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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.

To join our newsletter community please subscribe here.

News Roundup Online Lending

·Mar. 16, 2017

Breaking Banks Reports on Innovations in Lending at LendIt 2017

Brett King interviewed Antony Jenkins for a LendIt USA 2017 keynote presentation titled, "The End of the Beginning: Accelerating Transformation in Financial Services"; King also talked with a number of conference participants in a Breaking Banks podcast titled, "Innovations in Lending at LendIt 2017"; the podcast provides insight from Brock Blake of Lendio, Christoph Rieche of iwoca, Ohad Samet from TrueAccord, Peter Renton from LendIt, John Owens and Emmanuel Daniel of The Asian Banker. Source

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News Roundup Online Lending

·Mar. 16, 2017

Scott Sanborn on LendIt USA

Scott Sanborn gave a recap of his LendIt USA 2017 keynote presentation and reiterated his excitement and positive outlook for the marketplace lending industry in a blog post; Sanborn identified three key areas of importance: evolving the customer experience, unleashing the platform potential and amplifying core innovations; with a focus on these three things Lending Club plans to see more borrowers and investors as well as a number of new and innovative partnerships fueling its future business growth. Source

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News Roundup Online Lending USA

·Mar. 16, 2017

Whitepages Pro Offering Identity Verification Services for Online Lenders

The service from Whitepages Pro can add another layer to identity verification for online lenders; it provides lenders with analysis of a potential borrower's associated phone number, email, mailing address and business name; Whitepages CEO Rob Eleveld says the service gives lenders a broad profile of the borrower which in most cases is difficult to fraudulently create; it can also be accessed through APIs which makes connecting to the service easy for lenders. Source

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News Roundup Online Lending Real Estate USA

·Mar. 16, 2017

Forbes Talks with Matt Humphrey at LendIt USA about LendingHome’s New Consumer Loans

LendingHome was founded in 2013 and is the second startup business founded by Matt Humphrey; the firm announced its new consumer loan mortgage product at LendIt USA 2017; since its initial launch, the business has originated over $1 billion in mortgage loans with a focus specifically on fix and flip property owners; the new product will expand the capabilities of the firm's technology by offering consumer mortgage loans to first time homebuyers; the product expansion is a natural extension of the business and talking with Forbes, Humphrey says it has been a part of the firm's plan since founding the company. Source

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News Roundup Online Lending USA

·Mar. 16, 2017

Federal Reserve Increases Federal Funds Rate

The Federal Reserve increased its federal funds rate by 0.25% following its March Federal Open Market Committee meeting; the rate is now at 0.75% to 1.00%; the Fed also alluded to plans for two more rate increases in 2017. Source

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Europe Fintech News Roundup

·Mar. 16, 2017

Growth Plans for Digital Bank Monzo

UK digital bank startup Monzo has listed a new crowdfunding campaign on Crowdcube and is seeking to raise 2.5 million British pounds ($3.09 million) as part of a broader fundraising for a total of 22 million British pounds ($27.18 million); Business Insider provides details on growth plans outlined in the crowdfunding campaign; Monzo is currently showing a seven year plan to an initial public offering which will include an estimated 75 million British pounds ($92.67 million) in new capital in the next five years; Monzo says it will raise capital again in May 2018 and it expects to report a profit after 2020; the firm has been granted a banking license and will begin offering deposit accounts as well as overdraft lending which it expects to help improve profitability. Source

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News Roundup Online Lending

·Mar. 16, 2017

Biz2Credit’s February Small Business Lending Index Report

Big banks reported their seventh consecutive month of increased approval rates at 24.1%; small bank lending approvals decreased in February to 48.8% from 48.9%; institutional lending approvals reached a new high of 63.5%; the approval rate for credit unions remained at 40.8%; the loan approval rate for alternative lenders decreased to 58.4% from 58.5% in January and has been trending lower over the past twelve months with February 2016 reporting an approval rate of 60.8%. Source

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News Roundup Online Lending

·Mar. 16, 2017

Orchard on Q4 2016 Originations

Orchard provides insight on its Q4 2016 originations report which shows total originations of $2.1 billion; data for the Orchard report only includes originators on the platforms that have allowed their data to be shared publicly; from the report, Orchard shows an increase of 10% in originations from the previous quarter which is the first increase since Q4 2015; charge-offs appear to be trending slightly higher in 2014 and 2015 than in previous years which is likely a factor of the entrance of more subprime lenders and could also be the result of broadening credit models; the data also shows borrowing rates trending lower; a breakdown of interest rates by FICO and interest rates by loan size is also provided. Source

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Asia/Pac News Roundup Online Lending

·Mar. 16, 2017

Yirendai Appoints Dr. Yichuan Pei as Chief Credit Officer

Yirendai announced the appointment of Dr. Yichuan Pei as chief credit officer; Dr. Pei was recently vice general manager of Ping An Bank in Shanghai; "Dr. Yichuan Pei is a highly regarded credit expert with extensive experience in the financial industry. We warmly welcome him to join our senior management team. With Dr. Pei assuming his roles as chief credit officer, we are very confident to further enhance our market leading capabilities of credit underwriting and risk management," said Ms. Yihan Fang, chief executive officer of Yirendai. Source

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Asia/Pac Fintech News Roundup

·Mar. 16, 2017

CreditEase Fintech Fund Announces New Fintech Investments

CreditEase Fintech Investment Fund (CEFIF) announced three investments in new fintech companies at LendIt USA 2017; the investments were a series C round in Trumid, an electronic trading platform for the bond market, series B round in WeConvene, an online corporate access management ERP provider for capital markets, and a seed round in WorldCover, an innovative peer-to-peer insurance network; Anju Patwardhan, senior partner of CEFIF, said: "We believe the Chinese fintech market will continue to grow in 2017 and beyond, as many three to five year-old companies have grown into large-scale operations. We expect many of these to mature into high-quality, mid-to-late stage companies." Source

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