This week’s Ecosystem Roundup features news of layoffs at Southeast Asian travel booking platform Traveloka, as well as First Citizens Bank’s plan to acquire fintech firm CIT Group.
Traveloka’s layoffs come as the company struggles to recover from the impact of the COVID-19 pandemic on the travel industry. The company is reportedly cutting about 100 jobs or 5% of its workforce, with most of the affected employees in its headquarters in Indonesia.
Meanwhile, First Citizens Bank has announced its plan to acquire CIT Group for $2.2 billion in a move to expand its footprint in the US financial services market. The acquisition is expected to close in the first half of 2021.
In other news, Chinese fintech firm Ant Group has launched its IPO in Hong Kong and Shanghai, aiming to raise a record-breaking $34.4 billion. The company, which is a subsidiary of Alibaba, is offering 1.67 billion shares at HKD 80 ($10.32) per share in Hong Kong and RMB 68.8 ($10.27) per share in Shanghai.
In India, online payment platform Paytm has raised $1 billion in a funding round led by US-based investment firm T Rowe Price. The company plans to use the funds to expand its financial services offerings, including its insurance and lending businesses.
Lastly, Singapore-based insurance fintech firm CXA Group has announced its acquisition of insurtech firm MHealth, which provides mobile-based health solutions. The acquisition will enable CXA to expand its digital health platform and offer more comprehensive health benefits to its customers.
Overall, this week’s roundup highlights the continued growth and evolution of the fintech industry, as well as the ongoing impact of the COVID-19 pandemic on the travel and financial services sectors.