In an interview with Business Insider at LendIt Europe Zopa CEO Jaidev Janardana says even though new investors are on hold they are growing lending volumes by as much as 50 percent; the investor waiting list is over 15,000 and the current plan is to have them start investing by year end; the interview also touched on consumer credit and the overall economy in the UK. 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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Genesis Capital is based in Los Angeles and provides capital to house flippers; they were founded in 2007 and lent $1 billion last year; the move shows Goldman’s continued interest in other areas outside their trading business; investor spending on the fix and flip market has grown recently, but still remains below pre-crisis levels. Source
P2Bi is an asset-based small business lender; yesterday they announced a new partnership with New Resource Bank; Krista Morgan, CEO and Co-Founder explains how it works: “Businesses that don’t qualify for traditional bank financing are evaluated by P2Bi for a partnership loan based on joint credit policy criteria. Qualified businesses are extended an asset-backed line of credit with capital provided by the bank in a senior secured position, and the P2Bi marketplace in the second position.” Source
In a blog on the company’s website David Farmer, Director of Communications, explained the ability for customers to instantly purchase digital currency using a US bank account; customers can now buy up to $25,000 and receive access to their digital currency immediately. Source.
A new report from Kantar says UK financial institutions could be missing a £130bn ($173) opportunity by not winning over women; they are not targeting women in ads and are missing the potential for a significant boost in savings and investment; the report also shows that 38 percent of women feel in control of their financial future and women retire with a third of the savings compared to men; targeting women can not only help to bring these number up but the study also shows women are more apt to recommend financial services than men. Source.
In an interview with P2P Finance News, Christine Farnish talks about their relationship with the Financial Conduct Authority, the recent departures of LendInvest and RateSetter from the group and updates to membership criteria; Farnish teased that there will be major changes to the way the P2PFA operates coming in November. Source
Peter Renton, co-founder of LendIt shares his takeaways from LendIt Europe 2017; discusses presentations from many of the presenters on the keynote stage. Source
During a panel discussion at LendIt Europe in London representatives from leading incumbent lenders Lloyds Banking Group (LBG), ING, BBVA, HSBC, and Barclays discussed the challenges faces in the new digital world; topics discussed include cultural transformation, more power in the customers hands and trying to stay on top of the latest tech trends. Source.
The San Francisco based blockchain startup has more than 100 institutions using its RippleNet payment network “The technology we have, and the vision we have, is proven," Marcus Treacher, Ripple's global head of strategic accounts tells American Banker. "We've gone from theory to hard-nosed production, and that's a big event.”; the two way protocol allows for banks on both sides of the transaction to verify funds and fees. Source.