In today’s top payments news around the world, Israeli startup Cellwize has reportedly completed a Series B funding round, while sales of cars in China notched a large gain in October. Plus, India’s competition regulator is taking aim at Google for allegedly abusing its market power to push its payment app in one of the globe’s quickest-growing markets.
Cellwize, the Israeli upstart, has reportedly finished an Intel Capital and Qualcomm Ventures-led $32 million Series B funding round. The newest funding will be used for new workers, including automation specialists, engineers and programmers. Furthermore, funds will be dedicated to grow the deployment of 5G technology. The company, which is headquartered in Israel and was started in 2013, is led by CEO Ofir Zemer.
Sales of cars in China registered a large increase in October, providing a bright spot for the still recovering worldwide auto industry, with electric vehicles heading up the growth charge. China experienced an 8 percent rise in the sales of cars, sports utility vehicles and other automobiles, increasing to a bit under 2 million for the month, according to a published report that cited the China Passenger Car Association (PCA).
India’s competition regulator is taking aim at Google for allegedly taking advantage of its market power to push its payment app in one of the quickest-developing markets around the globe. On Monday (Nov. 9), the Competition Commission of India (CCI) announced it was rolling out an antitrust case against the firm.
The stalled initial public offering (IPO) of Ant Group could reduce the firm’s valuation by half, with one report putting the company’s value at only $140 billion. One published report cited analysts as saying that the heightened capital requirements the Chinese government could put on the firm require substantial funds, reducing the valuation of the firm.