LendingPoint is a near prime lender; in the interview the LendingPoint team discusses how their algorithms work to take thousands of attributes to determine which ones are most predictive; the company is now partnering with hospitals for patients to obtain credit on the spot; LendingPoint originated around $28 million in loans in October with about 60% of applications coming through mobile devices. Source
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Hexindai, a Chinese fintech company listed on the Nasdaq last Friday; according to the article Chinese firms are getting pressure from investors who want to cash out; tightening regulations are also a factor; Qudian, another firm went public last month and Rong360 may be the next Chinese fintech company to go public; Oliver Wyman reports that the market size for consumer lending will expand to $620 billion by 2020 with a compound annual growth rate of 49%. Source
CommLoan is a Arizona based commercial real estate platform; its platform dubbed CUPID matches borrowers with hundreds of lenders; CommLoan has more than 440 lenders and 100,000 loan programs on its platform; borrowers use the platform for everything from multi-tenant housing to large industrial complexes. Source
The FIBC was founded in 2012 and holds a conference in Japan; Applications for their FinPitch competition are now open; event will include pitches from 30 organizations to a global audience; the event takes place on March 2, 2018 in Tokyo. Source
- JD Finance Announces JD Financial Cloud“Fintech as a Service” to empower financial institutions with enhanced precision marketing and risk management capabilities
- LendKey Forms Partnership with Allied Solutions to Offer Digital Lending & Loan Participation Solutions for Financial Institutions
- China, Australia sign agreement to share fintech information
- AI-driven finance app Douugh partners Choice Financial for checking account
Tearsheet explores the trend of sub-branding offerings by banks including Goldman’s Marcus, JPMorgan Chase’s Finn and Wells Fargo’s Greenhouse. Source
OnDeck released their third quarter financial results today; originations were up 14% from the previous quarter to $531 million; firm plans for GAAP profitability in the fourth quarter and hinted at a new bank partnership for 2018. Source
Square CEO Jack Dorsey tells Fast Company that they are moving full speed ahead with their banking license; Dorsey was recently in New York to unveil Square Register, a hardware device; the company has been lending to merchants since 2014; SoFi recently withdrew their banking application following the scandal surrounding Mike Cagney; a timeline for the application is not known. Source
Simon Champ is a pioneer in the lending space creating the first publicly traded investment vehicle; P2PGI launched in may of 2014 in a £200 million IPO and they have now raised a total of £900 million; Champ shares how he first became interested in this space and how much the industry has changed since the fund first launched. Source
- International P2P Lending Volumes October 2017
- CFX Markets Raises $2.17M Seed/Series A Funding
- German mobile challenger bank N26 expands to UK
- MoneyLion Takes on America’s Savings Crisis with the Launch of MoneyLion Plus
- BBVA Compass mobile app deemed a leader by Javelin Strategy & Research for its ease of use
- ReliaMax Selected to Service and Insure MetaBank’s Additional $73 Million Private Student Loan Portfolio
- IDG Capital, CreditEase help retail investors tap new economy
- China's Hexindai says strict credit risk practices to drive growth
- Wealthfront set to be the first robo to offer its own mutual fund
- One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week
- Digital Lending Innovation Starts with the Simple Things, Bank of America Says
- ArchOver surpasses £50 million lending milestone
- Goldman Sachs plans rebranding of online consumer bank
- Jan Hammer, partner at Europe's most active fintech investor Index Ventures, wouldn't rule out investing in Initial Coin Offerings (ICOs)
- Could the rate rise boost returns for peer-to-peer lender Zopa?