OnDeck released their third quarter financial results today; originations were up 14% from the previous quarter to $531 million; firm plans for GAAP profitability in the fourth quarter and hinted at a new bank partnership for 2018. 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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Tearsheet explores the trend of sub-branding offerings by banks including Goldman’s Marcus, JPMorgan Chase’s Finn and Wells Fargo’s Greenhouse. Source
Recent IPO filings by some Chinese unicorns has revealed companies who misrepresented the amount they raised in venture funding; Jianpu Technology is reported to have inflated their capital raising's and Qudian is under pressure for potentially disclosing incorrect bad-loan ratios; Chinese regulators have begun looking more closely at consumer lenders and the recent surge in potential IPOs might take a hit with the bad news trend. Source.
- JD Finance Announces JD Financial Cloud“Fintech as a Service” to empower financial institutions with enhanced precision marketing and risk management capabilities
- LendKey Forms Partnership with Allied Solutions to Offer Digital Lending & Loan Participation Solutions for Financial Institutions
- China, Australia sign agreement to share fintech information
- AI-driven finance app Douugh partners Choice Financial for checking account
The FIBC was founded in 2012 and holds a conference in Japan; Applications for their FinPitch competition are now open; event will include pitches from 30 organizations to a global audience; the event takes place on March 2, 2018 in Tokyo. Source
CommLoan is a Arizona based commercial real estate platform; its platform dubbed CUPID matches borrowers with hundreds of lenders; CommLoan has more than 440 lenders and 100,000 loan programs on its platform; borrowers use the platform for everything from multi-tenant housing to large industrial complexes. Source
Reality Shares Advisors and Amplify Trust ETF have both files with the SEC to create blockchain related vehicles; the applications are not yet complete and the SEC must rule on both before they are permitted to go ahead; CoinDesk reports that both companies will focus on companies with market capitalizations above $200mn with a six month daily trading average of $1mn. Source.
UK based banking app Revolut has decided to build their own in-house processor after their provider experienced a number of outages; Revolut follows fellow banking app Monzo in making the move to an in-house processor because of outages; GPS, the processor, serves a number of fintech companies and digital banking apps. Source.
Hexindai, a Chinese fintech company listed on the Nasdaq last Friday; according to the article Chinese firms are getting pressure from investors who want to cash out; tightening regulations are also a factor; Qudian, another firm went public last month and Rong360 may be the next Chinese fintech company to go public; Oliver Wyman reports that the market size for consumer lending will expand to $620 billion by 2020 with a compound annual growth rate of 49%. Source
Yixin Group Ltd., a Chinese online car lender, filed for a Hong Kong IPO looking to raise $900mn; the deal could value the fintech company at $6.5bn if shares price on the higher end; Yixin Group Ltd. is a unit of NY listed Bitauto and is backed by Baidu Inc., Tencent Holdings Ltd. and JD.com Inc. Source.