As projected, OnDeck reported GAAP profitability when they announced their Q4 2017 earnings earlier this morning. They have been on...
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There is no standard for data sharing between banks and fintechs which often results in screen scraping; this leads to concerns around data security and is also an inefficient way to gather data; the Financial Services Information Sharing and Analysis Center released an updated version of their recommendations around data sharing called the Durable Data API specification; this could eventually become the standard adopted by the industry; American Banker compares this to PSD2 in the UK and shares more about the new specification. Source
Forbes has released their third edition of the Fintech 50 list which includes 22 new companies; companies included all have operations, customers or impact in the US. Source
The new lender, run by former Funding Circle execs, will offer loans between $5 million and $60 million. Source
BlockFi offers loans to those who own cryptocurrencies; the company is currently in a beta launch and is lending in 35 states; ConsenSys Ventures, Kenetic Capital, PJC, SoFi, Purple Arch Ventures and Lumenary participated in the round. Source
- UAE Exchange Partners with Ripple
- Robo advice app Stash raises $37.5m Series D, releases investing for kids
- Student lending platform on review for ratings boost (CommonBond)
- Dwolla Lands $12 Million
- CreditEase’s Fintech Investment Fund Invests in Automotive Fintech Company Fair
- Sequoia China leads $40M DataVisor Series C
- MoneyLion Reaches 2 Million Customer Milestone As Growth Accelerates
- Borrowell Gives Birth To New TV Campaign (Vide0)
There are four companies that the government contracts to process student loan payments; two firms, Nelnet and Great Lakes Educational Loan Services inc. are now merging; this will result in one company handling over 40% of student loan payments; according to this MarketWatch article, processors play an important role in whether a student pays down debt or defaults. Source
The CEO and Founder of Better Mortgage tells us how his company is revolutionizing the home buying process. Source
The asset-backed securities market in China saw huge growth in 2017; nonbank lenders led issuance which totaled $220 billion last year, a 90% increase from 2016; now issuance of consumer loans is slowing down due to increased involvement from Chinese financial regulators; a part of the slowdown was due to Ant Financial Services Group which temporarily stopped selling bonds by consumer loans in December. Source
Codispoti is a JPMorgan executive who helped create the Chase Sapphire Reserve card; in this Business Insider Q&A she talks about her perspective on millennials, a new bank branch Chase is launching and the learnings from her time creating the Chase Sapphire Reserve. Source