Square’s stock is up over 200% in the past year; the run up occurred prior to news that the Square Cash app would allow users to buy and sell bitcoin; Square Cash had more than 7 million active users in December of last year; according to the Quartz article, the growth has also been fueled by recent bank partnerships; other successful lines of business include Square Capital which lent out $305 million to small businesses in the fourth quarter of 2017. Source
In an interview in American Banker, Meiler discusses Marlette’s culture which aims to keep employees informed of the company’s goals; their strategy includes quarterly all-hands meetings with the company’s 100 employees to share what the goals are for the next 90 days; Meiler also shares how the company shifted its focus to profits given the changing environment and how this resulted in $11 million in GAAP profits last year. Source
The new plans will allow companies in the EU to apply for a pan-EU license so they can operate across borders; the current system is fragmented and underdeveloped because companies find it restrictive to try to move into neighboring markets; the broader plan is a set of 23 steps meant to help companies scale up across the Eurozone and protect investors. Source.
According to HousingWire Amazon is exploring the mortgage lending business and is actively hiring in the new division; the company is already rumored to be looking into offering a checking product. Source
Speaking to American Banker fintech firms Chime, Moven, Kabbage and more say the move by Amazon is a net positive; most comments showed surprise that it took the retail giant this long to make a move like this; the overall sentiment was positive, pointing out that the entrance of Amazon will increase knowledge of fintech and validating their thoughts on the need for improved consumer experience in banking; the fear that Amazon would just take over is overblown, there is room for the giant retailer and a lot of fintechs who cater to a specific market. Source.
- ProBank Austin to Introduce New ‘bankED’ Compliance Training Program at LendIt Fintech 2018 USA
- Cloud Lending Solutions Recognized as Top 10 Best Performing Salesforce Solution Provider
- BBVA Compass Express Personal Loan goes digital, opens to consumers in multiple states
- TD Auto Finance Partners with AutoGravity to Provide Enhanced Digital Car Buying and Financing Option
- Santander Consumer USA And AutoGravity Work To Transform The Car-Buying And Financing Journey
- Funding Circle co-founder joins crypto-lending platform as advisor
- Purpose Financial to Acquire Thinking Capital
- BNP Paribas Fortis partners with Swedish fintech Tink for digital banking
- Direct lending fund beats dividend target, launches new fundraise
- InCompliance Update White Paper 2018
The CEO and Co-founder of Varo discusses what is wrong with traditional banks and how his startup digital bank is different. Source
This week’s PeerIQ Industry Update covers the great jobs report as nonfarm payrolls rose by 313,000 in February which caused the Nasdaq to hit an all-time high; CommonBond saw their first AAA rating by Moody’s and KBRA rated the senior bonds for OneMain’s latest deal at AAA, AA and A; PeerIQ also took a deep dive into the recent Amazon checking account news; they cover the benefits of the partnership, the significance of the deal and who might be next to enter the space. Source.
Forbes spoke with Bradley Strock, the company’s chief information officer to talk about how the company has transformed over the years; Strock discusses their focus on being a customer-centric company, their successful shift to mobile and other strategic priorities. Source
Golden Bull operates a platform for loans secured by vehicles; the company plans to raise a total of $7 million offering 1.6 million shares; the company previously planned to offer 2 million shares at the same price between $4-$4.50 per share; Golden Bull was founded in 2015 and will list on the Nasdaq with ticker DNJR. Source