PayPal’s CEO Dan Schulman has written an article in the Wall Street Journal; he believes that while technology generally has improved the lives of many, the potential of applying technology to expanding financial services is still unrealized; most people manage their money the same way they did years ago and fees paid by Americans still total $170 billion every year; Schulman believes that collaboration is key to achieving universal financial health. 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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Peter Renton shares returns from his marketplace lending portfolio as of Q3 2017; overall returns for Renton’s portfolio was 6.64%; declining performance in the portfolio is primarily due to LendingClub loans; new additions to his portfolio for the quarter include AlphaFlow, Money360 and YieldStreet. Source
Last night Congress finally passed a new round of stimulus funding. The...
Stash is fresh off a $37mn series D that will see the company double in size and expand into other banking products; the company helps customers invest on behalf of their kids; the typical Stash customer is 29 and makes $50k a year, they help them get more control of their financial lives and invest; “We offer education for these users to help them build the right financial habits from day one, and that doesn’t just stop at investing,” said founder and president Ed Robinson to TearSheet. “Our mission is to help our users throughout their whole financial lives.” Source.
A new report titled “Whose Customer are you? The reality of digital...
Natwest rolls out Esme loans to SME customers ScaleFactor secures $30m funding...
Not surprisingly, Citibank saw an increase of digital banking channels through Q1...
Chris Skinner explores quantum computing in a recent blog post; recently scientists found a quantum computer to be 100 million times faster than conventional computers; quantum internet will also have a big impact as it uses quantum signals instead of radiowaves to transmit information; Skinner writes that, “This is important in banking because it could displace blockchain, ledger and digital identity developments within a decade. This is because the quantum internet would excel at sending information securely through what is known as quantum encryption.” Source
Parasail Health has built a lending platform to support loans for healthcare expenses; firm has partnered with healthcare companies to provide alternative payment options for healthcare needs; Parasail currently has contracts with over 700 providers and has built integration capabilities for approximately 15 channel partners; offers loans and simplified payment processing for a range of healthcare expenses. Source
The marketplace lending industry's first peer-to-peer lender has created a waiting list for new investors and is currently only accepting funds from existing investors; the investor waiting list began on March 9 and follows the previous halting of new money from all investors on its platform in December; the waiting list is another effort to keep processing times down; demand for loans on the platform was higher in February as more investors identified the loan investments for their high yields among other regional alternatives; Zopa has reported plans for expansion to secured car loans and is also continuing with its plans for launching a digital bank. Source