I80 Group meets an essential but largely unmet need in fintech — scalable, non-dilutive capital, its founder and CIO Marc Helwani said.
The CCAF released a report showing the impact of COVID-19 on fintech. The verdict? Growth and the potential for increased financial inclusion.
On Thursday, Uber partnered with Mastercard, Marqeta, and Branch to power the Uber Pro Card.
Student loan marketplace lender, Earnest, has completed its fourth securitization; Goldman Sachs and Barclays were the lead arrangers; portfolio valued at $174.44 million; the October securitization is the fourth for the year with previous securitization deals in February, May and July. Source
Marketplace lender, Peerform, has been acquired by Versara Lending; Versara is a New York City-based consumer lender seeking to expand its lending business in consumer loans; Peerform will enhance the lending capabilities for Versara and Peerform Founder Mikael Rapaport will join Versara Lending as a senior vice president. Source
A legal case initiated by the city of Miami, Florida has reached the Supreme Court; the case (a combination of two earlier cases) claims that banks, including Bank of America and Wells Fargo, are financially liable for a decade of targeting blacks, Latinos and other minorities for loans with risky terms, including prepayment penalties, negative amortization and no documentation; there is concern that the case may be delayed until the Supreme Court regains a tie-breaking ninth Justice, or result in a return to the lower courts. Source
When designing an intelligent budget-tracking app, Piere founder and CEO Yuval Shmul Shuminer prioritized functionality, integrations, and meeting the evolving needs of emerging generations. Billed as the“intelligent budget tracker app that’s ready in just two taps,” Piere offers quick functionality and automatic reconciliations and updating.
Announced today, the MasterCard Foundation is partnering with the Center for Financial Inclusion (CFI) at Accion on a $4.4 million initiative to promote more robust consumer financial protection laws around the world; CFI's Smart Campaign has existed since 2009 and has certified the consumer protection practices of 68 financial institutions to-date; the MasterCard Foundation contribution will support involvement of more parties (such as regulators, non-bank financial institutions and fintech platforms) and more countries; a particular focus will be on sub-Saharan Africa. Source
After a successful first quarter, LendingClub posted earnings of $.39 a share on revenue of $289.5 million, beating analysts' expectations.
The Telegraph explores performance on Lendy Finance, previously known as Saving Stream; outlines specific properties that have struggled and that almost 25% of loans are outside original terms; Lendy states that just 14.5% of its loan book is in default and is in line with the wider bridging and development finance market; the property lender’s loan book now totals £300 million. Source