Manatt, Phelps & Phillips, LLP has released a report based on survey results from 75 executives and investors at banks, fintech companies and private equity firms; Lend Academy provides a summary of the report in their article; report focuses on the interest from regional and community banks in partnering with fintech companies; high interest from these banks since the partnerships can help them provide their services at a lower cost and also expand geographically; survey results find that the majority of regional and community banks are already engaged in partnerships with fintech firms. Source
News Roundup
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The marketplace lender has extended the maturity of its credit facility with Deutsche Bank to March 2019; the revised terms also add an additional $52 million to the credit facility; in comments regarding the revised terms, Howard Katzenberg, chief financial officer of OnDeck said, "The closing of this transaction reflects a continued ability to execute our financing strategy for 2017, which includes extending debt maturities and creating additional funding capacity for future loan growth." Source
Former Goldman Sachs banker Mona El Isa has founded an asset management services company that will provide blockchain solutions for hedge funds; El Isa launched Melonport in February 2016 with co-founder Reto Trinkler and has now hired George Hallam, former head of external communications at the Ethereum Foundation; El Isa's hedge fund services will use smart contracts to automate various aspects of portfolio management for hedge fund managers which will lower the costs of building a hedge fund. Source
There has been quite a shift in volume of 60-month p2p loans...
Europe's Baltics region has seen significant growth in fintech and specifically P2P lending in recent years; growing P2P lenders in the region include: Viainvest, Twino, Savy, Mintos, Investly and Bondora; in Continental Europe Twino is the third largest P2P consumer lending platform and Bondora recently obtained full authorization from the UK Financial Conduct Authority. Source
TearSheet sat down with Megan Caywood, co-founder and chief platform officer at Starling Bank, to talk about the digital bank’s success so far; the interview covers the biggest issues with banking today, the issues Starling Bank is trying to solve, differentiating from other digital banks, customer acquisition and more. Source.
While fintech innovation has greatly evolved in recent years, there is still much more to be accomplished; one area available for significant market growth is financial inclusion; Lend Academy talks about fintech innovation for the underserved bank customer in their article; LendIt will be running a financial inclusion track this year at LendIt USA to help support development of this market opportunity. Source
The blockchain sector is beginning to gain some promising traction and Big...
Cybercrime is a growing problem with ID theft hitting a record high in 2016 affecting 15.4 million people; Credit card fraud resulted in $21.84 billion in losses across the world; synthetic identities are a top risk for the banking industry and banks need next-generation KYC tools to protect themselves. Source
Vanessa Colella is the head of innovation at Citi but she does...