Faircent has released a market report on P2P lending in India; report says Faircent, India's largest P2P lender, had funding of over Rs 1 crore ($150,000) in August 2016 and has been growing originations at a 15% to 20% monthly rate; report also provides insight on the platform's borrowers; in India, P2P platforms continue to await guidelines from the government which are expected to help improve business efficiency. Source
News Roundup
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A white paper from Juniper Research projects mobile wallet transactions to increase to $1.35 trillion globally in 2017, an annual increase of 32%; the data shows that the Far East and China are currently accounting for most of the market transactions with growth specifically from Alipay and WeChat; PayPal and Apple are also noted as leading market providers; in the European market the Payment Services Directive 2 (PSD2) is also expected to be a factor supporting near-term growth in mobile wallet transactions. Source
Vista Equity Partners has announced the acquisition of DH Corporation and intended merger with Misys; DH Corporation is a Canadian fintech company with a full range of technology solutions for financial institutions; Misys is a UK-based firm also providing similar solutions for financial institutions globally; in January it announced a new P2P lending solution for banks, FusionBanking Crowdlending; Vista will acquire DH Corporation for approximately $4.8 billion, representing a premium of approximately 36%. Source
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Cross River Bank is leveraging its fintech customers to grow its payment transaction services; the firm has digital lending partnerships with 17 companies and is the issuing lender for some of the industry's top marketplace platforms; the firm's business relationships have helped to expand its payments system customers with many of its customers naturally migrating to Cross River Bank's payments system; the firm's CEO Gilles Gades says its payments activity could double next year with help from existing relationships with Stripe and Google Wallet providing access to Mastercard Send; in payments, Cross River currently manages approximately 2 million transactions per month and it sees a substantial opportunity for gaining more market share; industry participants are also watching Cross River Bank's plans for developing a newly branded bank called Almond Bank, which it has recently been investing in. Source
The deal will allow Mosaic to free up room on their own balance sheet and finance more loans; the company operates as a hybrid lender and completed a $139 million securitization in February; the move shows the willingness for a big bank to buy and own solar loans. Source
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Ant Financial’s Yu’e Bao previously had the title for the largest money...
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