Many of the major US banks are now adopting digital strategies into their business; Lend Academy shares progress from JPMorgan, Bank of America, Wells Fargo, Citi and Goldman Sachs. 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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- Samsung And Ant Financial Eye AI With $40M Investment
- Jiko Raises $7.7m in Series A Funding
- Hong Kong, Singapore to Collaborate on DLT Trade Finance Platform
- Canadian Small Business Lender Lendified Secures $60 Million Credit Facility From ClearFlow
- Current Secures $5M in Series A Funding
- Homelyfe Raises £2.4M in Seed Funding
- M?kuSafe Raises $1.25m Convertible Funding Round
- SelfScore rebrands as Deserve, raises $12m funding
- Newable Business Finance partners with Open Risk Exchange
Mambu provides a cloud based service for traditional finance and fintech firms; they operate in 45 countries and launched in 2009; Crowdfund Insider interviews Co-Founder and CEO Eugene Danilkis to talk about the platform's progress. Source
The platform aims to provide a better process for both lenders and consumers; Fannie Mae is partnering with various fintechs including Yodlee, FormFree, and Plaid to help build out the platform’s features. Source
The latest securitization of Zopa loans priced tighter than last year’s; it was led by P2PGI and arranged by Deutsche Bank; the senior tranche was rated AA by Moody’s; Jaidev Janardana, Zopa’s CEO stated, “This is a further demonstration of investor and market confidence in our origination and underwriting capabilities. Our ability to originate high quality loans continues to make the Zopa investment asset a distinctive and attractive one to retail and institutional investors alike.” Source
Since launching BankMobile as a digital only bank in 2015 Customers Bancorp has seen the venture have some success but not yet reach profitability; after a deal with Flagship Community Bank for BankMobile fell through they are now looking to spin the business off; American Banker interviewed Luvleen Sidhu, BankMobiles’ President, about the spinoff deal and the future of the firm; topics discussed include why they chose a spinoff strategy, the future of the leadership, profitability and potential future ventures. Source.
Personal credit and financial management firm Credit Sesame raised $42mn in equity and venture debt; investors include Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital and SF Capital; the capital will be used for growth, hiring, customer acquisition and to build out their machine learning technologies. Source.
FT Alphaville takes a close look at some of the findings from the Financial Conduct Authority report on their regulatory sandbox; the positives include weeding out the more risky ideas and that 41 of 146 applicants were able to make it through the testing phase; the negatives include distributed ledger technology that shows some of the testing is on too small a scale to really understand whether or not it would actually work. Source.
Jianpu Technology, a subsidiary of Rong360, has filed for a $200mn IPO in the US; Goldman Sachs, Morgan Stanley and JP Morgan are bookrunners for the deal; Jianpu is an open recommendation platform for loan and credit card applications; the company has seen revenue jump 112 percent from 2015 to 2016 and thus far in the first six months of 2017 revenue has jumped 170 percent year on year. Source.
Lending Club has closed five of its investment funds under LC Advisors; the loans have been sold off to various buyers and the company has rebranded its investment management business to LendingClub Asset Management. Source