Simon Champ is a pioneer in the lending space creating the first publicly traded investment vehicle; P2PGI launched in may of 2014 in a £200 million IPO and they have now raised a total of £900 million; Champ shares how he first became interested in this space and how much the industry has changed since the fund first launched. Source
Community banks feel the pressure from fintech companies and big banks as technology is changing the way banks operate; a recent SourceMedia survey of 304 chief information officers of banks, credit unions and other financial services firms says 70 percent plan to invest more in technology in the near term; they are digitizing lending, making document collection easier, investing in mobile app technology and more. Source.
There has been a lot of bad news for fintech firms when it comes to diversity in the workplace and now a new census from Australia shows that this issue is worldwide; 75 percent of fintech employees are male according to the EY; while speaking at a fintech event Lynda Coker, Founder of CreateCultivate, pointed to some key ideas which could help increase hiring of women and diversify the workplace. Source.
In their weekly update PeerIQ covers the Trump tax plan, the recent Transunion consumer lending report and marketplace lending securitization news; the Transunion report shows that fintech companies have originated 30 percent of unsecured consumer loans in 2016; Darien Rowayton Bank and SoFi filed securitization deals; PeerIQ also took a closer look at SoFi’s SCLP 2017-6 deal which was the largest on SoFi’s shelf so far. Source.
- International P2P Lending Volumes October 2017
- CFX Markets Raises $2.17M Seed/Series A Funding
- German mobile challenger bank N26 expands to UK
- MoneyLion Takes on America’s Savings Crisis with the Launch of MoneyLion Plus
- BBVA Compass mobile app deemed a leader by Javelin Strategy & Research for its ease of use
- ReliaMax Selected to Service and Insure MetaBank’s Additional $73 Million Private Student Loan Portfolio
- IDG Capital, CreditEase help retail investors tap new economy
- China's Hexindai says strict credit risk practices to drive growth
- Wealthfront set to be the first robo to offer its own mutual fund
- One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week
- Digital Lending Innovation Starts with the Simple Things, Bank of America Says
- ArchOver surpasses £50 million lending milestone
- Goldman Sachs plans rebranding of online consumer bank
- Jan Hammer, partner at Europe's most active fintech investor Index Ventures, wouldn't rule out investing in Initial Coin Offerings (ICOs)
- Could the rate rise boost returns for peer-to-peer lender Zopa?
International money transfer firm TransferWise announced a $280mn series E raise; investors in the round include Old Mutual Global Investors, IVP, Sapphire Ventures, Mitsui & Co., Andreessen Horowitz, Baillie Gifford and Richard Branson; they plan to use the funds for expansion to the Asia Pacific region by having a full set of products available in India and opening offices in Tokyo and Sydney. Source.
Citigroup will provide funding for mortgages which will eventually be securitized and sold; the terms of the deal were not disclosed; LendInvest has continued to grow loan volumes with 2017 volume at 500 million pounds. Source
Volkswagen is preparing an application for a UK banking license so they can continue car financing after the UK leaves the EU; the move will help the company be prepared as negotiations for Brexit continue; they currently are able to offer loans by passporting their license in Germany to the UK, but with Brexit occurring those rules might change; their loan book in the UK is $19.6bn and if they were to open a retail bank they anticipate about 10 percent of funding to be customer deposits. Source.
loanDepot is the second largest non-bank consumer lender; OfferPad purchases homes from homeowners, allowing them to sell their house easily; the JV called OfferPad Home Loans is a stand-alone mortgage broker where loanDepot will act as the wholesale lender; OfferPad will be using loanDepot’s platform called Mello to provide the bridge financing. Source
The Global Digital Asset Exchange or GDAX is looking to list initial coin offerings that have thus far shown some level of success; the exchange has started too come under pressure to increase listings as investor interest in ICOs continues to stay red hot; as they try to meet demand they also want to be sure to not list too many and end up having startups that don’t deliver; GDAX is looking for track record of success, real world implementation and helps to create an open financial system. Source.