastructure providers to create a joint mobile payments service, according to <a href="https://www.finextra.com/newsarticle/28678/swiss-banks-investigate-common-mobile-payments-system?utm_medium=newsflash&amp;utm_source=2016-3-30">Finextra</a>. The five banks, Credit Suisse, PostFinance, Raiffeisen, UBS and ZKB, are looking into an "integrated, standardised system that will be open to all comers."</p><p><strong>Banks are facing external threats</strong>. If Apple Pay, Android Pay, and Samsung Pay take off in Switzerland, the companies that offer them will become intermediaries between the banks and their customers. That will make it more difficult for the banks to differentiate themselves which would mean competing with one another on price. There is also a risk that one of the tech giants could attain a banking license and completely disintermediate the legacy banks. </p><p><strong>Ubiquity is key. </strong>Payments is highly dependent on network effects; the more people that use a product and the more merchants that accept it, the more useful it is. The tech giants that are offering payments solutions already have a large installed based of potential users. For example, Apple has <a href="http://stats.areppim.com/stats/stats_mobiosxtime_ch.htm">53%</a> of the smartphone market in Switzerland, which equates to 3 million adults with an iPhone, out of a total <a href="http://data.worldbank.org/indicator/SP.POP.TOTL">adult population</a> of 5.5 million. By banding together on a mobile payments solution that can be used by nearly everyone, the banks increase their chances of gaining widespread adoption before competitor solutions come to market. </p><p><strong>But consortiums rarely work. </strong>Retailers and telcos around the world have formed mobile payments consortiums that didn't work out. In the US there was telco-backed Softcard which failed and was rolled into Google in 2015. A similar UK-based initiative called Weve also failed in 2015. And while US-based MCX has the backing of major retailers, it has shown no signs of success. The problem with consortiums seems to be that the companies involved can't get along.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56fe0e66dd0895342b8b48ca-960/ios vs smartphone share in europe.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><strong>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. </strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label>  <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>SINGAPORE MOVES TOWARDS OPEN APIS:</strong> The Monetary Authority of Singapore (MAS), Singapore's central bank, plans to make its data available to third parties through APIs, according to <a href="http://www.channelnewsasia.com/news/business/mas-takes-step-towards/2649372.html?utm_content=buffer92daf&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer">Channel NewsAsia</a>, a Singaporean news outlet. The plan is part of the country's <a href="http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policy-statements/speeches/2015/a-smart-financial-centre.aspx">Smart Nation initiative</a>, which "embraces innovation ... to increase productivity and improve the welfare of Singaporeans." API access could encourage third parties to create financial management products that benefit consumers, e.g. personal finance management apps similar to Mint.com.</p><p><strong>But the APIs have to be useful to encourage innovation.</strong> While the idea is sound, the key is in the implementation. There is a difference between a good API, which lets third parties easily pull and format data into their own systems, and a bad API, which provides information that is in the wrong format or of no use to third parties. The APIs have to be useful to third parties for innovation to flourish. One way to achieve this, <a href="http://theodi.org/open-banking-standard">which the UK has adopted</a>, is to establish a national standard for APIs which all banks have to adhere to. </p><p><strong><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> REGULATORS FAIL TO DELIVER ON TIME: </strong>The UK financial regulator (FCA), will fail