Anthony Noto was interviewed on his first day at SoFi; Noto shared that before he makes any changes at SoFi he wants to understand how various leaders are thinking about opportunities and risks; he also touched on corporate culture and strategic focuses in the interview; when asked about a potential IPO Noto said, “We don’t have any specific timetable or commitment to do that, but it something that we think could be possible down the road.”; American Banker also reported that SoFi’s wealth management business has $44.7 million of assets under management across 10,000 accounts. 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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Money360 is a marketplace lender for commercial real estate; in Q2 the company closed $143 million in loans making Q2 the company's largest quarter; to date the company has closed $350 million in loans and expects to surpass the $500 million mark by the end of the year; the press release provides further information about the deals closed. Source
dv01, a company which specializes in reporting and analytics in the marketplace lending industry, has announced an integration with Intex Solutions; Intex is a provider of structured fixed income cash flow models; Intex and dv01 clients will now be able to run cash flows by importing pools of loans from dv01 into Intex's application; according to dv01 CEO Perry Rahbar, "Intex is the leader for cashflows in the structured credit markets, and the completion of this integration brings immediate value to our clients by simplifying and expediting their workflows." Source
Patrick McHenry is working with a Senate Democrat on a bill for fintech beta testing; he introduced the Financial Innovation Act in the House of Representatives in 2016 which did not advance; the Financial Innovation Act included the creation of innovation offices with 12 regulatory agencies; he says the 2017 version of the act will include "significant changes and revisions"; he plans to introduce the new bill in two months. Source
In October, CFPB Director Richard Cordray warned banks not to limit access to financial data by third parties working on behalf of the customer; now the bureau he leads is opening an inquiry into a data sharing dispute between banks and fintech companies; the inquiry is focused on consumer choice, security and control; the CFPB believes this will help banks and fintech companies better understand what the customer needs, how to accurately give the customer choice and security, and who ultimately owns the customer's data. Source
Fundrise began its crowdfunded initial public offering (IPO) on February 1; the investment has been oversubscribed and the company has paused the offering due to high demand; it has reported it will increase the available shares to three million from two million; in an updated offering circular the firm says it will offer three million shares at a price of $5.00 which brings the total expected fundraising to $15 million. Source
Last week there was a call from 40 consumer advocacy groups that...
In a move that goes counter to the current regulatory trend the Taiwanese government has taken a positive approach to the new cryptocurrency market; "Just because China and South Korea are banning, doesn't mean that Taiwan should follow suit – there is a huge opportunity for growth in the future,” explained Wellington Koo, Chairman of Taiwan's Financial Supervisory Commission. Source.
Global wealth managers have been increasingly partnering with fintech companies to provide their customers with new digital wealth management solutions; the Morgan Stanley Addepar partnership is one of the market's most recent deals involving new digital wealth management services; the chart below provides insight on some of the leading factors involved in digital wealth management strategies for global wealth managers; the ability to increase access and collaboration potential with clients and experts is one of the market's top factors. Source
On May 12 BMO closed their first home equity line of credit...