This week’s PeerIQ Industry Update covers earnings reports from Citi, JPM and Wells Fargo, a review of Lendit Fintech USA 2018 and the latest version of the PeerIQ Valuation Report. Source.
JoinedNov. 30, 2016
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Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.
Nuggets has been chosen by the UK government and the Mayor of London to embark on two trade missions to China this year. The missions are a way to build new business opportunities between Britain and China. Source.
Regulators around the globe are trying to keep up with innovation happening in fintech, though the US is in danger of falling behind. Congress needs to move beyond fixing small pieces of legislation and find a better way to encourage innovation. Source.
Writing a guest post for FT Alphaville Victor Basta, managing director of boutique investment bank Magister Advisors, says 2018 will be a year of falling valuations. The drop could hurt aspiring companies looking to go public soon, though a correction in valuations could be a long term positive for the market. Source.
Stash has partnered with Green Dot to help deliver debit cards with no overdraft fees and provide access to a network of free ATMs across the U.S. The app will also help improve customers financial lives and provide advice. Source.
Mastercard filed a patent with the U.S. Patent and Trademark Office to build a product meant to safeguard identity data. The product is a semi private blockchain used to receive and store identity data like address, tax ID number and more. Source.
Goldman Sachs has acquired personal finance app Clarity Money as it continues to build out their consumer focused brand. Adam Dell, founder of Clarity Money, will become a partner at Goldman as a result of the deal. Source.
According to a report in Bloomberg online small business lender Kabbage is getting set to acquire Orchard. The companies have not yet confirmed and the cost of a potential deal is also not known. Source.
Credit bureaus have had a tough past year with the Equifax breach of customer data and new legislation in the U.S. looking to increase competition by allowing lenders to use different sources; changing the credit bureau system is not as easy as it may sound as they have been intertwined in the financial services system for a long time; lenders still use the bureaus for a large majority of lending decisions, even though some alternative bureaus have seen traction; the breach at Equifax could have a lasting effect because people did have a lot of trust in the company to secure their sensitive information like social security numbers; as data sharing in financial services becomes commonplace a premium will need to be placed on how that data is secured. Source.
The UK’s Financial Conduct Authority has told asset managers that they need to focus more on customer interests and stop the bad behavior; the rules come after a more than 2 year investigation into the sector; Christopher Woolard, executive director of strategy and competition at the FCA, tells the FT, “Today’s announcements are an important part of a package of measures that, combined, aim to achieve a fair, transparent, open and accountable market.”; some of the new rules include hiring independent directors, profits from moving money from one fund to another will be mostly banned and they will need to switch investors to the cheapest version of their funds. Source.