Renren, a publicly listed company in the US operates a social media platform in China but has also made several fintech investments; investments include LendingHome, Fundrise, Motif Investing as well as a significant stake in SoFi; a year ago Renren announced plans to spin off its minority venture stakes into a new subsidiary; under the plan retail investors would receive a cash payout, losing their exposure to SoFi; Ryan Roberts, director at MCM Partners stated in the Forbes article, “It certainly looks like Joe Chen is trying to strip the best assets from Renren, particularly SoFi. SoFi is basically the entire value of the company right now, the core business has really deteriorated.” Source
Yodlee, a unit within Envestnet, has come under fire in recent days for their data sharing practices; Senators Ron Wyden,...
Starling Bank Ltd. is weighing plans for a fresh funding round that could value the U.K. challenger at around 2.5 billion pounds ($3.4 billion), according to people familiar with the matter.
Goldman Sachs has been offering more products to a wider range of consumers; this started with the acquisition of the online deposit platform of GE Capital; the firm is competing aggressively on their deposit rates to grow this base; in 2016 they launched Marcus, their online lending platform, and now have a new lending product called GS Select; product offers loans backed by investment portfolios for individuals that have a Fidelity financial adviser. Source
Pagaya is an asset manager based in New York; they announced that they have received $75 million in debt financing from Citi; the funds will be used for its Opportunity Fund to invest in loans by online lenders such as Prosper and LendingClub; the company uses machine learning to determine loans worthy of investment. Source
Argent is officially launching its Layer 2 solution. The company is choosing zkSync as its Layer 2 scaling implementation. It is supposed to offer cheaper and faster transactions without any compromise on security.
A major fintech startup exec is being minted into NYC’s latest VC Discover takes new approach to fraud as coronavirus...
Rep. Maxine Waters has formally shifted the negotiation until after the summer congressional recess, she said in a statement.
One of the most innovative community banks is now doing its part to help customers a better handle the current...
Buy now, pay later titan Klarna announced Tuesday it had closed on a deal to acquire the price comparison platform PriceRunner.