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The investment will be deployed over three years and allow the bank to compete with other digital banks and fintechs; it marks an increase of 40% from Lloyd’s previous three-year expansion plan; Lloyds also hopes the investment will help cut costs. Source
Revolut is the latest company to apply for a European Banking License; their competitors Monzo and Starling Bank are already licensed; the company expects to have the license in the first half of 2018 which will allow it to offer deposit and credit services in certain markets. Source
The Times provides more detail on issues of transparency at RateSetter; reports that RateSetter made loans in partnership with Wellesley and Archover; according to The Times, RateSetter lent via these platforms, utilizing them as a source of borrowers; around GBP10 million ($13.05 million) in property development loans were lent in conjunction with Wellesley which were repaid in full in April 2016; GBP1 million ($1.31 million) in loans are still outstanding with Archover; a RateSetter spokesman reported that no new loans with these competitors are being issued. Source
The Pennsylvania bank run by Sam Sidhu is updating its platform to support real-time payments for cryptocurrency companies and will offer embedded finance and banking-as-a-service to fintechs.
MarketInvoice has appointed Shaun Alexander to head of risk; Alexander joins MarketInvoice from Santander and will be the firm's first head of risk directly overseeing the underwriting unit of the business; the new hire is another example of a fintech firm adding traditional banking risk oversight experience; MarketInvoice expects Alexander will help improve risk management for the firm by providing broader insight on sector risks and market risk factors. Source
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Online small business lender iwoca has raised £100mn to help deliver loans through the CBILS program; the capital came from...