News Nuggets | 19 July: Rakuten Brings AI Assistant; Argo Raises Money

<p>Rakuten Securities Launches ChatGPT-Based AI Assistant</p><p>Rakuten Securities, a major Japanese broker, has launched an Artificial Intelligence chat service, called Investment AI Assistant, developed using the core model of OpenAI's <a href="https://www.financemagnates.com/forex/three-out-of-four-traders-consider-chatgpt-a-trusted-source-for-financial-advice/">ChatGPT</a>. It aims to support beginner investors with their decisions.
</p><p>The AI chat service has been launched as a beta until the end of September with a cap on the maximum number of users. It will operate on a first-come, first-serve basis and terminate the service as soon as the daily limits are reached.
</p><p>Velocity Trade Onboards New Director</p><p><a href="https://www.financemagnates.com/tag/velocity-trade/">Velocity Trade</a>, a global broker-dealer, has strengthened its management by onboarding Will Robbins as a Director. Based in Sydney, he has already assumed the role.
</p><p>Robbins joined Velocity Trade from IS Prime Limited, where he was the Head of Asia for more than six years. He was a Senior Institutional Sales at Itiviti (then Ullink). Other companies he worked at include Investec, Argonaut, Renaissance Capital, and Aon.
</p><p>Argo Blockchain Raises £5.134 Million
</p><p><a href="https://www.financemagnates.com/tag/argo/">Argo Blockchain</a>, a cryptocurrency mining company, raised £5.134 (about $7.5 million) from institutional investors with the latest private share placement. A total of 51,340,000 new Ordinary Shares have been placed with institutional investors by Tennyson Securities at a pre-decided price of 10 cents per share. It separately raised about £616,000 from a share placement to retail investors.</p><p>"The Placing Price of 10 pence represents a discount of approximately 14 percent to the 30 trading day VWAP of the Company's existing ordinary shares for the period ended on 18 July 2023, and a discount of 25.92 percent to the closing mid-price of the Company's ordinary shares on 18 July 2023," the filing with the London Stock Exchange noted.
</p><p>The proceeds will be used to reduce the company's debts.</p><p>TP24 Raises £345 Million
</p><p>TP24, which provides <a href="https://www.financemagnates.com/fintech/education-centre/the-role-of-open-banking-in-sme-lending-benefits-risks-and-challenges/">revolving business credits to SMEs</a>, announced today (Wednesday) that it had secured £345m in debt funding from UK parties Barclays Bank Plc and M&amp;G Investments. From the total, the startup will utilize £240 million for lending to SMEs in the UK and the Netherlands. The company detailed that Barclays is providing up to £200m in warehouse financing, while M&amp;G is providing up to £40m in mezzanine funding.
</p><p>"The support from established parties like Barclays and M&amp;G confirms the strength of our innovative product and the talent of our team and gives us the opportunity to grow further," said Niels Turfboer, Managing Director of TP24 in the UK and the Netherlands.
</p><p>Danske Bank to Sell a Part of Banking Business
</p><p><a href="https://www.financemagnates.com/tag/danske-bank/">Danske Bank</a> has agreed to sell Norwegian personal customer and private banking business and associated asset management portfolios to Nordea. Announced today (Wednesday), the acquisition is strategic and will strengthen Nordea's market position in Norway.
</p><p>"It will add significant scale to our Personal Banking business in Norway and offers value creation opportunities through clear revenue and cost synergies," said Frank Vang-Jensen, President and Group CEO of Nordea. "Most importantly, this will serve our new customers, who will benefit from our broad financial offering, expertise, and leading digital services."
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This article was written by Finance Magnates Staff at www.financemagnates.com.