Amazon Lending first launched in 2011 and now is partnering with Bank of America Merrill Lynch according to sources; Amazon invites sellers to the program which provides loans between $1000 and $750,000; in June, 2017 Amazon announced it had lent $1 billion over the previous 12 months; recent reports show that Amazon has slowed growth of the product in 2017 to better understand credit risks. Source
JoinedMay. 30, 2017
Articles5,304
Comments63
This piece was created by one of our content team members. Reach us at [email protected]
The Protecting Consumers’ Access to Credit Act of 2017 was passed by the US House of Representatives. Source
Americans continue to build up consumer debt; in the fourth quarter of 2017 consumer debt (excluding home loans) rose 5.5% from the prior year to $3.82 trillion; this a record since the Federal Reserve Bank of New York began tracking in 1999; non-housing debt was around 29% of overall debt, another record; some aren’t worried just yet with delinquencies coming off of record lows; The WSJ provides more data points on consumer debt, including various perspectives on the American consumer. Source
The Portuguese bank announced it will invest in notes issued by CrossLend; CrossLend is a European marketplace lending platform that operates across many European countries; Banco BNI Europa views the investment as a diversification play. Source
Lloyd Blankfein recently presented at the Credit Suisse 19th Annual Financial Services Forum; Blankfein shared that Marcus has access to over $17 billion in deposits; since the acquisition of GE Capital, retail deposits have grown 90% which gives allows them to access cheap capital; Goldman plans to grow consumer products offered through Marcus. Source
OnDeck has achieved GAAP profitability and announced some interesting new developments for 2018. Source
Yesterday Forbes released their Fintech 50 list; since lending was one of the early segments in fintech, the companies on the list are some of the most mature businesses; Forbes shares more details on those with traction including Affirm, Better Mortgage, Blend, CommonBond, GreenSky, Kabbage, LendingHome, Tala, and Upstart. Source
Beyond Blend more suppliers could be coming soon such as Roostify, BankVOD, LendSnap and Quovo; FinLocker, Plaid and PointServ are also currently running pilots with Fannie Mae; Only Blend, Finicity and FormFree are approved suppliers while there are more than 40 approved vendors; there are 20 approved vendors of income and employment validation reports, but only DataVerify and Equifax are approved suppliers of these reports. Source
- SmartBiz Loans Surpasses JP Morgan Chase as Number One Provider for SBA 7(a) Loans Under $350,000
- Another fintech sector could be succumbing to profitability struggles
- Blockchain ensures that your online baby food order is legit
- Monzo given go-ahead to ‘passport’ banking licence to Republic of Ireland