deBanked has collected originations figures from many of the top small business financing companies; according to data available, OnDeck led 2017 originations with over $2.1 billion; PayPal Working Capital and Amazon Lending are not included in the list. Source
The UK Financial Conduct Authority has granted Coinbase an E-Money License; Barclays is also allowing Coinbase to access the UK’s Faster Payments Scheme which is the core payment infrastructure in the UK; Coinbase’s Zeeshan Feroz stated, “There is no other exchange today that has access to domestic banking. UK consumers today have to jump through all sorts of hoops around sending money to European accounts using euros in order to get money in and out." Source
While speaking at the Futures Industry Association event in Florida the former JPMorgan executive talked about the issues women in finance face; It is somewhat disappointing having spent the better part of three decades in financial services to move to technology and find things are even worse there,” said Ms Masters, CEO of Digital Asset, as reported by the FT; other panelists brought up the idea that education needs to be better and more needs to be done to encourage women to focus on math and science. Source.
Banking Committee Chairman Mike Crapo, R-Idaho, added a provision to the bill for the FHFA to review credit scoring alternatives; the FHFA currently uses FICO’s classic scoring model for loan applicants; the provision adds a new piece to the ongoing argument occurring between FICO and VantageScore; FICO and some lawmakers say the FHFA is already going through a review process for credit scores; the FHFA did ask for input on new scoring models in December and is working through the comment process. Source.
Amazon is I Talks with JPMorgan Chase to offer a co-branded Credit card for small business owners; the credit card would have rewards points for purchases and they would also look to add business insurance plans; this is first time Amazon will look to have a credit card specifically for small businesses. Source.
The finalists for LendIt Fintech’s 2018 startup competition have been released; BitButter, BlockFi, CreditStacks, Flowcast, Genivity, Narmi, Spacequant and Trusted Key will pitch in front of judges at LendIt Fintech 2018 on April 10 in San Francisco. Source
Revolut continues to add functionality to their accounts as they apply for their banking license; while Revolut customers have access to card payments, in Europe many utilities require that you pay phone and electricity bills with direct debits. Source
The Chinese online lender issued over $2 billion loans in the quarter to over 200,000 borrowers; this represented year over year growth of 95%; 2017 total originations were $6.3 billion across nearly 650,000 borrowers; Revenue in the fourth quarter was $280.5 million and net income was $69 million. Source
Savings rates at UK challenger banks are more than 1 percent higher than their high street counterparts; research by challenger Gatehouse Bank revealed the statistics; challenger banks and digital banks are still finding wide knowledge of open banking a challenge; “Sadly too many savers still opt for products from household names as they are unaware of the best buys that exist beyond the high street,“ said Charles Haresnape, CEO of Gatehouse Bank, to AltFi. Source.
Options Clearing Corporation has set a three year plan to put their business on a cloud based system; the reason for the move is concerns over cybersecurity; the company clears more than 460mn trades a month and has recently added cryptocurrency futures; cloud based servers are cheaper and more secure than in house IT systems. Source.