Cloudvirga has raised $15 million in a Series B funding round for its automated, cloud-based intelligent Mortgage Platform (iMP); the service can easily integrate with lenders to streamline, automate and manage the compliance of mortgage lending, also offering significantly reduced processing times and costs; the iMP service was launched in 2016 and has processed over $15 billion in loans. 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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With competition heating up for investors p2p lending platform Ratesetter is now offering £100 for opening a new Innovative Finance ISA with the platform; the company launched their IFISA in February and are advertising a 5 percent return on the highest risk product. Source.
Today, Prosper appointed Usama Ashraf as its new CFO; Ashraf will also oversee the capital markets side of the business to bring in new investors; Ashraf has more than 18 years experience in corporate finance and capital markets; recent positions include being the deputy chief financial officer and treasurer at Annaly Capital Management and corporate treasurer at USAA; David Kimball, Prosper's CEO stated: "We're thrilled to have someone with Usama's experience and track record in finance and global capital markets join our team. Usama will be instrumental in bringing new institutional investors onto the Prosper platform, including banks, as we continue to grow the platform in 2017." Source
One of Europe’s hottest fintech startups Revolut plans to seek a banking...
During the week I share the latest marketplace lending and fintech news...
US banks closed more than 2,000 bank branches in 2017, an 18 percent increase form the year earlier; Wells Fargo is one of the leading banks as they closed 194 branches and plan to close more than 800 more by 2020; other banks like Citizens Financial is reducing square footage at branches but not closing as many; Banking Technology lists the top 10 banks by branch closures. Source.
China represents 18.5% of the total world population and its business commerce has been growing rapidly; it also reports the four largest fintech unicorn valuations, Ant Financial, Lufax, JD Finance and Qufenqi; Matt Burton from Orchard Platform reports on these statistics and more in a recent blog post also highlighting the emphasis on mobile payments and technology services for the underbanked and unbanked; while China's fintech sector has shown exponential growth, the government is now increasing its focus on financial protection which is expected to improve the quality of fintech businesses; in the blog post, Burton also provides a list of companies he is watching by region in Asia. Source
Bitcoin's price has been gaining in recent days; CNBC reports on its new high of $3,586.23 on Friday; over the weekend it continued to gain, surpassing $4,000; with the new highs the cryptocurrency’s value has gained over 24% in the past week and tripled in value for the year; its split into bitcoin and bitcoin cash has been a lead catalyst for its recent price gains; an additional upgrade called “segregated witness” is also being supported. Source
During the week I share the latest marketplace lending news on Twitter as it...
The round was led by Qatar Investment Authority and values the company...