The blog post comes from Chris Burniske who shares the early days of cryptoasset valuation, theory behind cryptoasset valuations and valuing a bandwidth token: INET. Source
Author and fintech expert Chris Skinner discusses the impact of fintech companies on banking services; the idea of free banking will essentially be gone as fintech companies are able to focus on transactional services the banks once dominated; he calls this the democratization of finance and it will help to bring more transparency to banking overall. Source.
Peter Ryan of the software provider Temenos believes PSD2 has the potential to offer banks the personal touch they have lost; allowing consumers to share their data via APIs can allow banks to learn more about their customers and offer tailored products; while some banks have been proactive there is a fair share of the market who fear open banking; better understanding of the potential in PSD2 will help banks embrace what’s ahead. Source.
There have been many recent launches of digital banks which was a result of regulatory changes in the UK; Metro Bank was the first having launched in 2010, but there are many new names since then; article highlights founders and investors in the space including Eileen Burbidge (Monzo), Sanjeev Gupta (Wyelands Bank), Jonathan Rowland (Redwood Bank), Nick Ogden (ClearBank) and the Pears family (Masthaven Bank). Source
This month the CFPB announced a new rule aimed at payday lenders to prevent debt traps; Lend Academy outlines the new rules put in place and shares perspectives from several organizations in the short term loan space. Source
Building off of the $70mn funding round from the summer Betterment is now reportedly worth $1bn; the $1bn mark is significant as it denotes that a company is considered a unicorn; the valuation makes Betterment the first robo advisor to reach unicorn status; the company currently has over $11bn in assets under management. Source.
The article aims to answer whether big banks are still interested enough in potential mortgage loan customers to repeatedly follow-up and whether marketshare has anything to do with follow-ups; author applied for home loans with nine different lenders and shares data on their follow-ups over a two week period; Quicken, Citigroup and loanDepot round out the top three for total number of follow-ups. Source
PayKey, a mobile banking fintech, raised a $10mn series B round led by MizMaa; other investors include SBI Group, Digital Ventures, SixThirty, Fintech71 and The FinLab; the company plans to use the funds for global expansions and further product development; PayKey has a mobile banking keyboard that allows users to complete actions without opening the specific bank app. Source.
- Lendio Joins Innovative Lending Platform Association
- SoFi Launches Student Loan Refinancing for Medical Residents
- Chinese Search Giant Baidu Joins Hyperledger Blockchain Consortium
- First Associates Receives FCA Authorization to Service Loans in the United Kingdom
- Lendy has repaid £100m to investors this year
- Great Expectations - Improving the Loan Application Process for Small Business Borrowers (Fundera & Oliver Wyman
Clearbanc provides revenue-based financing to online businesses; a new program launched with Facebook will give Facebook’s 5 million merchants in Canada and the US access to $500,000 in financing; advertisers who have been working with Facebook for 6 months and have positive economics on ad spends will be able to apply through Clearbanc’s Chrged program and connect their Facebook Ad account. Source