Uber Loses License in London
Uber has lost its license to operate in London. The company has immediately appealed the decision by Transport for London. CEO Dara Khosrowshahi tweeted that the ruling was "just wrong. Over the last 2 years we have fundamentally changed how we operate in London." Things happen - even cities prefer the old ways of yellow cabs. That is something for founders - before you break, do not break the hearts of gatekeepers because they still hold the ace.
Meanwhile, India's fintech giant Paytm has raised $1 billion of backing from investors led by T. Rowe Price in a deal valuing the mobile payments startup at $16 billion. Paytm is looking at expanding further into banking and insurance. This means creative destruction is still alive. When a fintech is worth $16 billion, you can take a look on how much the local banks are worth! Most likely, not enough.