Crain's talked with JPMorgan CEO Jamie Dimon this week as he toured the Midwest, meeting with bank employees; Dimon discussed the credit market; also gave his perspective on online lending, noting some of the risks from depending on investor capital versus bank capital. Source
News Roundup
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Chirag Shah, CEO of Nucleus Commercial Finance, believes poor underwriting standards by UK P2P platforms will begin manifesting itself in 2017 and more platforms will begin to fail; in an interview with Business Insider he says: "Everyone's done the easy part of building the loan books. Now let's see who can get the money back."; Shah also points out that the big platforms in the UK own most of the quality loan volume, second and third tier platforms are underwriting borrowers who were rejected by banks or the large platforms; Conrad Ford of Funding Options thinks Shah makes good points though he doesn't think there is a systemic underwriting problem across the market. Source
Last week Plaid announced the launch of Plaid Direct, their new tool...
DecisivEdge is a consulting and technology services provider which recently announced a lending and leasing as a service product; the new product will be powered by Oracle; small and medium sized lenders will be able to leverage the technology; the new offering is hosted in the cloud with 24/7 monitoring and support; Andrew MacDowell, senior vice president of business optimization stated, "The traditional model requires a sizable up-front capital expense to acquire the software and infrastructure, often putting such a solution out of reach for small and medium sized lenders." Source
Fidelity recently conducted a survey which found that about half of institutional...
The Financial Conduct Authority (FCA) has approved LendingCrowd for full FCA authorization which allows the company to offer investments through IFISAs; the approval follows a £2.75 million Scottish Enterprise investment in the platform's small business loans last week; the FCA's last approval was in October for P2PFA member firm, Lending Works. Source
Both Tencent and SoftBank have invested in the company called Ualá which...
N26 is closing their operations in the UK due to Brexit; N26...
The FT is reporting that growth has slowed dramatically in recent years...
N26 said they are furloughing 10 percent of their staff, cutting back...