The CEO of LendUp talks about short term lending and the changes...
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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Ron Suber has invested in online commercial lending platform Money360 and will also join the firm as a strategic advisor; Money360 has been growing fast and estimates loan originations will exceed $500 million by 2017; the investment will add to Ron Suber's fintech portfolio which he is managing from a family office; his equity investment follows positive returns from loan investments on the platform. Source
Like a majority of companies, OakNorth is taking a fresh look at...
Peter gives a recap of activity in 2016 which included issues across most all of the largest firms and reported many small firm closings with the launch of Marcus by Goldman Sachs changing market competition; compared to 2016, 2017 appears much better with equity investments already surpassing 2016 totals and many new startups launching lending platforms; overall, Peter says the industry is recovering but not recovered and notes that returns are dropping. Source
Economist Arnold Kling proposed a national overdraft plan as an alternative to...
Lending Club's chief technology officer, John MacIlwaine, has resigned and will pursue another opportunity; the firm will conduct a search for a new chief technology officer and has appointed the senior vice president for technology to oversee the business; MacIlwaine had been with Lending Club since 2012 and has extensive experience in executive management roles overseeing financial technology platforms. Source
With open banking starting last week in the UK, we might soon see a global push as Hong Kong is looking to explore the idea; the CFPB in the US recently came out with data sharing guidelines that look to begin creating a framework for future legislation; there is not yet the expectation that Hong Kong will adopt such regulations but they did ask for banks and fintechs to weigh in on the open API framework; the FT also sits down with former Barclays CEO Antony Jenkins to further discuss open banking and what it could mean for all participants. Source.
The company may go public as soon as late autumn; sources state that the company will exceed a £1 billion valuation; investment banks are expected to be in place by spring; Funding Circle would be the first p2p lender in the UK to go public. Source
P2P-Banking reports that the bank ING Diba has acquired the marketplace lender Lendico; the company had challenges in Germany where it is based and also had shifted from consumer to SME Lending. Source
10x Future Technologies will soon announce a new funding round of over $40mn from China's Ping An and global consulting firm Oliver Wyman; the funds, according to Banking Technology, will help to speed up technology development and expand the company into Asia. Source.