The Latest in Fintech and Digital Health

Last Week in Fintech

The fintech industry is on fire! Here are the top three financial technology stories that we have curated for entrepreneurs like you:

1. Fitbit Venturing into Fintech

Everybody wants a piece of the fintech pie! Fitbit, a dominant player in the wearables market, is the latest player to join the financial technology bandwagon.

Last week, Fitbit announced its acquisition of wearable payment technology from fintech startup Coin. James Park, CEO and Co-Founder of Fitbit, said, “Coin has been one of the key innovators in advanced payment solutions. The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people’s lives.”

While financial details of the deal were not disclosed, this news sent Fitbit shares up by 1.4 percent to $14.36!

2. Mobile Banking App Raises $9 Million in Funding

Last week, Chime, a fintech startup that automates savings, raked in $9 million in an investment round led by Aspect Ventures.

Other participants in the funding round included Crosslink Capital, Forerunner Ventures, Homebrew Ventures and PivotNorth Capital. Interestingly, this startup had already raised $12 million in a previous funding round.

In addition, Chime announced many new features last week, including its integration with Apple Pay and a service to instantly pay friends and family.

“We know our members prefer to manage all aspects of their finances on their phone, and with these new features they’ll be able to save time and money when they make mobile payments with Chime,” said Chime CEO Chris Britt.

3. Ex-Citadel Executive Hired by Blockchain Startup

Week after week, the blockchain rush has been making headlines! The most recent blockchain player that has the industry talking is Axoni. This fintech startup has hired former senior banker and Citadel executive Thomas Chippas as its new CEO.

Chippas will bring his extensive experience in financial services and trade execution to this young firm. Before serving as Chief Executive of Citadel, he was Managing Director and Global Head of Quantitative Prime Services at Barclays.

In Chippas’s words, “Distributed ledger technology will be truly transformative, and Axoni will stand out in our ability to deliver.”

Last Week in Digital Health

As can be expected, the digital health industry also saw some interesting developments recently. Out of these, we have handpicked three key health tech updates for digital health entrepreneurs:

1. Three Digital Health Startups Added to StartUp Health Academy

StartUp Health and GE Ventures announced the addition of three digital health startups to StartUp Health Academy’s GE Program. These include Biome Analytics, which leverages technology to deliver the best cardiovascular care at the lowest cost; Jiseki Health, a comprehensive healthcare coordination platform; and WinguMD, a medical-grade mobile photography solution.

The Academy was launched in 2013 with the aim to support the next generation of healthcare disrupters. Currently 19 companies representing a wide spectrum of digital health are part of the program. StartUp Health and GE Ventures are looking to add more startups to the program this year.

Ruchita Sinha, Director of Health Care at GE Ventures, stated, “We are looking forward to investing in the next generation of healthcare transformers, creating technologies and business models that enable health systems, plans, employers and consumers to adapt to the rapid shift to value-based care—an area in great need of new solutions.”

2. Senior Team at Launchpad Digital Health Expands

Launchpad Digital Health is not an unknown name in health tech. This leading accelerator has just added these two general partners to its senior team:

  • Randall Lipps, who has extensive expertise as a healthcare technology senior executive. In 1992, he founded Omnicell, Inc., a medication and medical supply management technology company. Today, Omnicell is a publicly traded company with 2,400 employees.
  • Paul Edwards, who also has over 20 years of experience in the medical technology and healthcare markets. He previously served at Hercules Capital, where he had led many capital transactions for health tech and healthcare companies.

Both Randall and Paul are expected to take Launchpad Digital Health to new levels.

“Now is the time for us to expand our senior team at Launchpad Digital Health, and the addition of Randall and Paul are both fantastic additions. Their decades of healthcare technology experience will greatly enhance the success of the firm and our companies,” said Fred Toney, CEO and Co-Founder of Launchpad Digital Health.

3. American Telemedicine Association 2016 Conference Draws a Crowd

Telemedicine is another digital health frontier that has seen a lot of innovation in recent years. Last week, the American Telemedicine Association (ATA) 2016 conference drew more than 6,000 attendees, leading healthcare representatives and vendors to Minneapolis.

Many success stories of telemedicine in patient care were shared at the conference. For example, a researcher from Mayo Clinic in Rochester, Minnesota, spoke about how telemedicine had enabled her team to help save the lives of critically ill newborns.

Further, telemedicine lawyer Nadia de la Houssaye touched upon many legal aspects surrounding this field. She stressed the need for telemedicine companies to be mindful of the privacy and security provisions of the Health Insurance Portability and Accountability Act (HIPAA), which apply equally to telemedicine and physical, location-based medicine.

ATA board member Alexis Gilroy also talked about the increasing acknowledgment of telemedicine as another regular form of medicine. “It’s really just the provision of health care. We’re just using a different modality to accomplish that,” said Gilroy.

You can watch her full interview here:

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