The WSJ reviews Goldman’s push into consumer finance; the company first started offering loans under the Marcus brand which is the new branding for their savings account; Goldman has higher aspirations though with more initiatives in point of sale, wealth management, budgeting tools, insurance, mortgages and car loans; the company is also working with Fortune 500 companies to offer bank accounts as an employee perk; beyond their internal efforts they have also been active in acquiring fintech companies. Source
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Rakuten acquired a bitcoin wallet startup in 2016 which now has led to the creation of a new cryptocurrency called Rakuten Coin; the new borderless coin is built on their existing loyalty program which will help consumers buy products across Rakuten’s services and markets; the company hopes the loyalty points will increase transactions from people across the globe. Source
Auxmoney is an online lending platform based in Germany; the platform grew origination volumes by 75% in the year to €316 million across 40,000 loans; the company now has lent around €700 million across 100,000 loans to date; last year auxmoney announced a partnership with digital bank N26 to expand their borrower base; auxmoney was profitable for the first time in the second half of 2017 which sets them apart from many platforms. Source
Anthony Noto was interviewed on his first day at SoFi; Noto shared that before he makes any changes at SoFi he wants to understand how various leaders are thinking about opportunities and risks; he also touched on corporate culture and strategic focuses in the interview; when asked about a potential IPO Noto said, “We don’t have any specific timetable or commitment to do that, but it something that we think could be possible down the road.”; American Banker also reported that SoFi’s wealth management business has $44.7 million of assets under management across 10,000 accounts. Source
The company announced the news in an earnings call; they will begin testing products this year and have invested $53.3 million developing the new bank; Virgin Money is said to have signed an agreement with 10x Future Technologies to develop the platform. Source
Pagaya is an asset manager based in New York; they announced that they have received $75 million in debt financing from Citi; the funds will be used for its Opportunity Fund to invest in loans by online lenders such as Prosper and LendingClub; the company uses machine learning to determine loans worthy of investment. Source
Nomad Credit provides their perspective on the large international student lending industry. Source
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[Editor’s Note: This is a guest post from Nathan Treadwell, VP of Business Development at Nomad Credit. Nomad Credit is...