soCash has raised $600,000 in an angel funding round; firm offers a digital cash management solution for banks that plugs into its mobile app and directs cash for pickup at a nearby location; plans to use the new funding to build out its sales team and says the service can provide considerable cost savings for banks by helping to eliminate ATMs. Source
News Roundup
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The British High Court ruled on Thursday that Parliament must give its approval for Brexit, creating uncertainty on whether or not the UK will leave the European Union; plans for exiting the EU were to begin in March; the government now has appealed the High Court's decision to the Supreme Court which will consider the appeal in December; if the ruling is upheld speculators believe Parliament would continue with the same sentiment that its voters reported in June. Source
Assetz Capital-as-a-Service (ACaaS) allows for full integration of the Assetz Capital API into websites and apps; the integration allows users to integrate the Assetz Capital peer-to-peer lending platform into other financial services businesses; UK financial account aggregator Bud is the first to integrate the solution with enhancements planned for the partnership; Assetz Capital is the the UK's second largest peer-to-peer finance platform for business and property and the firm says the solution will help increase visibility of the platform to a broader target market. Source
Mastercard is already working with names like Brex, Revolut and TransferWise; they...
Banks are under significant pressure to modernize and one of their core...
P2P lending has evolved over the last ten years, with marketplace lenders increasingly offering traditional banking products; the market's first online lender, Zopa, is taking the lead on offering traditional banking products with an announcement reporting the lender's application for UK bank licensing to offer deposit accounts and a broader range of credit products; other marketplace lenders have also expressed interest in offering deposit products including SoFi and Affirm; as P2P lenders become more integrated into the financial ecosystem, it is likely that they will offer a broader range of products with traditional banking characteristics while continuing to be market innovators. Source
This marks Funding Circle’s third deal in the securitization market; it includes...
The Plug and Play Tech Center in Silicon Valley has created a program to connect 30 of the largest insurance companies with insurtech startups; these insurance companies are seeking insurtech innovation for improving user experience, risk assessment and underwriting, prevention of loss and cost reduction; additionally, large insurance companies are reporting that they seek access to a range of innovative solutions across all industries. Source
Speaking at a conference on Wednesday, Wells Fargo CEO Tim Sloan stated,...
Marlette Funding has announced plans to cut one-fifth of its workforce as the company scraps plans for expansion to new verticals and remains focused on its online unsecured personal loans; the company has reported significant lending growth with over $3 billion in loans originated through its Best Egg brand in the first three years in business; the more conservative strategy follows some signs of increasing defaults, plans for new regulations and slowed capital investments. Source