Elevate's Center for the New Middle Class has released a study showing subprime consumers are limited in their ability to utilize credit balances or borrow from their social networks; the Center's study reports 70% of nonprime Americans couldn't cover an urgent expense of $500 or more with their savings and 64% wouldn't be able to borrow from friends and family; the Center's study amplifies the need for solutions targeting nonprime borrowers; Elevate's Center for the New Middle Class is currently undergoing research efforts to support nonprime credit access and personal financial management efficiencies. Source
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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OnFido was founded by three Oxford grads who are all under 30; Microsoft’s venture capital arm participated in the Series C round; other participants included Crane Venture Partners, Salesforce Ventures and other existing investors; in total the company has raised over $60 million for their product that uses machine learning to verify identity. Source
Zopa, the industry's first P2P lender, has reached a new milestone, originating over 2 billion British pounds ($2.5 billion) in loans since 2005; according to Zopa the firm has originated 300,000 loans from 246,000 borrowers and has 75,000 investors; in the UK, Funding Circle is also close to reaching the 2 billion British pound mark with cumulative loan originations of 1.92 billion British pounds ($2.40 billion) since its launch in 2010. Source
Firm offers online mortgage loan comparisons and facilitates mortgage loan services through its platform; firm has been in business for nine months with mortgage loans of 50 million British pounds ($62.17 million); the new funding was provided by Ribbit Capital and Mosaic Ventures; firm says it will use the funds to expand its products and engineering team. Source
Newly launched marketplace lender Float is using alternative credit scoring to reach a target market of credit averse borrowers; the firm is seeking to provide credit to millennial borrowers with limited credit history; offering a digital lending solution for balancing customers' finances; the firm offers credit lines ranging from $50 to $1,000 and instead of pulling traditional credit reports for credit underwriting, the firm bases its approval decision from access to a customer's bank account transactions. Source