deBanked spoke with ID Analytics and learned that the firm has increased its visibility into the consumer lending market to 85%; ID Analytics offers a tool which allows lenders to see where a borrower is at with other lenders which is only accomplished with this kind of visibility into the market; ID Analytics also helps lenders combat fraud by analyzing applications for credit; the company analyzes about 1 million credit applications a day. Source
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- AutoGravity Announces Partnership With Global Lending Services
- SoFi Surpasses $25 billion in Originations, 390,000 Members
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More than $1 billion has been invested in UK fintech companies this year; the first half of the year brought $564 million of VC investments, up 37% from the prior year period; according to the article, fintech is worth $9.25 billion to the economy and employs 60,000 people. Source
There are many fintech companies who are getting significant traction in changing financial services industry; Business Insider has curated a list of 11 startups that are each worth over $1 billion and shares what each company does; list includes: Clover Health, Kabbage, Robinhood, Avidxchange, Coinbase, Apttus, Avant, Oscar, Credit Karma, SoFi and Stripe. Source
Cross River is well funded and last year raised $28 million; the bank has historically worked with the big players in online lending with back end infrastructure; now the bank is developing a mobile banking app; Tearsheet spoke with CEO Gilles Gade at Money2020 to learn more about how they have been using funds from their round last year and what they are working on for the future. Source
Lend Academy explores how biometrics technology is going to change the finance world, cutting down on cyber-hacks and data breaches; discusses thumb prints, voice interaction/ authentication, iris scanning and now face recognition with the new iPhone X; one technology with a lot of potential is behavioral biometrics; while we are still early there are still many interesting things happening in this space and it is an area to keep an eye on. Source
- GDS Link Joins Canadian Lenders Association to Support Innovative Lending; Sponsoring Canadian Lenders Summit
- FS Card Closes $150M Credit Facility
- TransferWise changes fees for GBP transfers, introduces complicated flat transaction fees
- Zero raises $8.5 million for a credit card that functions like a debit card
- Nested Raises £36M in Third Round of Funding
- Abra Raises $16M in Series B Funding
- Groundfloor Launches Loan Origination Network As Investor Demand Surges
- loanDepot Announces Agreement with Artificial Intelligence Real Estate Technology Company, OJO Labs
- Lending Loop Hits Milestone of Providing $10 million in Financing
- ING Partners with Kabbage, Inc. to Expand Automated Small Business Lending into France and Italy
- LATTICE80 to Open Fintech Hub in New York by 2018
- Affirm’s new mobile app lets you borrow money for almost any online purchase
- TD Ameritrade Clients Can Now Trade Stocks on Facebook Messenger
- P2PFA reports over £700m of new lending in third quarter
- Microsoft CEO Issues Blockchain Challenge to Interbank Messaging Service Swift
- Accounting and business banking fintech raises €750k in seed round
According to the Financial Times, SoFi had talks with various companies including Schwab earlier this year to sell the company; the discussions took place after an indicative offer of $6 billion from a foreign bank; the company subsequently held talks with other companies with a targeted price of between $8 - $10 billion; no acquirers were willing to match the price and SoFi decided to wait for an IPO. Source
The proposed relationship would allow Chinese consumers traveling to the US to use their Alipay Mobile Wallet; Pablo Simone, head of product and strategy for Chase Merchant Services stated, “We are always looking for ways to deliver more value to our merchants and bring them closer to their customers. A relationship with Alipay would create opportunities that enable Chinese tourists to transact in a way they are familiar with.”; it is estimated that four million Chinese consumers will visit North America this year. Source
There is a lot of talk about all of the different ways blockchain technology can impact financial services; the Financial Times sat down with bankers, consultants, and analysts to come up with five areas where we are likely to see the most impact; categories include clearing and settlement, payments, trade finance, identity and syndicated loans. Source