Experian just acquired credit reporting fintech ClearScore for $385mn; this follows the mortgage brokerage deal they did with London & Country Mortgages back in December; Experian is looking to expand their offerings and brand through the deals; this is part of a wider trend in fintech as more incumbent players have seen the value fintech startups have brought to market. 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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During the week I share the latest marketplace lending and fintech news...
- The Third Age of Credit
- Mastercard will support cryptocurrencies – as long as they’re backed by governments
- Composing Architecture for Growth
- BMO launches banking chatbot with Finn.ai
- RateSetter CEO warns of ‘risk’ of collaboration over competition
- One of the most secretive trading firms on Wall Street has been trading bitcoin
- A bitcoin trading firm just opened up a lending business — and it's going gangbusters
Josh Feinberg was making $267 a week working at a pawn shop and knew he had to make changes to provide for his family; using his experience in working for his dad he created a equipment financing company; by making more than 400 calls per day he was able to build a solid foundation for the growing company; in a three year period ending in 2016 the company experienced 1,361 percent growth and made it to number 323 on the Inc. 500 list. Source.
Experian’s Clear Early Risk Score is the first product released since their acquisition of Clarity Services. Source
The company passed £1bn in 2016 after 5 years and booked another £1bn in just 14 months; part of their success in increasing originations has been due to two new products, confidential invoice discounting and business loans; their larger institutional investor base has also allowed them to fund larger businesses with bigger funding requirements; in 2017 the firm lent £714.2m to businesses. Source
American Banker outlines Amazon’s current offerings in financial services and the recent rumors around new products including checking accounts, small business credit cards and mortgages. Source
This week’s WeiyangX’s Fintech Review in Crowdfund Insider covers a Reform plan by China to combine the China Banking Regulatory Commission (CBRC) & the China Insurance Regulatory Commission (CIRC) into one entity; Ant Financial struck an agreement with Pakistan’s Telenor Group to acquire 45 percent of Telenor Microcredit Bank for more than $184mn; JD Finance is raising more than $2bn for license acquisition, research and marketing; China is also looking to establish a standardization committee for uses of blockchain technology. Source.
LendUp aims to improve the financial health of their customers through various products and initiatives; the interview covers a wide variety of topics including the subprime customer in the US, who they lend to today, their 2018 plans, their proprietary technology and more. Source
Victory park Capital is partnering with the International Finance Corporation on a new fund to invest in fintech startups in emerging economies; the IFC is a private sector sister organization to the World Bank; "The reliance on mobile devices for day-to-day life is more prevalent in emerging markets and that creates a big opportunity," Brendan Carroll, a senior partner and cofounder of VPC, told Business Insider; while the size of the fund is not disclosed they plan to work on about 3 to 4 deals a year. Source.