Alternative credit bureau, FactorTrust has partnered with Armada in an effort to provide lenders and borrowers with more comprehensive credit underwriting; Armada develops customized software solutions for loan origination and loan management systems; its lending technology solutions will utilize alternative credit data provided by FactorTrust; according to Armada Labs Chairman and Managing Partner Ralph Ayala, "The integration of the two business systems means minimal to no lead time for clients wanting to use alternative credit data in their loan systems, and eliminates any development work on the customer's end, getting them online more quickly." Source
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
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After a yearlong battle trying to convince US regulators about their acquisition of MoneyGram, Alibaba’s Ant Financial called off the deal; having a significant presence in the US is the one area that Alibaba head Jack Ma has yet to succeed; the $1.2bn deal would have helped to establish their Alipay product immediately; this looks to potentially ratchet up trade issues between the two countries as the new administration has taken an aggressive stance towards China. Source.
The Digital Dollar Project is a group headed by Christopher Giancarlo, the...
Faircent has released a market report on P2P lending in India; report says Faircent, India's largest P2P lender, had funding of over Rs 1 crore ($150,000) in August 2016 and has been growing originations at a 15% to 20% monthly rate; report also provides insight on the platform's borrowers; in India, P2P platforms continue to await guidelines from the government which are expected to help improve business efficiency. Source
Karun Thareja, Faircent's chief marketing officer, talks about the firm's business model and technology; the firm is one of the largest peer-to-peer consumer lenders in India and offers its investors annual returns ranging to 20%; it has built a comprehensive loan operating system with integrated client relationship management technology and lead generation channels; recently it has been focused on client acquisition through Facebook which it has integrated with its platform for customer communication. Source
Now, that Labor Day is behind us, the kids are back in...
The credit card business used to be much more profitable for banks;...
Beyond Blend more suppliers could be coming soon such as Roostify, BankVOD, LendSnap and Quovo; FinLocker, Plaid and PointServ are also currently running pilots with Fannie Mae; Only Blend, Finicity and FormFree are approved suppliers while there are more than 40 approved vendors; there are 20 approved vendors of income and employment validation reports, but only DataVerify and Equifax are approved suppliers of these reports. Source
Timothy Mayopoulos is the most recent example of a high profile executive...