The company securitized $2.6 billion in Q1 2018, representing a 35% increase over the prior year period; three transactions took place, two student loan deals and one consumer loan deal; medical residency loans were included for the first time in SoFi 2018-B Notes; SoFi is a top-ten ABS sponsor, coming in at seventh. Source
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Bo Brustkern, the CEO of LendIt Fintech and Co-Founder of NSR Invest shares his thoughts on the future of financial services. Source
- DriveWealth Raises $21M in Series B Funding
- DV01’S Q1 Securitization Volume Tops $2.58B, Encompassing Nine Deals from Six Originators
- Equal Pay and the Law: What Business Owners Need to Know (TriNet)
- Connected Banking Customer Report (Salesforce)
- The Online Lending Policy Institute (OLPI) Announces Date for Third Annual OLPI Policy Summit
- The Online Lending Policy Institute (OLPI) Appoints Deputy Director
- Mosaic Readies New Solar Loan Deal
- Funding Circle Expands U.S. Operations with New Office in Denver
- China Rapid Finance Reports Unaudited Fourth Quarter and Full Year 2017 Results
The latest fintech IPO is likely to be GreenSky which focuses on point of sale finance. Source
The settlement totaled $2 million with a Massachusetts banking regulator stemming from claims of making unlicensed loans; LendingClub made over 46,000 loans in the state since 2011 after surrendering their small loan company license; according to a LendingClub spokesperson, “We worked cooperatively with the State of Massachusetts to resolve a licensing dispute. Resolving this is another step in putting the legacy issues behind us and moving forward to concentrate on building the business. There will be no disruption to any operations as a result of this resolution, and we look forward to continuing to provide attractive financing opportunities to residents, patients and students in the State of Massachusetts.” Source
Chris Skinner’s new book called Digital Human will be launching this month; he sat down with Ashok Vaswani, CEO of Barclays Bank UK, and Li Wang, Head of Alipay and Ant Financial for EMEA at his London book launch; in this blog post he shares video of the panel which took place; some of the highlights include Ashok sharing how Barclays has been able to adapt over the 300 years it has been in business and the certainty he has that they will be able to adapt going forward; Li shares how each employee at Ant generates RMB100 million or over £10 million in revenue per year, a stark contrast to efficiency at banks. Source
Gizmodo shares the story of an ICO operated by Sohrab “Sam” Sharma and Robert Farkas; the company paid for endorsements from Floyd Mayweather Jr. and DJ Khaled and also lied about relationships with Visa, Bancorp and MasterCard; Centra Tech also lied about executives at the company who were allegedly made up people; the ICO was listed on exchanges such as Binance and Cryptopia; the filing asks the operators to return the money they received and aims to prevent them from serving as officers of a public company or participate in any securities offering; Farkas was arrested before trying to leave the country. Source
- U.S. Insurtech Oscar Secures $165 Million Through Latest Investment Round Led By Brian Singerman & Founders Fund
- Marlin Secures $300,000,000 Forward Flow Agreement to Expand Equipment Financing for Small Businesses
- The Lending Game: Streamlining Customer Experience (Whitepages Pro)
- Strengthen Your Fraud Prevention Strategy (LexisNexis)
- Technological Innovation and Anti-Fraud Technology in a Maturing Fintech Sector (Hexindai)
- Development Trends and the Future of Fintech (Hexindai)
One of the quiet achievers in fintech is a company called GreenSky. They have flown under the radar for years...
Credit Karma is positioning itself to be more than just a place to check your credit score; the company currently has 80 million customers and currently has advantages in significant scale and the data it houses; they are now looking at using chatbots with their acquisition of “Penny” to further their relationships with their customers. Source