According to recent data from TransUnion lenders reported that almost 15 million...
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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Solva, an ID Finance subsidiary that offers personal loans in Georgia, is now on the Mintos platform; Solva has disbursed 28,000 loans totaling EUR12 million ($14.3 million) since late 2016; Mintos provides a platform for retail investors to allocate to various online lenders; Boris Batine, ID Finance co-founder and CEO, stated: "Solva is an innovative product in global online lending. It was developed for prime clients and offers very attractive terms for personal loans. It closely resembles traditional bank loans, but with a focus on transparency, ease and convenience of service. Thanks to our technological innovation and efficient operations, we can offer investors a high annual net return." Source
Latvian marketplace lender Mintos has announced it will be expanding its loan offerings to include loans denominated in Czech koruna to avoid currency risk for investors; firm is the third European lender following Creamfinance and Acema to expand to the koruna; says it also has plans for additional currency offerings. Source
In mid-December Victory Park Capital provided a $100 million credit facility and $3 million preferred equity investment for Cognical, Inc.; Cognical, Inc. is a payment platform for in-store and online lease-to-own purchases; the firm's technology approves purchasers for payment plans; the investment will help Cognical expand its offerings for merchants serving underbanked consumers seeking affordable payment options for consumer goods including furniture, appliances and electronics. Source
Bank service provider Misys is looking to bring an end to alternative lending by giving banks a solution that is similar to that of marketplace lenders; "There's clearly a demand for banks to take back that piece of the lending market," explained Misys Senior Product Officer Jean-Cedric Jollant in a discussion with PYMNTS; Misys believes this solution would give banks more lending options and they would no longer have to partner with an online lender; Jollant goes on to say that 90% of the online lending market will collapse and only the top names will survive a decade or two. Source
Technology developer Misys has created P2P lending software for banks allowing them to add another layer to their lending capabilities; the firm is marketing the software to banks as an alternative for traditional lending; the software can integrate with traditional banking technology and allows borrowers to be matched with individual or institutional lenders willing to fund their loans; could affect new structuring of banking partnerships; large partnerships to date have included Spanish banking group Banco Santander with US marketplace lender Kabbage and JPMorgan with OnDeck. Source
The MIT Sloan Center for Information Systems Research (CISR) has provided a research briefing on digital banking with Spanish bank BBVA as the focus of the study; the study, "Is Your Company a Digital Leader or Laggard" examines the success of BBVA's digital banking model, and reports on factors that are differentiating leaders and laggards in the digital banking business. Source
[Editor’s note: This is a guest post from Tim Dubes, Vice President...
In this week’s PeerIQ Industry Update they cover the recent news that...
In this week’s PeerIQ Industry Update they cover the mixed economic news...