Financial

Small-scale financial services provider Bee raised the cash from backers including AXA Strategic Ventures, a subsidiary of insurance firm AXA.

Intesa Sanpaolo and Old Mutual were among the limited partners in a private equity fund that will invest in growth-stage financial services businesses in Africa and Asia.

The e-commerce startup has raised $570m in less than 18 months but may need to harness the expertise of investors Alphabet and Alibaba to compete effectively against the big boys.

Insurer Allianz and internet company Baidu are combining with Hillhouse Capital to form an insurance company that will target the digital sector.

The mobile banking company, expected to officially launch early next year, raised the money in a round led by BBVA, which invested $68m for a 29.5% stake.

Warwick University launches spinout Funding Invoice to cut down the wait on invoices.

The two will put $313m into Baixin Bank, which will provide direct banking services in their home country of China.

Alibaba's financial services affiliate will own a 60.8% stake in finance information company Shumi, also backed by Hundsun, through the deal.

The Visa and Starbucks-backed payment technology provider priced its shares at $9, a good deal below the $11 to $13 range set earlier this month.