AXA Venture Partners raises $150m to invest in early-stage insurtechs

AXA Venture Partners (AVP), the venture capital arm of insurer AXA, has raised $150 million for a new early-stage fund that will invest technology …

AXA Venture Partners (AVP), the venture capital arm of insurer AXA, has raised $150 million for a new early-stage fund that will invest technology companies mainly focused on the insurance sector.

The company previously raised a $110 million for its early-stage fund in 2015. So far, AVP has invested in 40 companies including Hackajob, K4Connect, Futurae and growth stage companies like Zenjob, Phenom People and Happytal.

AVP invests in high-growth technology companies, with a focus on digital health, cyber-security, enterprise software, artificial intelligence, fintech/insurtech, in Europe, North America and Israel.

With this new fund, the company plans to invest in pre- and early-revenue start-ups, in enterprise SaaS, consumer platform and SME solutions, with a particular focus on fintech and digital health.

AVP Early Stage II will invest up to $6 million per company while supporting the entrepreneurs with business development opportunities with AXA and any other relevant corporations.

“This fundraise was completed at a record speed with existing and new investors,” said Francois Robinet, AVP managing partner. “This is a strong vote of confidence for our team and strategy, and a recognition of what has been achieved with our first Early Stage Fund. We plan to hold a second closing with additional new investors. This fundraise strengthens AVP’s positioning as a leading player for ambitious entrepreneurs across Europe and North America.”

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With newly minted licences and a growing cash pool, challenger banks emerge

According to research from CB Insights, digital banking adoption among consumers and small businesses is at an inflection point, driven by …

Volt Bank has today become the first of Australia’s neobanks to be granted its authorised deposit-taking institution (ADI) licence from APRA.

It’s the first retail challenger bank to receive an ADI licence since the early 2000s and comes eight months after Volt was granted its restricted banking licence, a pathway which was introduced in May last year to give start-ups a leg up into the banking industry.

The full licence removes restrictions concerning the size of deposits Volt could accept. The bank says it will progressively roll out a full suite of consumer deposit and lending products during 2019 including savings and transaction accounts, term deposits, personal loans and home loans.

Already in 2019, Australia’s banking start-ups have been jumping through regulatory hoops and actively raising capital, building war chests to take on the big four banks.

Designed for mobile and without any brick and mortar branches, the insurgents are hoping to win over Australians’ hearts and wallets with a relentless focus on the customer.

According to research from CB Insights, digital banking adoption among consumers and small businesses is at an inflection point, driven by favourable tech regulations, an uptick in mobile adoption and shifting customer demographics. Globally start-ups disrupting retail and commercial banking attracted US$1.7 billion in venture capital in the first 10 months 2018.

Volt has raised over $45 million in equity capital via multiple funding rounds. This includes an $8.5 million investment from Collection House Limited that was allotted today. Its Series C round – which is hoping to raise $35 million – is currently open and “well progressed”.

Xinja – $24.2mand counting

Neobank Xinja is taking a less conventional route for raising capital.

Xinja’s mobile banking app

The bank, which was granted its restricted authorised deposit-taking institution licence (RADI) in December is currently conducting its second equity crowdfunding campaign, which allows individual investors to buy a stake in the company for as little as $255.

Opened last week, Xinja raised more than $500,000 in the first nine hours of its current equity crowdfunding campaign and is hoping to raise up to $5 million. At the time of writing, Xinja had raised over $1.2 million.

To date Xinja has raised $24.2 million. Its backers include crowdfunding participants, retail investors and a group of high net worths and families in Australia and internationally.

86 400: from stealth to beta

86 400 — named for the number of seconds in a day and ​(pronounced eighty-six, four-hundred) — emerged from stealth in June last year. Throughout the second half of 2018, the company has completed beta testing of its app and debit cards.

Responding to the news of Volt’s full licence, Robert Bell, CEO of 86 400 said: “Congratulations to Steve and the team at Volt, having just received a full Australian banking licence. It’s an exciting time in Australia and the start of a new era in banking. Australians deserve alternatives to the big four banks, and having new entrants such as 86 400 and Volt is positive.”

Having chosen to skip the restricted licence step, Bell said, “86 400’s full licence application is progressing as expected and we look forward to making our own announcement in early 2019.”

The company is fully funded and backed by Cuscal, Australia’s largest independent provider of end-to-end payments solutions. Although the price tag attached to building the bank over the next three years is north of $250 million. The busines says it will commence conversations with prospective investors in early 2019, with a view to adding additional shareholders in the second half of 2019.

Volt co-founders Luke Bunbury and Steve Weston

“A huge responsibility”

Volt co-founder and CEO Steve Weston said “with the right team on board, it is possible to start building a bank from scratch and receive an unrestricted licence within the regulator’s two-year time frame.”

