- Toyota Financial Services launches AI credit evaluation with Aire
- Behalf Secures $150 Million in Debt Capital
- TrueLayer and Zopa join forces for PSD2
- China: WeiyangX Fintech Review
- Wirecard’s Deirdre Ives: ‘Our customers are driving innovation’
- Citi Ventures’ Vanessa Colella: ‘No one runs innovation, it’s all about unleashing it’
- JPMorgan Publishes The "Bitcoin Bible"
Budgeting app Moven is planning to buy a small bank so they can become a more direct competitor in the banking space; the company’s new partner, SBI Holdings, is investing in Moven to create two entities MovenBank and Moven Enterprise; “We’ll do a digital direct challenger bank without having to run branches,” Moven CEO Brett King said to TearSheet. “That was really the thing we were waiting to see if we could solve because we’re just not interested in doing branch banking.”; the company will look continue allowing banks to leverage their technology with Moven Enterprise then use MovenBank to be a true digital bank alternative. Source.
Codispoti is a JPMorgan executive who helped create the Chase Sapphire Reserve card; in this Business Insider Q&A she talks about her perspective on millennials, a new bank branch Chase is launching and the learnings from her time creating the Chase Sapphire Reserve. Source
The asset-backed securities market in China saw huge growth in 2017; nonbank lenders led issuance which totaled $220 billion last year, a 90% increase from 2016; now issuance of consumer loans is slowing down due to increased involvement from Chinese financial regulators; a part of the slowdown was due to Ant Financial Services Group which temporarily stopped selling bonds by consumer loans in December. Source
Cambridge Bancorp in Massachusetts formed an innovation group in 2016 and is now positioned to compete against bigger banks; head of the innovation Group Scott Chamberlin tells American Banker, “We spent a couple years proving … we could win business externally and, more importantly, internally from a credit standpoint. We’ve proven that out. This is year we start to add scale.”; the bank is looking to be an alternative to the likes of Silicon Valley Bank and Square 1; they see a differentiating characteristic being their local reputation and that they are in it for the long haul. Source.
The CEO and Founder of Better Mortgage tells us how his company is revolutionizing the home buying process. Source
There are four companies that the government contracts to process student loan payments; two firms, Nelnet and Great Lakes Educational Loan Services inc. are now merging; this will result in one company handling over 40% of student loan payments; according to this MarketWatch article, processors play an important role in whether a student pays down debt or defaults. Source
Writing a piece for Crowdfund Insider BankMobile’s Co-Founder, President and Chief Strategy Officer Luvleen Sidhu talks through the current banking makeover; new technologies like artificial intelligence and blockchain are becoming more prevalent; competition in the digital banking space is beginning to increase as banks look to close branches and move more focus online; banks are currently upgrading their cybersecurity defenses in the wake of the recent Equifax breach; these changes and more are happening now as banks better understand their customers and look to become more efficient. Source.
SoFi said it missed their internal 4th quarter earnings projections due to lower than expected loan performance, increased hiring costs and expenses related to management changes according to the WSJ; the company also said they expect the loan performance trend to continue into 2018 as the look to refine their credit model; the company is also looking to improve fraud prevention, automate loan processing and get better at collections. Source.
- UAE Exchange Partners with Ripple
- Robo advice app Stash raises $37.5m Series D, releases investing for kids
- Student lending platform on review for ratings boost (CommonBond)
- Dwolla Lands $12 Million
- CreditEase’s Fintech Investment Fund Invests in Automotive Fintech Company Fair
- Sequoia China leads $40M DataVisor Series C
- MoneyLion Reaches 2 Million Customer Milestone As Growth Accelerates
- Borrowell Gives Birth To New TV Campaign (Vide0)