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HelloFresh Targets $1.8 Billion IPO Valuation Amid Food Wars

LAGOS (Capital Markets in Africa) – HelloFresh, the meal-kit start-up backed by Rocket Internet SE, is targeting a market valuation of as much as 1.5 billion euros ($1.8 billion) in an initial public offering this week, the company said in a statement Sunday. The company, which sells meal kits in 10 markets and remains unprofitable, set a price range of 9 to 11.50 euros a share. It’s looking to raise 243 million to 311 million euros to…

JPMorgan Is No Match for Google in One Analyst’s Fintech Ranking

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – No banking titan is better prepared than JPMorgan Chase & Co. to roll out new financial technologies — but even its innovation pales alongside Silicon Valley’s, according to a report by Autonomous Research. Big financial firms including Bank of America Corp., Barclays Plc, Wells Fargo & Co. and UBS Group AG are “soberingly behind actual tech companies” in showing they’re embracing advances that power fintech, the study found. Alphabet Inc.’s Google, Facebook Inc. and…

With No ‘JPMorgan of Bitcoin,’ Exchanges Struggle to Win Trades

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin needs “Downtown” Josh Brown more than he needs bitcoin. Brown, the chief executive officer of Ritholtz Wealth Management and author of a popular finance blog, has long been sceptical of the digital currency. He finally bought some, he said, “because the goddamn thing won’t go away.” Bobby Lee, BTCC co-founder and chief executive officer, discusses the outlook for cryptocurrencies. Still, Brown, who helps manage half a billion dollars, isn’t really a convert…

Barclays Reaches Target on Africa Stake as It Boosts Sale

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Barclays Plc reached a long-term target for shrinking its stake in its African unit earlier than expected as the bank boosted the size of a share sale by more than 50 percent. The London-based lender is selling 285.7 million shares of Barclays Africa Group Ltd., equal to a 33.7 percent stake, at 132 rand each, it said in a statement on Thursday. The bank previously planned to sell a 22 percent stake…