The LendIt team has combed through hundreds of applications to determine the finalists in 21 categories. Source
The CEO and Founder of FS Card talks about the challenges of creating a new credit card company for the underserved. Source
The partnership will allow community banks and other loan purchasers to access the online lending space; it will leverage the Cross River’s expertise in capital, technology and regulatory compliance with PeerIQ’s expertise in data analytics and risk management. Geoffrey Kott, head of finance and strategy at Cross River Bank stated, “PeerIQ’s risk management platform — with its leading loan-level analytics and monitoring capabilities, credit facility management toolkit, and full integration of TransUnion data — will both augment our internal capabilities and provide best-in-class loan-level monitoring tools for our clients and partners.”; Cross River Bank currently works with many big names in fintech, including more than 15 online lenders. Source
New regulations on asset management will increase capital that institutions have to hold in China; these regulations will significantly affect bank and nonbank relationships; banks have repackaged loans and transferred them to brokerages and other lenders which eventually make their way to investors; last year these transactions totaled $3.5 trillion in off-balance sheet lending according to the Wall Street Journal; one example of a lender that has been fined is China Guangfa Bank which turned loans going sour into high yield investments. Source
Mastercard has launched their in house content studio to help broaden the institution’s brand; the idea is to make themselves look as if they are a tech company; they have hired a content team and have already started making Storylabs in series; the move is part of a wider trend in financial services as companies like JPMorgan Chase, WealthSImple and Acorns have all been producing content; they also recently started a podcast named “Fortune Favors the Bold” by journalist Ashley Ford. Source.
BBVA and digital business account provider Azlo struck a partnership that focuses on freelancers; with the freelance worker trend increasing the bank is looking to position themselves to better serve the market; BBVA invested in and helped incubate the company through their New Digital Businesses unit; this is part of a wider trend at the bank to help innovation, both inside and outside the bank itself. Source.
Coinbase launched their Coinbase Commerce platform to allow merchants to accept digital currency; the service will be integrated into the merchant’s checkout or added as a payment option; the company is accepting merchants by having them email in to be added; this positions Coinbase well as Stripe no longer accepts payments and PayPal has been slow to adopt. Source.
Bank of America CEO Brian Moynihan says that the big bank point of view of Dodd-Frank is that the law is fine; he explained that none of the big banks are trying to touch the law and it has made the financial system safer; small banks have been pushing to roll back some of the regulations associated with Dodd-Frank because they feel it is too burdensome; the interview at the Economic Club of Washington also touches on fintech, blockchain and other bank related issues. Source.
According to KPMG’s Pulse of Fintech report fintech investment increased for the third straight quarter to $5.8bn; the big driver behind this is banks continue to increase their investments and partnerships with fintech firms; “You’re seeing more partnerships because there is more interest on both sides in collaborating, and bringing two different sets of values to the table,” said Luis Valdich, managing director of venture investing at Citi Ventures, to American Banker; banks have been keen to focus on news technologies like artificial intelligence, advanced analytics tools and blockchain. Source.
- Online SMB lending platform Yalber closes $20M senior credit facility
- BlockFi Raises 1.55M in Seed Funding
- BFS Capital Announces New $175 Million Credit Line
- Braviant Holdings Announces $7 Million Equity Raise
- Vested Ventures Completes Seed Round Investment in Dojo
- Crypto lending platform nears launch
- Fundrise Reports 2017 Performance. Total Return for the Year Stands at 11.44%
- Better Mortgage Milestone: Hits $1 Billion in Mortgage Loans Funded Since January 2016 Launch
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