David Lin, Head of Credit at PayU gives his take on expanding credit and how this looks in practice with their investment in Kreditech. Source
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Mobile devices have changed consumer expectations. People now expect that you can have access to anything you might need right...
The new venture called Spring Labs will use blockchain technology in building a network which will allow lenders, banks and data providers to pay each other for access to consumer information; CEO Adam Jiwan gave insight into the problem they are trying to solve stating, “Utility companies or social-media companies or asset managers do not provide data into the existing credit-bureau system. In the existing ecosystem, financial institutions or lenders give up that information to a centralized party — a credit bureau — only for the financial institutions to buy it back in a synthesized form.”; the firm aims to have Avant, the online lender, be its first strategic partner. Source
Speaking at the Development High-Level Forum, CEO Eric Jing called Blockchain, “the cornerstone of trust for the digital society in the future.”; while Jing is bullish on the long term outlook for blockchain technology he also curbed enthusiasm stating that it isn’t ready for a “large-scale outbreak”, comparing the current speculation similar to the internet bubble; he also shared that the technology will be more applicable in the next 2-3 years and that there were still some challenges to overcome. Source
Prosper originated $2.9 billion in 2017 and now has surpassed $11 billion in total loans. Source
Penta is a German based fintech company that is looking to improve business banking with their Compass platform; Penta is streamlining the process to allow founders the ability to open up an account in less than 15 minutes; further features will be added in the coming months to assist founders with other registration and legal issues related to starting a small business. Source
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[Editor’s note: This is a guest post from David Lin, Head of Credit at PayU. David is an experienced FinTech risk executive...
Today, Prosper reported their full year results for 2017. Prosper is still a private company, but is regulated by the...