Citigroup will provide funding for mortgages which will eventually be securitized and sold; the terms of the deal were not disclosed; LendInvest has continued to grow loan volumes with 2017 volume at 500 million pounds. 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.
To join our newsletter community please subscribe here.
International money transfer firm TransferWise announced a $280mn series E raise; investors in the round include Old Mutual Global Investors, IVP, Sapphire Ventures, Mitsui & Co., Andreessen Horowitz, Baillie Gifford and Richard Branson; they plan to use the funds for expansion to the Asia Pacific region by having a full set of products available in India and opening offices in Tokyo and Sydney. Source.
During the week I share the latest marketplace lending news on Twitter...
- International P2P Lending Volumes October 2017
- CFX Markets Raises $2.17M Seed/Series A Funding
- German mobile challenger bank N26 expands to UK
- MoneyLion Takes on America’s Savings Crisis with the Launch of MoneyLion Plus
- BBVA Compass mobile app deemed a leader by Javelin Strategy & Research for its ease of use
- ReliaMax Selected to Service and Insure MetaBank’s Additional $73 Million Private Student Loan Portfolio
- IDG Capital, CreditEase help retail investors tap new economy
- China's Hexindai says strict credit risk practices to drive growth
- Wealthfront set to be the first robo to offer its own mutual fund
- One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week
- Digital Lending Innovation Starts with the Simple Things, Bank of America Says
- ArchOver surpasses £50 million lending milestone
- Goldman Sachs plans rebranding of online consumer bank
- Jan Hammer, partner at Europe's most active fintech investor Index Ventures, wouldn't rule out investing in Initial Coin Offerings (ICOs)
- Could the rate rise boost returns for peer-to-peer lender Zopa?
In their weekly update PeerIQ covers the Trump tax plan, the recent Transunion consumer lending report and marketplace lending securitization news; the Transunion report shows that fintech companies have originated 30 percent of unsecured consumer loans in 2016; Darien Rowayton Bank and SoFi filed securitization deals; PeerIQ also took a closer look at SoFi’s SCLP 2017-6 deal which was the largest on SoFi’s shelf so far. Source.
There has been a lot of bad news for fintech firms when it comes to diversity in the workplace and now a new census from Australia shows that this issue is worldwide; 75 percent of fintech employees are male according to the EY; while speaking at a fintech event Lynda Coker, Founder of CreateCultivate, pointed to some key ideas which could help increase hiring of women and diversify the workplace. Source.
Community banks feel the pressure from fintech companies and big banks as technology is changing the way banks operate; a recent SourceMedia survey of 304 chief information officers of banks, credit unions and other financial services firms says 70 percent plan to invest more in technology in the near term; they are digitizing lending, making document collection easier, investing in mobile app technology and more. Source.
Simon Champ is a pioneer in the lending space creating the first publicly traded investment vehicle; P2PGI launched in may of 2014 in a £200 million IPO and they have now raised a total of £900 million; Champ shares how he first became interested in this space and how much the industry has changed since the fund first launched. Source
After being ordered to shut down by regulators China’s bitcoin exchanges are pivoting to the over the counter market; OKEx and Huobi Pro announced they will introduce P2P trading that supports fiat currencies according to CoinDesk; Huobi Pro might also look to expand overseas. Source.
Square CEO Jack Dorsey tells Fast Company that they are moving full speed ahead with their banking license; Dorsey was recently in New York to unveil Square Register, a hardware device; the company has been lending to merchants since 2014; SoFi recently withdrew their banking application following the scandal surrounding Mike Cagney; a timeline for the application is not known. Source