Marcus by Goldman Sachs announced it had bought PFM app Clarity Money, their 16th fintech acquisition in the past three years; the company is looking to create a digital storefront for the Marcus brand; Marcus believes the acquisition will help it to give them a competitive advantage and build revenue. 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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Writing in Forbes Alex Lazarow of Cathay Innovation discusses the challenges of...
Another busy week in fintech news with a lot of digital asset stories making our top 10.
Only 25 percent of the Chinese population is considered to have a traditional credit score; for non bank lenders gathering alternative data like transactions and social media has helped them to identify potential borrowers who the banks will not serve; Ant Financial has built out Sesame Credit who gathers this type of data and other online lenders have also begun using different data pieces to assess risk. Source.
LendingRobot is planning to offer its clients a new marketplace lending credit fund with blockchain automated fund reporting; algorithms will automate investors' fund preferences into one of four options based on risk tolerance and investment horizons; the fund offering will add to the company's current business which allows customers to invest in multiple loan platforms from a single account. Source
A couple of months ago I opened a Lending Club Roth IRA....
Hywin Financial Holding Group has announced the acquisition of UK wealth manager Azure Wealth; Azure Wealth will change its name to Hywin Wealth and operate as a subsidiary of the financial holding company; according to Managing Partner Massimo Scalabrini, "All other management and operational responsibilities as well as our principles, ethos and investment management philosophy remain unchanged."; the acquisition will provide the UK-based firm with wealth management expansion opportunities in Asia; Hywin Financial Holding Group has over 20 wholly-owned and holding subsidiaries with over 100 billion Chinese yuan ($14.53 billion) in assets under management. Source
BBVA has invested in Sinovation Ventures as the fund can help to strike partnerships for the bank and they see the potential for strong return on investment; the focus on AI is helping the bank to keep innovating and offer mor potential services across their different regions. Source.
Fleximize is a SME revenue-based finance provider; offers financing from GBP250,000 ($310,000) unsecured and GBP500,000 secured ($621,000); funds from the facility will be used to increase lending capacity; anticipates GBP100 million ($124 million) in funding by 2019; lending in 2016 was GBP40 million ($49 million), up 132% from 2015; company also plans to expand their product set and tech platform. Source
New CFPB chief’s memo to staff: Enforce law, but don’t presume guilt...