Uber, the driving service, has launched a debit card product in Latin America, in conjunction with innovative bank, Bankaool; the continent as a whole demonstrates 1.1 mobile phone connections per capita, yet only 14% of the overall population has a traditional savings account; it's difficult to obtain a debit or credit card without being able to link it to a bank account with savings; Bankaool claims to be the first Mexican-based bank where you can fully open a bank account or obtain a card via an online application; Uber acknowledged that a payment card was essential for riders using its service. Source
In a report by Moody's Investor Services, the rating agency has downgraded the global asset management industry to negative; factors for the downgrade are focused on active management performance, global regulation and increasing costs; a McKinsey report published last month pointed to the new fiduciary rule, set to be enacted in April 2017, as an industry altering step as advisers will be forced not to consider their self interests with high commissions when servicing their clients; capital has continued to flow from actively managed funds to ETFs with costs being significantly lower. Source
Dealmakers West is an all-meetings event happening in Laguna Beach on Aug. 30-31.
R3 is an enterprise software firm working with a network of over 300 financial institutions, regulators, trade associations, professional services...
LendingClub saw revenue and earnings at the high end of their guidance range but, due to ongoing uncertainty remain reserved with next steps.
Recent data shows that startups raised $118 million in Q1 via ICOs or initial coin offerings, down significantly from $6.9...
Will this be enough to break the spiralling loss of confidence in the banking system?
Santander Consumer USA Holdings describes itself as a technology-driven consumer finance company; they focus on vehicle finance, and have been originating retail installment contracts since 1997; company announced originations for the quarter of $5.2 billion; "Fewer originations are in part due to our disciplined underwriting standards as we are committed to driving originations at the right price and structure, and in part due to increased competition in the prime space," said Jason Kulas, president and chief executive officer. Source
The VC and startup community are tentatively settling into an optimistic action plan after SVBs failure. SVB Capital is still on the table.
A new report by NextGen Crowdfunding documents increasing use of Reg. A+ as the regulatory umbrella for real estate crowdfunding and other financial offerings; Reg. A+ was finalized in June 2015 as a means for non-accredited investors to access private offerings; companies can raise up to $50 million per year under Reg. A+; across all sectors, 131 companies to date have filed under Reg. A+, with 38% of these filings being by real estate and financial services platforms and many others being IT startups; roughly half of the filers are using "Tier 1" rules for Reg. A+, meaning they will continue to register in individual states as well as at the federal level, and half are filing "Tier 2", seeking national fundraising scope while avoiding the added prudence of vetting against state rules. Source