Žltý Melón's new offering for investors will allow them to lend money to homebuyers to help finance mortgage deposits; launched in 2012 the platform has facilitated EUR7 million (USD $8.2 million) to borrowers in the Czech Republic and Slovakia; the new loan offering, called the CashFree Hypo loan, will be available to anyone who has been approved for a standard mortgage by a bank in Slovakia. Source
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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Hongling Capital Monday had a press conference after the company announced to close its online lending business last week; Hongling Capital will be "upgraded" to Hongling Holding, and the latter will focus on industry finance, investment banking, asset management and wealth management, Hongling Chairman Zhou Shiping said in the press conference. Source (Chinese)
For the second quarter, Yirendai reported revenue of $174.5 million, beating estimates by $16.36 million and increasing revenue 58% from the second quarter of 2016; earnings per share remained steady at $0.66 and beat earnings estimates by $0.04; the company reported loans originated of $1.2 billion in the second quarter, an increase of 80% in comparison to the second quarter of 2016. Source
According to Banking Technology, PayU will be implementing Mambu's software-as-a-service based core banking platform; the software will support PayU's short-term deferred payment product; Mambu now has 26 clients which it supports from its Miami office; PayU is currently running a pilot in Colombia but it is expected to roll out services across Latin America. Source
Leading Canadian point-of-sale (POS) platform Flexiti Financial raised an oversubscribed CAD$6.25 million (USD$5 million) convertible debt offering; they will use the capital to accelerate growth and improve technology; according to Flexiti Financial Founder and CEO Peter Kalen: "Retailers across Canada are looking for unique solutions to increase sales and maintain customer loyalty in a highly competitive and shifting market. Flexiti Financial's POS lending platform has become an important tool in their sales arsenal, and this investment will help us better serve our retail partners while managing our growth across Canada." Source
The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF) in collaboration with the MetLife Foundation have released a report on financial inclusion; the report focuses on how partnerships between mainstream financial institutions and fintechs are expanding financial inclusion; findings are based on 24 in-depth interviews with firms and experts from around the world with emphasis on the emerging markets; the report is part of a two-year financial inclusion project from CFI, IIF and the MetLife Foundation called "Mainstreaming Financial Inclusion: Best Practices." Source
During the week I share the latest marketplace lending news on Twitter...
During the week I share the latest marketplace lending news on Twitter...
During the week I share the latest marketplace lending news on Twitter...
During the week I share the latest marketplace lending news on Twitter...