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
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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With open banking set to go live in Europe next month US banks will be keeping a close eye on how the process works; US banks have started to share data with fintechs through different partnerships for different reasons; the time is coming where the industry will have to look at open banking as a regulatory standard and some think the banks should really be the ones to set the parameters; coming up with a potential global set of standards is something that could really benefit all parties involved; “You need to globalize that at consistency so you don’t have different standards for each country in Asia, for example,” said Cynthia Murray, a managing director at Bank of America, to TearSheet. Source.
Income& has developed a new real estate investment product, the Prime-Rated Individual Mortgage-Backed Obligation (PRIMO) and is one of LendIt's finalists for the 2017 Emerging Real Estate Platform award; the product allows investors to invest in secured mortgage loans and targets yields of 6% or more; it is open for investment to accredited investors and investment advisers and the firm also has plans to offer the product to all investors. Source
US banks closed more than 2,000 bank branches in 2017, an 18 percent increase form the year earlier; Wells Fargo is one of the leading banks as they closed 194 branches and plan to close more than 800 more by 2020; other banks like Citizens Financial is reducing square footage at branches but not closing as many; Banking Technology lists the top 10 banks by branch closures. Source.
Extend’s Andrew Jamison: ‘There’s a broad disconnect between what happened in ERP...
TechCrunch reports on metrics provided by N26; the digital bank currently boasts...
Moven has agreed to extend its exclusivity rights with TD Bank in Canada for another five years and broaden the agreement to the US; the exclusivity rights in the US are likely to result in a US launch of the partnership's money management tool, the MySpend app, which allows users to track spending and receive notifications; expansion of the white label app from Brett King's Moven is expected to add significant value for the fintech firm. Source
Marketplace lending loan servicer First Associates has announced the opening of a new operations center; the operations center is located in Baja California, Mexico with capacity for 1,000 seats; in comments regarding the announcement, First Associates CEO David Johnson said: "We couldn’t be more excited about our new Baja facility. We are able to deliver the same outstanding quality and service as our San Diego operations center, offer an economically advantageous option to our clients and provide significant opportunities in a developing business community that is an important part of the greater San Diego/Tijuana metro area." Source
We lead off this week with a big M&A deal with MoneyLion...
Robinhood has launched a new featured called profiles, which allows users to...