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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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Carvana has filed for a US initial public offering (IPO) and plans to list its shares on the New York Stock Exchange with the ticker symbol CVNA; the online auto dealership sells its cars from vending machines located across the US; the company is planning to raise $100 million from the IPO and is working with investment bankers at Wells Fargo, Bank of America, Citigroup and Deutsche Bank on the deal; its registration statement reports significant risks including higher public registration costs and profitability uncertainty. Source
The bank has participated in a few different fintech funding rounds as...
Lend Academy provides a resource for new investors in Lending Club and Prosper; their article includes five basic principles for investing in the platforms; the five key elements for investing include: 1) diversify investments 2) expect defaults 3) keep cash balances low 4) automate investing and 5) avoid taxes by investing through an IRA. Source
According to researchers from the Federal Reserve and University of California, non-bank mortgage lenders are not prepared to weather a financial downturn and are a risk to taxpayers; According to the paper, “Non-bank failures could be quite costly to the government, but this issue has received very little attention in the housing-reform debate. The funding and operational structure of the non-bank mortgage sector remains a significant channel for systemic liquidity risk.”; non-bank lenders originated half of home loans in 2016. Source
Japan’s Paidy Closes Additional Series C For $281M Total Raised Index Ventures...
Another week with no major news from the banking system as the challenges of last month have been kept in check.
UK online lender Funding Circle has announced it will be slowing its property lending with plans to fully end the product by mid 2018; the firm is primarily focused on SME lending and says the refocused strategy will help it to increase SME lending and shift its resources for international expansion; property loans have previously only been available to UK borrowers and the product has accounted for approximately 5% of the company's revenue. Source
Codispoti originally joined JP Morgan Chase to create a credit card that would appeal to millennials; this led to the launch of the Sapphire Reserve; now Codispoti is focused on overseeing JPMorgan’s branches and how they can better serve millennials, which make up 61% of their new customers; the current vision includes advice centers similar to Apple’s Genius Bar. Source
Citigroup’s new robo-advisor will be free for customers who have at least...