Before leaving JPMorgan Chase their former blockchain unit lead Amber Baldet sat down with Business Insider for an interview; the...
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Citi’s 2018 Mobile Banking Study released today shows that 31% of consumers use their mobile banking app the most, followed...
A lending site where you can rent anything from tampons to expensive drones and cameras just scored millions in venture...
The complaint stated that LendingClub violated federal laws which protect consumers from unfair and deceptive practices; LendingClub stock price dropped on the news which related to LendingClub’s promise of no hidden fees and a statement to applicants that “Investors Have Backed Your Loan” even though borrowers may not have been approved; some borrowers also experienced overdraft fees when LendingClub withdrew double payments according to the complaint. LendingClub responded to the complaint by issuing a press release. Source
Credit Karma’s main feature has been allowing users to see their credit score; the company launched a identity monitoring tool last year and is now expanding the data it scans to include the dark web; the tool will now search through 13 billion data breaches, up from 4.5 billion. Source
According to Nasdaq CEO Adena Friedman, the company is open to becoming a cryptocurrency exchange; Friedman stated, "I believe that digital currencies will continue to persist it's just a matter of how long it will take for that space to mature. Once you look at it and say, 'do we want to provide a regulated market for this?' Certainly Nasdaq would consider it.”; Friedman was less bullish on the future of ICOs. Source
- OnDeck Announces $100 Million Revolving Credit Facility Closing
- Growth Street Celebrates Full FCA Authorization & New GrowthLine Lending Product: Need to Borrow £2M?
- Fintech firm Digit adds credit card debt payment to savings app
- Zopa sees £100m of Innovative Finance ISA inflows
- Inside Santander’s plans to digitize money
- Draft of US faster payments governance framework unveiled
A recent study by Harvard Business School looked into the contribution of marketplace lending on the overall lending market; while companies like Lending Club and Prosper have improved consumer access to affordable loans the study also discussed whether these types of platforms are too transparent; this transparency according to the study gives large investors who leverage the availability of data an advantage in buying loans resulting in an uneven playing field. Source
Crowdfund Insider explores Sofi’s move to offer banking service without become a bank itself; the rent a bank model allows for FDIC insured accounts while Sofi gets to own the customer experience and offer these services without the regulatory burden of a bank; Sofi Money is set to roll out in 2018 and will offer 0.96% APY on accounts; there are no account fees and they will offer free ATMs internationally; many banks still have legacy systems and lack the culture of fintech companies so it will be interesting to see how they compete. Source
The Global Findex Database and accompanying report give a clear indication of how fintech is impacting access to financial services globally. Source