In recent months Jersey City has seen three more companies relocate to the area; companies recently relocating include Yellowstone Capital, World Business Lenders and Principis Capital; this is in addition to BlueVine and Funding Metrics recently opening up operations in the city; one of the main drivers behind the move is the Grow NJ tax program helping businesses save money by relocating. 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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Online near prime lender LendingPoint to boost expansion into point-of-sale with acquisition of LoanHero. Source
UK based challenger bank Monzo announced what their plans are for 2018; three specific areas they wanted to highlight were launching a feature to help customers manage bills, ending their prepare program and helping customers to switch to their payments platform; as the company continues to build out new features they said they plan to keep updating clients on a month by month basis. Source.
Bank of America Merrill Lynch announced it has partnered with fintech firm CellTrust for messaging to clients; the new service will be focused on client to advisor text messages; the partnership will allow the bank to catalogue all communication with time and date stamps, tracking and logging activity; they plan to launch the new program over the next two months. Source.
The website for the new platform is chain.baidu.com; it is a project from the firm’s research on blockchain; they see early applications of the platform in asset securitization and asset exchanges; registration on the website is open to the public and users can deploy custom blockchain nodes. Source
The company shared information about their loan business in a broader update about the company; total lending was $3 billion since Amazon Lending started in 2011; an article by PYMNTS.com in June 2017 reported that the company had surpassed $1 billion in loans; in 2017 over 300,000 small and medium sized businesses joined Amazon Marketplace. Source
Kreditech, looking to launch in India, partnered with Mambu and their Software as a Service banking platform; Kreditechis planning to launch in India this year with their partner PayU, the payments provider; Alexander Graubner-Müller, CEO of Kreditech, tells Banking Technology that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.; this will now be the sixth country the company is in and they plan to get it up and running in the first quarter of 2018. Source.
The new express branches are meant to help customers with routine transactions like withdrawals and deposits; customers looking for further advice or a loan would be able to connect via videoconference or go to a typical branch; they are looking to serve millennials in a more efficient way and allow them to access bankers and wealth managers through a digital experience using iPads; removing some of the human intensive areas of the bank and making it more self serve will cut down on costs and help to serve the younger, digital customers. Source.
Goldman Sachs continues to expand into consumer lending and plans to offer home improvement loans this month; the loans are non-secured personal loans with interest rates lower than credit cards but higher than HELOCs; the company believes the quick financing time will be attractive compared to a HELOC. Source
During the week I share the latest marketplace lending and fintech news...