Paycheck advance apps like Even.com, PayActiv, EarnIn, DailyPay and FlexWage are helping to...
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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Wonga offers short-term payday loans and is based in London; company has announced a data breach which may include personal information of 270,000 current and former customers; a majority of their customers affected are UK based, but 25,000 customers in Poland may also be affected; Wonga has recently reduced fees and launched 90-day loans after the Financial Conduct Authority instituted a rate cap and forced lenders to apply for authorization. Source
Payday lenders have mobilized their customers in a bid to help them...
News of CFPB Director Cordray’s departure could see regulations on payday lenders lessened; one of Director Corday’s main missions was to crack down on predatory lenders; Director Cordray plans to leave at the end of the months and no long term successor has been chosen yet. Source.
There are differing beliefs on payday loans and how far regulation should go to protect consumers; to better answer the effects of payday lending on consumers many people turn to research; results of a study done in 2014 are now in doubt after a watchdog group found that $30,000 of grant funding came from a payday-industry-backed organization; since these types of studies help shape policy it has brought into question how deep these types of studies should be evaluated. Source
By Steve Goodman Getting a good education just keeps getting more expensive....
The two companies have formed a strategic alliance to help lenders improve collections; Payix will offer integration between its collections tools and the Nortridge Loan System; one advantage of the integration will be increased mobile offerings for borrowers; according to Greg Hindson, Nortridge Software president and CEO, "The integration between Nortridge and Payix makes it easy for borrowers to pay anywhere and anytime – benefiting both borrowers and lenders." Source
PayJoy has developed technology that helps facilitate credit in emerging markets for...
Off the recent news about Stripe's fundraising round, payment companies across the board are seeing growth and increased investor interest; Adyen BV, WePay, PayPal and Square are just a few of the other, well positioned names who are benefiting from the sector wide growth; Square's stock price rose on news of the Stripe fundraising; as online lenders have struggled, payment firms have only continued a pattern of growth, even more evident by the recent holiday sales numbers that showed 109 million people shopped online, more than the 99 million who went to the stores. Source
Activehours, a startup focused on payment processing, has raised $22 million in a funding round led by Matrix Partners; workers can request portions of their paycheck through the app which helps workers avoid overdrafts and late fees; the firm does not charge fees and earns revenue through tips. Source