to authorise the majority of P2P lenders in time to for the launch of the new Innovative Finance Individual Savings Account (IFISA) next week, according to a <a href="http://www.fca.org.uk/news/peer-to-peer-applications-for-full-authorisation">statement</a>. The investment account becomes open to the public on 6th April, and will allow people to invest up to £15,240 ($21, 593) a year through P2P lending platforms (e.g. Funding Circle and RateSetter). The platforms then lend that money to borrowers, and pay the IFISA holder tax-free interest on those loans. In order to offer the IFISA to consumers, though, P2P lenders must be certified by the FCA as ISA Managers. To date, only eight firms have been fully authorised, while a further 86 firms are waiting for a decision.</p><p><strong>PEOPLE ON THE MOVE</strong></p><ul><li><strong style="line-height: 1.5em;">Oliver Bussmann </strong>has resigned as Chief Information Officer at UBS Group. Bussmann had been leading the group's blockchain initiatives. He remains a mentor at fintech UK-based accelerator Level39 and was formerly global CIO at German tech firm SAP. </li><li><strong>Gavin James </strong>joins Monitise as Chief Operating Officer. James has been working with UK-based Monitise as an advisor for five months, more recently in a "finance function capacity." He is currently the CEO of call-centre group Vertex. </li><li><strong>Richard Goold </strong>joins Ernst and Young's UK legal department as<strong> </strong>a partner to "lead and grow a legal Tech team and continue to support the firm's wider Tech and FinTech practice." He is currently Co-Chair of Tech at Wragge Lawrence Graham &amp; Co and has over 10 years experience in the tech and fintech industries. </li><li><strong>Jim Gunner </strong>and <strong>Nigel Wilkinson</strong> have joined UK-based marketplace lender RateSetter. Gunner will be Chair of the Risk Committee and sit on the Board as a non-executive director, while Wilkinson joins as Head of Commercial Credit. Both previously held senior positions at HSBC.</li></ul><p><strong>Around the world...</strong></p><p><strong>BETTERMENT CLOSES FUNDING ROUND: </strong>US-based robo-advisory firm Betterment <a href="http://e.businessinsider.com/click/6396474.2279/aHR0cHM6Ly93d3cuYmV0dGVybWVudC5jb20vcmVzb3VyY2VzL2luc2lkZS1iZXR0ZXJtZW50L291ci1zdG9yeS9iZXR0ZXJtZW50LXJhaXNlcy0xMDAtbWlsbGlvbi8jLlZ2cUtCdDFlY2o0LnR3aXR0ZXI/56cb14e098cb756f3b8b57fbB6137cb0e" target="_blank">announced</a> the close of a $100 million funding round on Tuesday. The round, led by Swedish investment group AB Kinnevik, brings the company's total funding to $205 million at a valuation of $700 million, according to <a href="http://e.businessinsider.com/click/6396474.2279/aHR0cDovL3d3dy5ibG9vbWJlcmcuY29tL25ld3MvYXJ0aWNsZXMvMjAxNi0wMy0yOS9yb2JvLWFkdmlzZXItYmV0dGVybWVudC1zZWVzLTcwMC1taWxsaW9uLXZhbHVhdGlvbi1hZnRlci1uZXctcm91bmQtb2YtZnVuZGluZw/56cb14e098cb756f3b8b57fbBc54769f5" target="_blank">Bloomberg</a>. Robo-advisory startups are carving out their own territory in the wealth management market; Betterment has $3.9 in assets under management, and competitor Wealthfront has $3 billion. Large funding rounds should help these new entrants expand even further, adding legitimacy to their business models. </p><p><strong>US BANKERS STILL UNCONVINCED BY MOBILE.</strong> Only 43% of American adults who had both smartphones and bank accounts said they use their devices for mobile banking, according to newly released data from the <a href="http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf">Federal Reserve Board</a>. The most common reason given for not using mobile banking was that consumers felt all their banking needs were met without it. This might change as banks continue to close branches in an attempt to cut costs.  </p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"></form>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/giant-floating-solar-panel-thames-water-2016-3">Giant floating solar panels are saving a water company millions of dollars</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZvMXg4MjE6Rc9b05hn6owFYpAczA-uC6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

