- Alkami Raises $70M in Series D Funding
- Robo advice platform citing AI and machine learning raises £562k on Crowdcube
- UpLift Closes Financings of $90M
- Fintech as a gateway for criminal enterprise
- Reliamax’s Michael VanErdewyk: ‘We’re seeing a move towards more private student loans’
- U2 Frontman Bono Directs Investment Fund into FinTech
- KBRA Assigns Preliminary Ratings to Marlette Funding Trust 2018-1
- Lending Marketplace Lendix Raises €200 Million Institutional Financing to Trailblaze European Alternative SME Finance
- Zopa to launch income verification tool using Open Banking
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Goldman Sachs continues to expand into consumer lending and plans to offer home improvement loans this month; the loans are non-secured personal loans with interest rates lower than credit cards but higher than HELOCs; the company believes the quick financing time will be attractive compared to a HELOC. Source
The company shared information about their loan business in a broader update about the company; total lending was $3 billion since Amazon Lending started in 2011; an article by PYMNTS.com in June 2017 reported that the company had surpassed $1 billion in loans; in 2017 over 300,000 small and medium sized businesses joined Amazon Marketplace. Source
The website for the new platform is chain.baidu.com; it is a project from the firm’s research on blockchain; they see early applications of the platform in asset securitization and asset exchanges; registration on the website is open to the public and users can deploy custom blockchain nodes. Source
Online near prime lender LendingPoint to boost expansion into point-of-sale with acquisition of LoanHero. Source
- Peer-to-Peer Lender Crowdstacker Joins P2PFA
- Tandem Closes on Harrod’s Bank Purchase, Receives UK Banking License with Acquisition
- Cardlay Secures $5M USD in Funding
- Mambu banking engine powers Kreditech’s lending leap to India
- How Banking-as-a-Platform Propels Cross River Bank (Podcast)
- Rocket Internet CEO Says Ready to Pounce With Cash Pile
- Bitcoin Can’t Be Valued: NYU’s ‘Dean of Valuation’
MoneyGram is testing XRP for reducing both the cost of transferring money and the settlement times; Both MoneyGram and XRP traded higher on the news; Ripple has signed on about 100 banks as customers, but is also targeting remittance companies; Ripple CEO Brad Garlinghouse also tweeted that three of the five largest money-transfer companies would begin to use XRP this year. Source
The Community Reinvestment Act is a law that was first enacted in 1977; The Trump Administration is going to unveil plans to change the law which has some community groups concerned since the act historically prevented banks from just serving wealthy customers; some banks say that the rules haven’t kept up with technological innovation. Source
According to Bloomberg, mining the cryptocurrency is profitable in China as long as the price remains above $6,925; however, China is planning to limit the power usage by miners; Bloomberg provides additional data on electric usage of mining bitcoin. Source
In this guest post Alexander Prokhorov from FinSight Ventures shares what trends his firm is focused on in 2018. Source