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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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Credit reporting agency TransUnion has announced the launch of a new innovation lab with increase support for client data modeling through broader access to proprietary data and analytics experts; the innovation lab will allow clients to test new models and solve business problems with real time data empowering credit data platforms and solutions across the industry; many companies have already reported success in building new models, analyzing new markets and expanding into new products; the innovation lab is also uniquely positioned to integrate with TransUnion's startup lender development program providing support for new market launches. Source
ThreatMetrix is a provider of online fraud prevention services and authentication; using rules based technology they allow clients to customize risk factors for identity authentication and fraud prevention; in 2016 ThreatMetrix helped its clients prevent $1 billion in fraudulent loan applications; Frank talks about the company's systems, their recent $30 million fundraising from Silicon Valley Bank and what they are working on for the future. Source
SoFi is one of the US's fastest growing alternative finance companies; the Financial Revolutionist talks with Mike Cagney about the firm's accomplishments, success factors and future objectives; Cagney provides insight on the firm's recent acquisition of Zenbanx and $500 million fundraising; discusses how these deals will drive growth for the firm and the other areas of the business the firm is working to expand. Source
A husband and wife from Sri Lanka were arrested in Canada for fraud and money laundering; the couple reportedly used fraudulent checks and synthetic identities for fraudulent charges and purchases; both are charged with fraud of CAD5,000 ($3,729) and possession of proceeds obtained of over CAD5,000 ($3,729); the fraudulent charges are an example of the emergence of sophisticated synthetic identities that are more difficult to be detected by fraud prevention systems. Source
Dianrong and FnConn have launched Chained Finance, a blockchain lending platform for supply chain companies; according to Soul Htite, founder and CEO of Dianrong, "Chained Finance creates a unique ecosystem that will provide supply chains with easier access to funding at competitive rates."; the companies report the platform could triple financing access for supply chain companies. Source
loanDepot has invested approximately $80 million in technology over the last 18 months and is announcing the launch of its proprietary digital lending platform, mello™; seeking to develop the fintech ecosystem of the future, the platform is beginning with three solutions: an intuitive web-based consumer portal, a state-of-the-art mobile point of sale system and a fully digital mortgage loan application experience; overall mello™ will be one of the fastest and most accurate lending systems in the industry; the firm has also opened a new 65,000 square foot mello™ tech campus in Irvine, CA to support the new platform. Source
Upstart has been steadily growing its online lending business and has now announced a new fundraising as well as the launch of a white label software as a service (SaaS) product; the fundraising will add $32.5 million in new capital from investors including: Rakuten, a large US-based asset manager, Third Point Ventures, Khosla Ventures and First Round Capital; Upstart has emerged with many significant developments in the online loan business including next-day funding and a robust proprietary credit underwriting platform built on machine learning and modern technology; with the evolution of the business, the firm has developed a new white label SaaS product called by Powered by Upstart which it is launching at LendIt USA; the service is an extension of the firm's proprietary credit underwriting system driven by machine learning and modern data science. Source
Online lending alternative credit data solutions provider Clarity Services has announced the release of Temporary Account Record, a solution for mitigating loan stacking; primarily focused on providing alternative credit data for the online lending market, the firm also began developing Temporary Account Record in 2013 to address the issue of loan stacking fraud; Temporary Account Record will complement the firm's data services by providing increased transparency on current loans and pending loan transactions. Source
AltFi Data is the leading public provider of data for the marketplace lending industry; its data platform, AltFi Data Analytics, aggregates data from originators in the UK, Europe and the US; AltFi Data manages indices and publishes analytics reports with support from the data platform; the addition of data from Prosper will make the platform's reporting more robust for the industry. Source