The head of Funding Circle USA talks small business lending, competition, banks,...
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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Amber Baldet was ranked 31 and is working with the JPMorgan team to develop blockchain solution Quorum; others in fintech include Vitalik Buterin the creator of ethereum, Brian Armstrong from Coinbase, and Ernie Garcia, Ryan Keeton and Ben Huston from Carvana. Source
Berkshire Bank to offer real-time payments with Finastra Ripple to Invest Up...
The European Union’s General Data Protection Regulation (GDPR) is beginning to give community bankers in the US headaches; the law applies to all companies processing and holding data of people who reside in the EU; if a EU citizen visits your website you could be subject to the law; community banks are starting to enlist legal help to better understand how they can protect themselves from steep penalties. Source.
The current definition for accredited investors was established back in 1982; since...
The new express branches are meant to help customers with routine transactions like withdrawals and deposits; customers looking for further advice or a loan would be able to connect via videoconference or go to a typical branch; they are looking to serve millennials in a more efficient way and allow them to access bankers and wealth managers through a digital experience using iPads; removing some of the human intensive areas of the bank and making it more self serve will cut down on costs and help to serve the younger, digital customers. Source.
Fraud protection is a leading factor for consumers and MasterCard has recognized this demand; it has recently introduced a Decision Intelligence security platform that utilizes artificial intelligence technology; the technology uses a scoring system that seeks to reduce fraudulent charges and falsely declined transactions; the Decision Intelligence platform is one of many services the firm is using to help increase card usage and retain large client relationships. Source
StatPro acquired UBS' Delta platform for EUR 13 million ($13.7 million); news of the deal caused shares in the AIM listed StatPro to jump 10%; the deal will help StatPro to reach scale in terms of revenue and clients according to StatPro's CEO Justin Wheatley; the transaction shows that not only banks are able to acquire or partner with fintech firms, but fintech firms can look to acquire parts of a bank as well; in an interview with Business Insider Wheatley explained, "Acquisitions are part of our strategy, however in the short term this is a very big deal for StatPro — it adds 40% to our revenues — I think we'll be digesting this lump for a little while before we carry on but I certainly wouldn't rule out any more deals later on." Source
TruePillars, an Australian SME lender that focuses on individual investors, raised $3.9 million in a series A round; the round was led by a Melbourne-based private investor; "This investment will give us the means to further innovate and build on our service, including our ground-breaking secondary marketplace which allows investors to liquidate their investments ahead of schedule by selling to another investor in real time," says John Baini, TruePillars co-founder and CEO; the company allows for individual investors to fund loans with a $50 minimum commitment per loan. Source
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