loanDepot is the second largest non-bank consumer lender; OfferPad purchases homes from homeowners, allowing them to sell their house easily; the JV called OfferPad Home Loans is a stand-alone mortgage broker where loanDepot will act as the wholesale lender; OfferPad will be using loanDepot’s platform called Mello to provide the bridge financing. Source
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HSBC intends to launch a new product in 2018 to address problems they see in the automated investment market; the new product is dubbed robo-advising 2.0 by Dean Butler, HSBC’s head of retail wealth; it will provide holistic financial advice and will eventually include recommendations for other products such as pensions and insurance. Source
There have been a number of new funding deals closed in recent weeks and CB Insights reported that 278 fintech financing deals were done in the third quarter; Lend Academy provides the interesting mix of companies that have raised debt and equity capital. Source
Peter Renton, Founder of Lend Academy reports on the potential of Google, Amazon, Facebook and Apple being the fintech leaders of tomorrow. Source
According to data from TransUnion, financial technology groups originated $15 billion of personal loans in the first half of 2017; this represents nearly a third of the total US market for new personal loans; John Wirth, vice-president of fintech strategy at TransUnions stated, "fintech business model appears to be working nicely. Their use of the latest technology . . . has likely helped them become leaders."; Source
Orange is a large French telecom company and recently announced plans to launch their own bank; the company is hoping to capitalize on the movement to online banking and is the first telecom company to launch a bank; they are targeting 2 million clients in ten years which would represent 25% of the online banking market; 25,000 of their current customers have expressed interest in the new offering (out of its 21 million mobile clients). Source
Financial Times highlights TransferWise and Funding Circle who are growing their market share in the UK; Transferwise has collected $280 million from investors and Funding Circle has surpassed high-street banks in net new lending; Funding Circle lent £114 million in the three months to September; Samir Desai, co-founder and chief executive of Funding Circle stated, "If I was a big bank, I would be really worried about this..." Source
- 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)
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