According to the WSJ, SoFi is pulling back on its expansion to foreign markets and asset management; two executives, Peter Early and Arkadi Kuhlmann are leaving the firm as part of the shift in focus; they led asset management and banking respectively at SoFi; despite some of the challenges the company extended $3.52 billion in loans in the third quarter, up almost 80% from the same period last year. 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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Revolut is keeping an eye out for potential acquisitions with the help...
Open Banking, seen as a potential game changing regulatory change, is set to launch in the next few days in the UK; Open Banking requires banks to allow fintechs and other third parties to have access to customer data if the consumer agrees to grant access; the new law will allow for a safer data exchange, in the past consumers shared their login details and third parties scraped the data, and standardize access across the UK and Europe; while banks have pushed back on the coming change this will allow customers to better control their information and tailor services to their lifestyles. Source.
The first week of the year is in the books and already there has been big news in fintech.
Venmo continues to pay dividends for PayPal with the p2p payments app...
While coronavirus is causing turmoil throughout global markets and businesses there could...
LendingClub is beefing up their security practices, adding a layer of security...
Lend Academy interviews Misha Esipov, the CEO and co-founder of Nova Credit; Nova Credit was the winner of PitchIt @ LendIt USA 2017; the company has created the first ever international credit bureau primarily focused on immigrants. Source
Lantern Credit has acquired the Abstract Regression Classification (ARC) Machine Learning Library to enhance its proprietary machine learning solution, Beam AI; the firm expects the acquisition and machine learning enhancements to improve its credit advice, credit offers and support for financial institutions; according to Chad Swensen, CEO of Lantern Credit, "Leveraging the ARC software to advance the Beam AI technology produces the most advanced artificial intelligence and machine learning application in the consumer credit management space." Source
Sunlight Financial has gained a $130 million investment from Route 66 Ventures for expansion of its residential solar systems lending business; the firm plans to develop new financing products, expand its Charlotte business center and partner with more solar installers; the firm is currently a trusted provider for a network of solar installation companies and offers its credit products through an easy to use online platform. Source