Maples Fund Services has announced it will extend its fund administration services to include marketplace lending; seeks to capitalize on the growing number of funds emerging in the space; firm has made significant investment in technology to provide a leading market service which will include reconciliation, loan-level record keeping, third-party valuations, and risk and performance reports. Source
News Roundup
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In a letter to the board at OnDeck, Marathon Partners has outlined changes they want to see enacted; Marathon believes OnDeck has put a premium on growing their originations instead of getting costs under control and growing shareholder value; additionally they have been disappointed with OnDeck's corporate governance and executive compensation practices; the private equity firm recommends the lender cut costs to get them under control and seek the sale of the company to a stable partner. Source
Financial institutions reported decreased bank lending in China in March; according to a report from the People's Bank of China, financial institutions issued new loans of 1.02 trillion yuan ($148 billion) in March, a decrease from CNY1.17 trillion ($170 billion) in February; nonbank lending increased in March, with total social financing reported at CNY2.12 trillion ($308 billion), an increase from CNY1.15 trillion ($167 billion) in February. Source
While the Fed kept interest rates steady at their meeting this month...
During their latest earnings call Goldman Sachs revealed their digital bank Marcus...
Lloyd Blankfein recently presented at the Credit Suisse 19th Annual Financial Services Forum; Blankfein shared that Marcus has access to over $17 billion in deposits; since the acquisition of GE Capital, retail deposits have grown 90% which gives allows them to access cheap capital; Goldman plans to grow consumer products offered through Marcus. Source
Eighteen months ago Marcus launched their easy access savings account; now they...
Marcus has originated more than $3bn of loans since inception, recently it has become know that more than 10 percent of the loans were sub prime; they have said this is a natural evolution of the loan business and they are being very selective in approving of applications. Source.
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.
As Marcus looks to launch a UK savings product soon the bank...