Forbes spoke with Bradley Strock, the company’s chief information officer to talk about how the company has transformed over the years; Strock discusses their focus on being a customer-centric company, their successful shift to mobile and other strategic priorities. Source
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The CEO and Co-founder of Varo discusses what is wrong with traditional banks and how his startup digital bank is different. Source
- ProBank Austin to Introduce New ‘bankED’ Compliance Training Program at LendIt Fintech 2018 USA
- Cloud Lending Solutions Recognized as Top 10 Best Performing Salesforce Solution Provider
- BBVA Compass Express Personal Loan goes digital, opens to consumers in multiple states
- TD Auto Finance Partners with AutoGravity to Provide Enhanced Digital Car Buying and Financing Option
- Santander Consumer USA And AutoGravity Work To Transform The Car-Buying And Financing Journey
- Funding Circle co-founder joins crypto-lending platform as advisor
- Purpose Financial to Acquire Thinking Capital
- BNP Paribas Fortis partners with Swedish fintech Tink for digital banking
- Direct lending fund beats dividend target, launches new fundraise
- InCompliance Update White Paper 2018
According to HousingWire Amazon is exploring the mortgage lending business and is actively hiring in the new division; the company is already rumored to be looking into offering a checking product. Source
In an interview in American Banker, Meiler discusses Marlette’s culture which aims to keep employees informed of the company’s goals; their strategy includes quarterly all-hands meetings with the company’s 100 employees to share what the goals are for the next 90 days; Meiler also shares how the company shifted its focus to profits given the changing environment and how this resulted in $11 million in GAAP profits last year. Source
Square’s stock is up over 200% in the past year; the run up occurred prior to news that the Square Cash app would allow users to buy and sell bitcoin; Square Cash had more than 7 million active users in December of last year; according to the Quartz article, the growth has also been fueled by recent bank partnerships; other successful lines of business include Square Capital which lent out $305 million to small businesses in the fourth quarter of 2017. Source
The platform announced their latest securitization which is a $233.75 million deal; provisional ratings of AAA were given by both Moody’s and DBRS; this is CommonBond’s sixth transaction and they have now securitized a total of $1.22 billion in loans. Source
- BBVA and Visa-backed banking platform solarisBank scores €56.6m in Series B raise
- $9 billion Stripe just bought a payments startup backed by Eric Schmidt as it goes after even larger customers
- Square’s Cash app now supports direct deposits for your paycheck
- Will There be Another Alibaba in Fintech? (LendIt Fintech Blog)
- Today’s Crypto Asset Valuation Frameworks
- Cash for HODL? NY Wealth Manager to Issue Loans Against Bitcoin
In 2017, SoFi spent $170 million on marketing and paid $756 to acquire each customer; in 2018 the company plans to spend $200 million; in comparison LendingClub and Prosper spent between $350-$450 to acquire a customer; back in 2015, SoFi spent $30 million on marketing and $375 to acquire a customer; at the time marketing spend as a percentage of originations was 0.6%; SoFi’s marketing strategy is different than other fintech firms who often show up on rate comparison sites. Source
According to researchers from the Federal Reserve and University of California, non-bank mortgage lenders are not prepared to weather a financial downturn and are a risk to taxpayers; According to the paper, “Non-bank failures could be quite costly to the government, but this issue has received very little attention in the housing-reform debate. The funding and operational structure of the non-bank mortgage sector remains a significant channel for systemic liquidity risk.”; non-bank lenders originated half of home loans in 2016. Source