FINTECH BRIEFING: 1 in 3 bank jobs could get axed - Swiss banks partner to fend off Apple Pay - Singapore embraces APIs

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Reuters/ Rick Wilking</span></p><p class="caption">Leon Cooperman.</p></div><p></p></div></div>Value investor Leon Cooperman, the founder of Omega Advisors, gave his favorite stock picks at the CNBC/Institutional Investor Delivering Alpha conference.</p>
<p>Cooperman has been presenting at the conference for three years now. This year, he's not so optimistic.  </p>
<p>"I'm not as optimistic about my list year as the market is fully valued," he said, adding it had to do with his "view of the market." </p>
<p>As a value investor, Cooperman says he tries to buy stocks with more growth. </p>
<p>"Buying something at the right price is half the game," he said.</p>
<p>His picks for 2014 include <strong>Actavis (ACT), Citigroup (C), Thermo Fisher Scientific (TMO), Atlas Energy (ATLS), Gaming and Leisure Properties (GLPI), KKR &amp; Co. LLP (KKR), Nordic American Offshore Ltd. (NAO), QEP Resources (QEP), Supervalu Inc. (SVU), Louis XIII Holdings (577 HK), Monitise PLC (MONIF), and Sandridge Energy Inc (SD). </strong></p>
<p>CNBC's David Faber asked him about Citigroup. Cooperman said he thinks the economy is coming back.</p>
<p>Cooperman was also asked about Bank of America, which wasn't on his list. </p>
<p>"I missed that one. I should've stepped into the same bathtub as Buffett," he responded, referring to the time Warren Buffett said <a href="http://www.businessinsider.com/warren-buffett-dreamed-of-investing-in-bank-of-america-in-bathtub-day-before-called-moynihan-2011-8">he got the idea to invest in BofA after taking a bath. </a></p>
<p><span>Last year, Cooperman presented 10 of his favorite stocks - </span>Express Scripts (<a href="http://finance.yahoo.com/echarts?s=ESRX+Interactive#symbol=ESRX;range=1d">up 2.6%</a>), Qualcomm (<a href="http://finance.yahoo.com/echarts?s=QCOM+Interactive#symbol=QCOM;range=1d">up 26%</a>), Thermo Fisher Scientific (<a href="http://finance.yahoo.com/echarts?s=TMO+Interactive#symbol=TMO;range=1d">up  34%</a>), Qualicorp (<a href="http://finance.yahoo.com/echarts?s=QUAL3.SA+Interactive#symbol=QUAL3.SA;range=1d">up 74%</a>), Sandridge Energy (<a href="http://finance.yahoo.com/echarts?s=SD+Interactive#symbol=SD;range=1d">up 26%</a>), Arbor Realty Trust (<a href="http://finance.yahoo.com/echarts?s=ABR+Interactive#symbol=ABR;range=1d">down 3%</a>), Atlas Resource Partners(<a href="http://finance.yahoo.com/echarts?s=ARP+Interactive#symbol=ARP;range=1d">down 10%</a>), Chimera Investment Corp (<a href="http://finance.yahoo.com/q;_ylt=ArkligRbrrGuQsZlDM3eEfKiuYdG;_ylu=X3oDMTBxdGVyNzJxBHNlYwNVSCAzIERlc2t0b3AgU2VhcmNoIDEx;_ylg=X3oDMTBydnYyaTRiBGxhbmcDZW4tVVMEcHQDMgR0ZXN0AzUxMjAxNw--;_ylv=3;_ylc=X1MDMjE0MjQ3ODk0OARfcgMyBGZyA3VoM19maW5hbmNlX3dlYl9nc19jdHJsMgRmcjIDc2EtZ3AEZ3ByaWQDBG5fZ3BzAzQEb3JpZ2luA2ZpbmFuY2UueWFob28uY29tBHBvcwMxBHBxc3RyAwRxdWVyeQNDSU0sBHNhYwMxBHNhbwMx?p=http%3A%2F%2Ffinance.yahoo.com%2Fq%3Fs%3DCIM%26ql%3D0&amp;type=2button&amp;uhb=uhb2&amp;fr=uh3_finance_vert_gs_ctrl2_a&amp;s=CIM">up 6%</a>), THL Credit (<a href="http://finance.yahoo.com/echarts?s=TCRD+Interactive#symbol=TCRD;range=1d">down 12%</a>), and KKR Financial Holdings (<a href="http://finance.yahoo.com/echarts?s=KFI+Interactive#symbol=KFI;range=1d">up 5%</a>).On an equally weighted basis, his picks last year returned about 27%.<span><br /></span></p>
<p>Here's the slide with his stocks:</p>
<blockquote class="twitter-tweet" lang="en">
<p>Here are Leon Cooperman's 10 picks, blow it up y'all. RT <a href="https://twitter.com/DeliveringAlpha">@DeliveringAlpha</a>: Sure thing! <a href="https://twitter.com/lopezlinette">@lopezlinette</a> <a href="https://twitter.com/hashtag/DeliveringAlpha?src=hash">#DeliveringAlpha</a> <a href="http://t.co/iqVC73zlNf">pic.twitter.com/iqVC73zlNf</a></p>
- Linette Lopez (@lopezlinette) <a href="https://twitter.com/lopezlinette/statuses/489426151451164672">July 16, 2014</a></blockquote>

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