Lending Works has launched its innovative finance ISA; company offers unsecured loans to consumers; investors can invest over three or five years earning approximately 4% to 4.7% respectively; platforms RateSetter, Zopa and Funding Circle are still awaiting full authorization; on the subject of the major players still awaiting authorization Matthew Powell, director at Lending Works commented: "Among peer-to-peer firms there is some frustration over why it's taken so long. The regulator might have uncovered some things that they're not entirely happy about. I think the FCA has been surprised in the variation over the types of platforms they have had to examine. We're an easier prospect than some to understand - we're literally just the middleman, we don't take a balance sheet risk, and we don't lend our own money." Source
Qonto is a french startup building a modern business banking solution, aiming to become "The banking alternative for entrepreneurs and startups" according to its website; the company raised $1.7 million from Peter Thiel's Valar Ventures and Alven Capital; Valar Ventures has also invested in digital bank N26 and TransferWise; Qonto wants to provide a wide variety of services including allowing receipt uploads to make filing taxes easier; they plan to integrate with other fintech products to transfer money and manage payments; launch is currently slated for April. Source
Some of Europes largest online lenders have started to grapple with the idea of potentially becoming a bank; Funding Circle says it has no plans to do so, Zopa on the other hand says they are becoming a bank; other online lenders like YOUnited Credit in France and Raize in Portugal have thought about becoming a bank but thus far see the flexibility of not being a bank as an advantage; the banking market overall is going through quite the change and the definition of a bank is sure to be examined. Source.
CrossLend shares the history of the company and how they shifted their business in November 2016; discusses seven reasons to invest in CrossLend’s single-loan-backed notes. Source