LendingClub saw revenue and earnings at the high end of their guidance range but, due to ongoing uncertainty remain reserved with next steps.
First Citizens Bank has acquired part of the failed SVB, announced the FDIC yesterday.
Applied Blockchain has been trialling a system for companies to process their invoices on blockchain and in turn will allow the companies to tap the securitization markets; the current trial is with a UK SME called Emplas that makes windows; "Our platform may now allow for securitization of invoices as the underlying for bond issues," Ben-Ari, Founder of Applied Blockchain, tells Euromoney; "It brings transparency as to the ownership and establishes the provenance of invoices for bond buyers in ways that the existing processes and technology simply did not allow." Source
Polychain Capital, a hedge fund that focuses on investing in digital assets such as bitcoin and ether has raised $10 million; the funding comes from venture firms Andreessen Horowitz and Union Square Ventures; the company launched in September with $5 million from 30 investors and is led by Olaf Carlson-Wee who was also the first employee of Coinbase; according to Olaf: "There will be many types of assets codified into the blockchain, and they are all not just going to be on the bitcoin blockchain — it's going to be a number of different assets here. And the best way to invest in that is a diversified portfolio." Source
Financial Health Network released its Financial Health Pulse Report, reporting a decline in financial health across most income groups.
Jiedaibao, launched by JD Capital, would give people looking to engage in debt recovery all kinds of personal data belonging to overdue debtors, including phone numbers, addresses and even ID card numbers; releasing this kind of information would allow for any freelance debt collector to harass borrowers into paying their overdue amounts; this type of practice in China is not all that unusual as past debt collection efforts have discussed the release of nude photos if payments are missed; the agreement would give the "debt collector" 40% of the debt paid. Source
While many got swept up in the early days of the DeFi asset hype machine, others who saw its true potential began quietly plotting the path the space would need to get there.
Block's Q4 2022 earnings surpassed market expectations. Dorsey outlined the future focus for the business.
TransUnion added lending decision firms to its Strategic Alliance Distribution Partner Program, like the fintech Provenir and GDS Link.
Chris Skinner writes about the five phases in the development of the fintech industry; phase one was from 2005-2014 and...