Today, Prosper reported their full year results for 2017. Prosper is still a private company, but is regulated by the...
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Raisin has over 100,000 customers and launched investment products for their customers in Germany; customers will be able to choose from index or exchange traded funds from Vanguard or DAB BNP Paribas that cost less than .5%; Germany is a newer market for Vanguard which listed its ETFs on the German stock exchange last year. Source
Citigroup has shrunk its retail banking business over the years, but is now looking to become a national player; they plan to do this by expanding mobile app features to serve new customers wherever they live; the app will include banking, credit card, lending, investment tools and account aggregation; Citigroup has invested three years into their digital plans and also has plans for a roboadvisor within the app Source
Banco BNI Europa and Varengold Bank AG have committed £90 million and £45 million respectively to MarketInvoice; MarketInvoice offers business loans and invoice finance through their platform and already has a variety of investors participating on the platform; Banco BNI Europa previously invested £28 million in 2016 and another £45 million in 2017; Varengold previously committed £45 million in September of 2017; MarketInvoice recently crossed the £2 billion mark. Source
The CEO and founder of Blinker tells us how his company is disrupting the user car buying and selling experience. Source
The report is titled “Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks”; the report used account-level data from LendingClub and other US Banks with assets over $50 billion; according to the paper’s abstract: “We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well.” Source
American Banker shares several blockchain projects underway in financial services; Includes JPMorgan Chase’s open source ledger Quoram and initiatives from Northern Trust, ING and the DTCC; while there is a lot of interest in blockchain technology many initiatives aren’t in production; various perspectives are shared in the piece as to why adoption hasn’t taken off. Source
Cash flow is often a challenge for businesses; with Square’s Instant Deposit merchants can access bank deposits much faster for a 1% fee; Square hopes this will help attract even larger merchants and boost revenue; the service has already seen success in the US market. Source
The franchise will be in Seattle’s Central Region; Lendio franchises help businesses understand their financing options and apply for loans; Lendio currently has partnerships with more than 75 lenders across SBA loans, startup loans, equipment loans and commercial real estate; Lendio surpassed $300 million through the platform last year. Source