RiverNorth's total portfolio consisted of 10,173 loans with an average loan size of $10,176 at the end of July; in the note to investors RiverNorth shared that investors are becoming more comfortable with online lending assets with more awareness likely to drive further growth; highlights two recent positive events in the industry including Prosper's recent securitization and Lending Club's Q2 2017 results. Source
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SuperMoney has developed new auto loan technology to provide consumers with auto lending offers; it signed on 20 auto lenders for the product's launch and is able to provide interested borrowers with options for secured and unsecured loans, refinancings, and private-party auto loans; the firm is seeking to simplify the search process for finding an auto loan and compares its technology to current services for buying an airline ticket. Source
Every year Inc. pulls together a list of the top 5000 fastest growing private companies in the United States. This...
The company is estimating a full year loss and its CEO has resigned; it is also being investigated by the FCA and cutting its dividend; the surprise estimates and regulatory investigation are key factors influencing the stock market losses; the company serves 2.4 million customers through a door to door lending process with a focus on the underbanked. Source
The company's revenue increased from GBP20.6 million ($26.38 million) in 2015 to GBP33.2 million ($42.52 million) in 2016; its earnings also improved with a GBP -5.8 million (-$7.43 million) loss versus GBP -8.8 million (-$11.27 million) in 2015 and the company reported a fourth quarter operating profit; the 2016 results also showed loan originations increasing by 30% to GBP689 million ($882.4 million) in 2016. Source
While P2P lending platforms have taken a significant amount of lending from banks since the financial crisis, data from the Financial Times suggests that growth could be slowing; an Ernst & Young survey shows only 7% of 1,100 people using P2P lending platforms for borrowing and a separate survey from Blumberg Capital says only 4% of 1,050 British adults have used the platforms in the past 12 months, signaling less awareness and demand; banks have also increased investment in fintech regaining some market share; overall, the Financial Times reports that the market in the UK is changing with regulations supporting P2P lenders but less demand and market risks slowing growth. Source
Dutch bank Rabobank has built a 3D model of its organization and IT systems to help them better understand how to make improvements; Anne-Marie Breuker, Rabobank business architect, tells Finextra: "We wanted to create something that would have a wow-factor within the bank, it had to appeal to the entire organisation, from the Board of Directors to the workplace. Preferably visually, and permanently. So, we came up with the idea for this model."; this is the first of its kind and there is a thought that this type of review could lead to more banks or financial services firms doing similar projects. Source
The European country is considering a coin offering that would include the issuance of estcoins; the offering would build on the country's progressive innovation in technology and specifically its e-Residency Program; Kaspar Korjus, director of Estonia's e-Residency program, has been a leading proponent for the ICO and the country is also supported by ethereum founder Vitalik Buterin; funds from the ICO would go towards investment in new technologies for the public sector as well as invest venture capital into Estonian companies. Source
Stuart Law from Assetz Capital discusses different platform approaches to security, risk assessment and lending in an article for FT Adviser; provides details on the pre-approval and post-approval process for loans, noting the importance of these processes for investors given that P2P platforms provide alternative investments with potentially higher risks; also discusses the advantages that a provision fund can offer for investor security. Source
Landbay's most recent fundraising brings total funding to GBP7 million ($8.98 million) which the company has obtained from crowdfunding; the company's business is focused on funding buy to let mortgages and it has received authorization from the FCA; it plans to use the new funds to expand its operations and launch new products. Source