Goldman Sachs has been offering more products to a wider range of consumers; this started with the acquisition of the online deposit platform of GE Capital; the firm is competing aggressively on their deposit rates to grow this base; in 2016 they launched Marcus, their online lending platform, and now have a new lending product called GS Select; product offers loans backed by investment portfolios for individuals that have a Fidelity financial adviser. 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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Despite being less than two years old Marcus by Goldman Sachs continues...
GreenSky, the point of sale lender went public today, raising $874 million;...
Lend Academy Article: Hongling Capital: The Worst Victim of China’s P2P Lending Regulatory Crackdown
China's P2P platform Hongling Capital is shutting down; Lend Academy details its business highlights and subsequent shutdown in their article; continued losses, large loans and payment guarantees were a few of the factors that led to its closing; the article also highlights some of the issues with guaranteeing principal or interest and includes Hongling's plans for the future. Source
David Lin, Head of Credit at PayU gives his take on expanding credit and how this looks in practice with their investment in Kreditech. Source
Lend Academy's Peter Renton provides insight on his marketplace lending investment strategies for Lending Club and Prosper loans; outlines the options available for investing and highlights best performing loan grades; reports details of loan filters he is using across his eight accounts. Source
In this post we share the process of opening up a new LendingClub account, the first in a new series we will be sharing over the coming quarters. Source
Lend Academy provides details on IBM Watson's acquisition of Promontory Financial Group, a firm used to help navigate complex banking regulations; IBM has acquired Promontory to train Watson on Dodd-Frank which includes 22,000 pages of regulation; Promontory has experience from a long list of banking veterans and will help train Watson on financial risk modeling, surveillance, anti-money laundering (AML) and Know Your Customer (KYC); the result will be an artificial intelligence solution that can be implemented for all aspects of compliance, regulation and monitoring; Brian Walter, Watson global industry leader for banking and financial markets at IBM will be speaking at LendIt USA 2017 in a featured keynote discussing how financial firms are using artificial intelligence and how it's expected to evolve. Source
One of the co-founders of Funding Circle USA is stepping down and will become Chairman. Source
Lend Academy features two companies, Landed and Fundrise, who are taking a unique approach to building to new homes and providing down payment assistance. Source