“To have received our ADI licence before any other new entrant gives Volt Bank a competitive advantage over challenger banks looking to follow in our footsteps. We also acknowledge that this is a huge responsibility, as we will set the tone for a new era of banking,” Weston said.

Volt also plans to offer banking services to small business from 2020. The company has also unveiled Volt Labs, an app-based online community that lets customers provide feedback which will be used to as a forum as an early-stage test market for its latest innovations.

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Vanguard Group Inc Raises Holdings in CGI (NYSE:GIB)

Vanguard Group Inc increased its stake in shares of CGI (NYSE:GIB) (TSE:GIB.A) by 2.5% in the 3rd quarter, according to its most recent 13F filing …

CGI logoVanguard Group Inc increased its stake in shares of CGI (NYSE:GIB) (TSE:GIB.A) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,414,435 shares of the technology company’s stock after purchasing an additional 156,379 shares during the quarter. Vanguard Group Inc owned 2.30% of CGI worth $413,603,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Deutsche Bank AG lifted its holdings in shares of CGI by 11.7% in the 3rd quarter. Deutsche Bank AG now owns 537,781 shares of the technology company’s stock valued at $34,673,000 after purchasing an additional 56,470 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of CGI in the 3rd quarter valued at about $277,000. The Manufacturers Life Insurance Company lifted its holdings in shares of CGI by 4.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,644,680 shares of the technology company’s stock valued at $235,009,000 after purchasing an additional 155,719 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in shares of CGI by 2.9% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,488,500 shares of the technology company’s stock valued at $123,962,000 after purchasing an additional 41,800 shares during the last quarter. Finally, Bridgewater Associates LP lifted its holdings in shares of CGI by 15.2% in the 3rd quarter. Bridgewater Associates LP now owns 131,076 shares of the technology company’s stock valued at $8,445,000 after purchasing an additional 17,290 shares during the last quarter. 58.54% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on GIB. Desjardins raised CGI from a “hold” rating to a “buy” rating in a research note on Tuesday, October 30th. Zacks Investment Research raised CGI from a “sell” rating to a “hold” rating in a research note on Tuesday, January 15th. Raymond James reaffirmed a “buy” rating on shares of CGI in a research note on Tuesday, January 8th. Royal Bank of Canada upped their price objective on CGI from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Thursday, November 8th. Finally, BMO Capital Markets reissued a “buy” rating on shares of CGI in a research note on Wednesday, January 16th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $77.67.

Shares of GIB traded up $0.26 on Monday, reaching $65.46. The stock had a trading volume of 192,621 shares, compared to its average volume of 197,418. The stock has a market cap of $18.22 billion, a P/E ratio of 20.39, a P/E/G ratio of 2.06 and a beta of 0.61. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.00 and a quick ratio of 0.69. CGI has a twelve month low of $53.47 and a twelve month high of $66.53.

CGI (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, November 7th. The technology company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.79 billion. CGI had a return on equity of 17.97% and a net margin of 9.92%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 EPS. Research analysts expect that CGI will post 3.53 EPS for the current fiscal year.

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CGI Profile

CGI Group Inc, together with its subsidiaries, provides information technology (IT) and business process services in Canada, Northern Europe, France, the United States, the United Kingdom, Europe, and the Asia Pacific. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities.

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Institutional Ownership by Quarter for CGI (NYSE:GIB)

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Canopy Growth Corp (CGC) Expected to Post Earnings of -$0.15 Per Share

Analysts predict that Canopy Growth Corp (NYSE:CGC) will report earnings of ($0.15) per share for the current quarter, according to Zacks.

Canopy Growth logoAnalysts predict that Canopy Growth Corp (NYSE:CGC) will report earnings of ($0.15) per share for the current quarter, according to Zacks. Two analysts have made estimates for Canopy Growth’s earnings, with the lowest EPS estimate coming in at ($0.28) and the highest estimate coming in at ($0.05). Canopy Growth reported earnings per share of ($0.11) in the same quarter last year, which would suggest a negative year over year growth rate of 36.4%. The company is scheduled to issue its next earnings report after the market closes on Thursday, February 14th.

According to Zacks, analysts expect that Canopy Growth will report full year earnings of ($1.13) per share for the current year, with EPS estimates ranging from ($1.41) to ($0.84). For the next fiscal year, analysts expect that the business will report earnings of ($0.11) per share, with EPS estimates ranging from ($0.29) to $0.08. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that follow Canopy Growth.

Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative return on equity of 26.32% and a negative net margin of 503.14%. The firm had revenue of $23.30 million for the quarter, compared to analysts’ expectations of $59.10 million. The firm’s revenue for the quarter was up 32.4% on a year-over-year basis.

