Neo Capital provides details on their business services in their featured blog posts; the firm provides a range of services for wealth management, inclusive finance, consumer finance and investment management with a specific focus on data management and anti-fraud solutions for financial inclusion initiatives; their white paper, "How Big Data Risk Management Helps to Build the Value of Inclusive Finance Rapidly" offers insight on financial inclusion solutions and fintech for financial enterprises. Sponsored Blog Post
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.
To join our newsletter community please subscribe here.
Recent news on consumer lending players IEG Holdings Corporation, OneMain Holdings, Lending Club, Ally Financial and TransUnion is outlined in a press release; of interest is IEG's announcement and offer to purchase all outstanding shares of OneMain and Ally's recent agreement to support contracts from Carvana, an online auto retailer that also operates vehicle vending machines; according to the press release, "Ally will make up to $600 million available to Carvana over the next 12 months through financing and bulk purchases of contracts." Source
Velocity Capital is a Dutch private equity firm planning to invest in...
Nbkc is based in Kansas City and is one of the first...
There is a new trend occurring at big banks, CMOs are becoming the driving force behind the change in marketing and a cleanup in digital media ads; most people still use and trust banks, even after the financial crisis and the recent bad news of big fines or scandals; recently the focus in banking has shifted to customer experience and marketers have become as big a part of the product teams as they are of the marketing teams; customers are starting to expect their experience to be more personalized, focused and more impactful to their lives; marketers have moved beyond their role of storytelling and moved into a more active role on how to drive the best experience for the different customers. Source.
Until now little has been known about the hedge fund that invests in cryptocurrencies; it is backed by big names including Andreessen Horowitz, Sequoia Capital, Union Square Ventures, Founders Fund and Bessemer Venture Partners; the firm owns about a dozen cryptocurrencies, taking a value investing approach; Fortune shares more details about how the fund operates and the eye popping returns the fund has returned to date. Source
Australian lending platform Timelio has received investment from new investor, Anthony Thomson; Anthony Thomson is founder of Atom Bank and Metro Bank; the Timelio platform has funded over $100 million in invoices since launching approximately two years ago. Source
Online mortgage lender Lenda has plans to make the mortgage process last 30 minutes from start to finish; right now the company takes about 2 weeks to complete the process and has made more than $200mn worth or mortgages to date; Jason van den Brand, its co-founder and CEO, tells American Banker, "The big banks are working on technology that was built in the '70s. We cater to the customer who lives on their phone, laptop and tablet and shops online and compares online."; the biggest impediment is the appraisal process as that is still human intensive; the company has also been testing digital signatures by connecting via video chat with a notary. Source.
Mizuho along with 60 other banks are launching a new digital wallet...
Mobile-focused digital banking provider Varo Money has applied for a banking charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), as chartering options continue to be debated for US fintech companies. Varo Money is the second fintech company to apply for bank chartering following SoFi who currently has an application pending with the FDIC.
Varo Money has applied for two approvals, one a national banking charter with the OCC and the second an application for deposit insurance with the FDIC. According to the Wall Street Journal, approvals would allow the company to take deposits, pay interest, make loans in any state and issue cards, all independently.
Details of the firm's applications have not been released publicly and it's likely to be a slow process for approval with the OCC who is currently being sued over offering a national banking charter for fintechs. The FDIC process also includes an open comment period which has been challenging for SoFi. Varo Money does have a significant investment from Warburg Pincus which also includes support from former US Treasury Secretary Timothy Geithner, who is the firm's president.