Tiger Global has led Wealthfront’s latest $75 million round; the capital will be used to further build out their Path platform which connects users to their other financial accounts; Wealthfront now has $9 billion under management. Source
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Prior to the license, the company operated as a platform for other third party funds to sell products through their wealth management platform Qian.qq.com and WeChat; now the company will be able to sell direct to its nearly 1 billion users; the company already had licenses for mobile payments, insurance and micro finance. Source
Chris Larsen, Ripple’s co-founder and executive chairman is benefiting from Ripple’s (XRP) recent rise; CNBC reports that his net worth climbed to $59.9 billion yesterday, at least on paper; this puts him high on the Forbes 400 list, just head of Larry Ellison; Larsen owns 5.19 billion of the digital currency and has a 17% stake in the company; he was previously a founder of Prosper. Source
The Financial Stability Oversight Council's annual report includes a section discussing the risks of marketplace lending. Source
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Cleaver stated, “If we fail to act on fintech, we are setting ourselves up for problems down the road. Not because the fintech folks are evil…but because we are behind the curve.”; Cleaver also discussed the importance of understanding what is going on in fintech so the proper safeguards can be put in place; he proposed that fintech companies should speak before the Financial Services Committee and that more meetings should be held. Source
The EU is working on a license for crowdfunding and p2p platforms to operate across multiple countries across Europe; the aim is to simplify the work required in each specific country to operate; AltFi shares perspectives from multiple platforms in Europe on the plans for a license. Source
GreenSky offers a unique type of point of sale financing and has just closed a $200 million round. Source
An article in Tearsheet discusses how VCs are more interested in funding companies looking to improving legacy financial systems; Patricia Kemp, partner at Oak HC/FT responded to a comment about the prospects of consumer facing fintech in 2018 stating, “The largest category of successful fintech are the ones that are helping the banks get there.”; while there are still opportunities for new consumer solutions, it is just as important to innovate on back-end systems. Source
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