A number of brokerages recently weighed in on CGC. Piper Jaffray Companies began coverage on shares of Canopy Growth in a research report on Wednesday, January 9th. They set an “overweight” rating and a $40.00 price objective for the company. began coverage on shares of Canopy Growth in a research report on Friday, October 12th. They set a “sell” rating and a $30.00 price objective for the company. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. CIBC initiated coverage on shares of Canopy Growth in a research note on Friday. They set an “outperform” rating for the company. Finally, Benchmark assumed coverage on shares of Canopy Growth in a research note on Tuesday, September 25th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $43.67.

Hedge funds have recently added to or reduced their stakes in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in Canopy Growth by 3,902.3% during the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 344,200 shares of the marijuana producer’s stock valued at $21,599,000 after purchasing an additional 335,600 shares during the last quarter. Morgan Stanley acquired a new stake in shares of Canopy Growth during the second quarter valued at approximately $35,365,000. TD Asset Management Inc. raised its holdings in shares of Canopy Growth by 13.7% during the third quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock valued at $36,372,000 after acquiring an additional 90,068 shares during the period. HRT Financial LLC acquired a new stake in shares of Canopy Growth during the third quarter valued at approximately $1,119,000. Finally, BKS Advisors LLC acquired a new stake in shares of Canopy Growth during the third quarter valued at approximately $253,000. 11.98% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:CGC traded up $0.75 during trading on Monday, reaching $43.52. 11,627,868 shares of the company’s stock traded hands, compared to its average volume of 10,183,172. Canopy Growth has a 12 month low of $16.74 and a 12 month high of $59.25. The company has a market cap of $10.10 billion, a PE ratio of -136.00 and a beta of 3.31.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

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Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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$75.51 Million in Sales Expected for Canopy Growth Corp (CGC) This Quarter

Wall Street brokerages expect that Canopy Growth Corp (NYSE:CGC) will report $75.51 million in sales for the current quarter, Zacks Investment …

Canopy Growth logoWall Street brokerages expect that Canopy Growth Corp (NYSE:CGC) will report $75.51 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Canopy Growth’s earnings, with estimates ranging from $66.98 million to $84.04 million. Canopy Growth reported sales of $17.09 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 341.8%. The firm is expected to announce its next quarterly earnings report after the market closes on Thursday, February 14th.

According to Zacks, analysts expect that Canopy Growth will report full year sales of $210.22 million for the current fiscal year, with estimates ranging from $197.10 million to $223.34 million. For the next fiscal year, analysts expect that the business will post sales of $609.59 million, with estimates ranging from $605.10 million to $614.07 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Canopy Growth.

Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Wednesday, November 14th. The marijuana producer reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. The business had revenue of $23.30 million for the quarter, compared to analysts’ expectations of $59.10 million. The company’s revenue was up 32.4% on a year-over-year basis.

Several equities research analysts have weighed in on the company. Benchmark assumed coverage on Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating on the stock. Scotiabank began coverage on shares of Canopy Growth in a research report on Wednesday, October 17th. They set a “hold” rating and a $61.00 price target on the stock. CIBC began coverage on shares of Canopy Growth in a research report on Friday. They set an “outperform” rating on the stock. Piper Jaffray Companies began coverage on shares of Canopy Growth in a research report on Wednesday, January 9th. They set an “overweight” rating and a $40.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $43.67.

CGC stock traded up $0.75 during midday trading on Wednesday, reaching $43.52. The stock had a trading volume of 11,627,868 shares, compared to its average volume of 10,183,172. The firm has a market capitalization of $10.10 billion, a price-to-earnings ratio of -136.00 and a beta of 3.31. Canopy Growth has a 52-week low of $16.74 and a 52-week high of $59.25.

Large investors have recently bought and sold shares of the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its stake in shares of Canopy Growth by 3,902.3% during the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 344,200 shares of the marijuana producer’s stock worth $21,599,000 after purchasing an additional 335,600 shares in the last quarter. Morgan Stanley acquired a new position in shares of Canopy Growth during the second quarter worth $35,365,000. TD Asset Management Inc. grew its stake in shares of Canopy Growth by 13.7% during the third quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock worth $36,372,000 after purchasing an additional 90,068 shares in the last quarter. HRT Financial LLC acquired a new position in shares of Canopy Growth during the third quarter worth $1,119,000. Finally, BKS Advisors LLC acquired a new position in shares of Canopy Growth during the third quarter worth $253,000. Institutional investors and hedge funds own 11.98% of the company’s stock.

About Canopy Growth

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.

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Earnings History and Estimates for Canopy Growth (NYSE:CGC)

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