Despite being less than two years old Marcus by Goldman Sachs continues to aggressively expand their consumer finance business. It...
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Citi announced 6 API partnerships with corporations in Hong Kong as they look to expand their digital banking services; Angel...
The complaint stated that LendingClub violated federal laws which protect consumers from unfair and deceptive practices; LendingClub stock price dropped on the news which related to LendingClub’s promise of no hidden fees and a statement to applicants that “Investors Have Backed Your Loan” even though borrowers may not have been approved; some borrowers also experienced overdraft fees when LendingClub withdrew double payments according to the complaint. LendingClub responded to the complaint by issuing a press release. Source
With the heightened cost of living battering UK PSPs, many consider Open banking to be the silver bullet, but with adoption at only 10% of the population, innovation is needed.
Lesson One: Don't be an ivory tower of digital banking tech. Lesson Two: Don't be afraid to partner with a leader instead of butting heads.
MarketInvoice inked another bank deal with Varengold Bank AG for £45mn ($60mn) in debt funding; according to AltFi MarketInvoice's capacity to take on institutional money has increased four fold since 2014; MarketInvoice have funded over 70,000 invoices and lent out over £1.5bn ($2bn). Source.
Indian banks are working with fintech startups to develop technology similar to what is used in markets like Africa and China; the banks hope to use social data and online shopping habits to underwrite borrowers; FICO recently began to offer credit scores in India using alternative data and there are many startups working on similar efforts. Source
Ante Spittler, co-founder and CEO of Moss, said the Berlin-based corporate management spend platform is using digitization and automation to help CFOs.