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The new financing comes as other fintech startups face a cooling funding climate.
2
He expected Baidu to focus more on other fintech services such as micro loans, robo-advisory and insurance products.
3
Online lenders and other fintech companies have encroached on traditional banking services in recent years with lower overhead and less paperwork.
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The acquisition comes as other fintech companies, such as payments processor Square Inc, seek to secure national bank licenses, a lengthy and cumbersome process.
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Since then, much like other fintech startups, TransferWise has been looking to collaborate with large banks that could help it reach more customers faster.
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Other fintech applications with regulatory implications include the use of distribution ledger technologies such as blockchain in payment transactions.