American Banker has put together a slideshow describing the various ways AI...
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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The online lender is now able to originate mortgages in 27 states, with hopes of expanding to all 50 soon; included in their announcement about the New York license was overall originations reached $1 billion in December, $100 million of which were mortgages; SoFi Chief Revenue Officer Michael Tannenbaum said, "The plan is to continue to roll out a state licensing strategy, our licensing strategy mirrored places where there were large jumbo balances."; SoFi also believes their cross buying strategy and the $1 billion infusion from SoftBank has helped them weather the storm of the last year; in a separate announcement, the online lender has moved their office to 860 Washington Street in New York's Meatpacking District. Source
There has been a number of news items in recent weeks about how difficult it is for banks and fintech companies to work together; banks tend to be more intrusive and fintechs come with a significant culture shift; one thing has become clear and that is the benefits outweigh the hassle; banks and fintech companies benefit greatly from partnering and customers clearly when they do. Source.
Here are the most read news stories from our daily newsletter today:...
Ram Ahluwalia is the CEO and co-founder of PeerIQ, a leading data...
AutoGravity has launched a new mobile financing app; the app allows consumers in California to choose a car and receive four financing options through the mobile app; the buyer can arrange all of the pre-sale details through the mobile app making the completion of the deal at the dealership fast and convenient. Source
Amazon is speaking with the Bengaluru-based company; the company is focused on small businesses but is also looking to lend to consumers on Amazon’s platform; According to sources Amazon may invest $5-10 million; Capital Float recently raised $45 million in a Series C; Amazon has recently done other deals with fintech companies in India. Source
Landbay, UK Bond Network, Downing and Peer Funding will use Goji to offer investments in Innovative Finance ISAs (IFISA) in the UK; the offerings are anticipated to launch before the tax deadline; Jake Wombwell-Povey, Goji co-founder and chief executive officer, said: "We're signing up an increasing number of platforms who are keen to offer their investors a best of breed IFISA service. There is a great deal of complexity in bringing the IFISA to market and we are focused on ensuring that it is as easy as possible for investors to access this new opportunity to drive returns. Interest in this new and attractive investment vehicle is not surprising given the low yields available on traditional fixed income and savings and increasing inflation." Source
Simility, a machine learning adaptive fraud prevention product, raised $17.5mn from PayPal, The Valley Fund and Trinity Ventures; the company helps to prevent fraud and abuse in real time using machine learning and big data analytics; Rahul Pangam, Co-Founder and CEO of Simility, tells Crowdfund Insider, “Digital disruption in the financial and commerce sectors has resulted in the need for a fraud and risk management solution that goes beyond legacy.”; the company plans to build out data science teams and continue expanding globally. Source.
Community banks have found it increasingly hard to fight the growing fraud...