Crowdfund Insider explores Sofi’s move to offer banking service without become a bank itself; the rent a bank model allows for FDIC insured accounts while Sofi gets to own the customer experience and offer these services without the regulatory burden of a bank; Sofi Money is set to roll out in 2018 and will offer 0.96% APY on accounts; there are no account fees and they will offer free ATMs internationally; many banks still have legacy systems and lack the culture of fintech companies so it will be interesting to see how they compete. 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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Two fintech legends, Steve McLaughlin of FT Partners and Ron Suber, sat...
Dow Jones has released its European Venture Capital Report for the fourth quarter; shows venture capital investment in Europe increasing from the third quarter of 2016 and also from the comparable quarter in 2015; European companies raised approximately 2.93 billion euros ($3.11 billion) from 539 deals in the 4th quarter, a 35% increase from the previous quarter; the number of deals also increased by 9% from the third quarter; the UK was a market leader for investment with 122 deals totaling 754 million euros ($799.35 million). Source
The United States Automobile Association (USAA) was created to provide financial services for Americans serving in the military; the Association has seen significant adoption of biometric authentication which it first introduced for members in 2015; the USAA is currently reporting two million of its five million mobile app users opting for mobile account sign in using fingerprint, facial or voice recognition; the Association is actively integrating new biometric solutions and working with new providers. Source
The non-bank lender launched two new initiatives to expand their mello brand; the home improvement venture will launch later this year and will provide loans up to $75,000 at the point of sale.
The new lender, run by former Funding Circle execs, will offer loans between $5 million and $60 million. Source
The weekly WieyangX Fintech Review, as reported by Crowdfund Insider, covers recent fintech updates from China; the People’s Bank of China has made plans for a unified credit platform by end of 2017; Chinese fintech Rong360 had their subsidiary Jianpu Technology listed on the NYSE, becoming the sixth IPO recently; JD Finance, through their subsidiary Jing Dong Xu Hang Online Lending Information & Intermediary Service Ltd., is finally getting into the P2P Lending market. Source.
LendUp has secured a new $100 million credit facility from Victory Park Capital bringing its total financing to $325 million; the firm has also announced a new lending milestone, with loan originations surpassing $1 billion from more than 3.3 million loans; the firm was launched in 2012 and seeks to support the emerging middle class through lending and financial education. Source
Ant Financial’s Yu’e Bao previously had the title for the largest money...
During the week I share the latest marketplace lending and fintech news...