- 6th Avenue Capital secures $60M from Merchant Cash Advance Funding
- CEO switch for online lender Patch of Land
- A new fund uses A.I. to invest in consumer and retail products with the best chance of success (CircleUp)
- Lendio Provides More Than $25,000 in Loans to Over 1,200 Small Business Owners Through Lendio Gives on Kiva
- Mintos Scraps Secondary Market Fees
- Amazon just bought three domain names related to cryptocurrency
- Alex Tapscott's Crypto VC Firm Going Public With $100M CAD Falsely Touted 4 Blockchain Stars As Advisors
- Foundation Capital Leads CoverWallet Series B Financing. Welcome and Congrats!
- One of the Most High-Profile Initial Coin Offerings Has Crashed 50%
- Another Chinese P2P lender! Senmiao Technology files for a $20 million IPO
- Small Business Borrower Sues Kabbage
- Citigroup Bets Millions on U.K. Mortgage Lender (LendInvest)
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Keith Noreika, the acting Comptroller of the Currency recently signed the first full-service de novo national bank charter since the financial crisis to Winter Park National Bank of Florida; Noreika believes there are still too few new banks and part of the problem is the onerous process; Noreika outlines the lengthy process and discusses his suggested changes in his testimony back in June. Source
American Banker profiles Instant Financial which was founded in 2015; the company aims to shorten the time frame to when employees get paid; using the app employees can unlock portions of their paychecks which can provide an alternative to payday loans; they recently partnered with Sutton Bank in Ohio for their US expansion. Source
Crowdfund Insider sat down with Karen Mills at LendIt Europe 2017; Mills is a Senior Fellow at the Harvard Business School and was previously head of the US Small Business Administration; she believes we are between two phases in the market: the banks waking up and the platforms arriving, including Alibaba, Amazon, Square etc. Source
Bitcoin has increased over 550% this year and many firms are taking an increased interest in the cryptocurrency; CME Group launching futures contracts for bitcoin is just one example; the WSJ looks at what futures contracts for bitcoin will potentially mean for the market. Source
- Remitly Raises up to $115M in Series D Funding
- RateSetter changes approach to property loan defaults
- This UK fintech is taking on big banks with business loans — and one key EU law is driving it
- Orchard to Launch Online Lending Industry Page on the Bloomberg Terminal
- LendingTree Announces Top Customer-Rated Lenders by Loan Product for Q3 2017
Alexandra Villarreal O’Rourke from McGuireWoods discusses Project Catalyst and the no-action letter program from the CFPB in a Let’s Talk Payments interview; the first no-action letter was issued to Upstart, a consumer lender in the US. Source
The options for banks to compete in a changing financial services landscape are to either build, buy or partner; while we have seen a number of banks build their own technology or partner with fintechs, there has yet to be significant acquisitions in the market; an article in Tearsheet highlights how few purchases banks have made and how that compares to the amount of investments in fintech companies. Source
CME Group announced today that they plan to offer bitcoin futures by the end of the year which is a change from what they said just a month ago; others like Cboe Global Markets said earlier in the year it plans to do the same by early 2018; the move by exchanges will open up the bitcoin market to professional traders and institutional investors. Source
LendIt is returning to the west coast next year for LendIt USA 2018; it will take place on April 9-11 at the Moscone Center; this year we are focusing on three core areas: lending, digital banking and blockchain; new for 2018 is the BlockFin Summit which will take place in a dedicated space within LendIt; it will cover a wide variety of topics including: enterprise blockchain using digital ledger technology, global finance built on AI and blockchain, tokenized VC and investment banking, blockchain infrastructure for markets, trading, and back office, decentralized banking and insurance, and crypto-economics; early bird pricing ends this Friday, November 3.