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Ant Financial is planning to raise up to $5 billion which could value the company at more than $100 billion; this could potentially lead to an IPO as the company establishes a recent valuation; they last raised a round in 2016 at a valuation of around $60 billion. Source
Immigrants face challenges when it comes to accessing credit when they come to the US; while in their home country they may have established a solid credit history, they now have to start from scratch; several fintech companies tackling this problem include Nova Credit, CreditStacks and Petal. Source
Income sharing agreements aren’t new and there were some early fintechs who have attempted this type of model; however there are new companies looking at income sharing agreements to help those with student loans tackle their debt. Source
P2P Lending Expert reviews The Worthy Bond which is a new investment option created under Reg A+; the investment pays 5% annually and has a $10 minimum investment; Worthy invests in asset-based loans. Source
Recent research shows that younger consumers are uncomfortable with carrying credit card balances; consumers are more comfortable with products like personal loans that are more transparent and easier to understand; there has been an increased interest in point of sale financing; one company driving this trend is GreenSky which partners with banks to fund loans; the proportion of consumer loans going to point of sale financing has increased significantly at banks that partner with GreenSky including Regions, Synovus and Fifth Third. Source
Christine Farnish, the chair of the P2PFA for the past five years, is stepping down and is being replace by Paul Smee. Source
VersaBank is a small Ontario-based bank and is planning to have digital vaults available by June to customers around the globe; the bank hired a cybersecurity expert to lead “VersaVault”; digital assets will be stored on servers all over the world; the bank won’t know what is inside and won’t be able to access the contents. Source
There are unique tax implications when it comes to investing in marketplace lending and investors should consider investing through an IRA; LendingClub is currently offering a bonus for IRA investments and is working with a new preferred custodian. Source