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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.

To join our newsletter community please subscribe here.

News Roundup Online Lending Real Estate USA

·Feb. 8, 2017

Patch of Land Announces New Executive Hires

Los Angeles-based Patch of Land has expanded its executive leadership team to help manage and continue business growth and market positioning for the online real estate platform; the firm has hired Robert Greenberg as its chief marketing officer and Min Lee as its chief financial officer; over the past year the firm has been building a strong leadership team with a number of new hires including CEO Paul Deitch; the firm's founders, Jason and Brian Fritton, have substantial growth prospects for the firm and expect to continue building on the firm's compound annual growth rate of 290%. Source

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Fintech News Roundup

·Feb. 7, 2017

BBVA Reports Impairment Charges from Digital Bank Acquisition

Spanish bank BBVA has reported $90 million in goodwill impairment charges related to its acquisition of digital bank Simple; the acquisition has caused many analysts to question the valuation metrics for digital banks; BBVA acquired Simple in 2014 for $117 million which was $1,100 per customer; a similar digital bank sale of BankMobile is currently being priced at approximately $50 per customer; despite the impairment charges for BBVA, the bank has reported success from its acquisition with continued investment in Simple helping to increase its workforce to 350 employees. Source

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Fintech News Roundup

·Feb. 7, 2017

Insight on Managing Fraud Prevention

The fraud landscape is constantly changing and evolving with things like synthetic fraud increasing the costs consumers, businesses and governments are paying; synthetic identities are identities which are not tied to a real person; according to Pat Phelan from TransUnion, fraudulent transactions are currently costing the US $50 billion per year; Phelan talks with PYMNTS.com about some of the factors companies should consider when managing fraud and how businesses are managing fraud prevention programs overall. Source

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Asia/Pac News Roundup Online Lending

·Feb. 7, 2017

China Reports 478,000 Complaints for P2P Lending

China is reporting 478,000 individual cases of complaints with problematic P2P lending firms; accounts for approximately 4.5% of the investors in P2P; the report coincides with the country's fraudulent P2P lending activity; 1,300 platforms were named problematic in 2016 with 2,388 platforms in good standing. Source

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News Roundup Online Lending Real Estate USA

·Feb. 7, 2017

AssetAvenue’s Loans Appear to Be Paused

A report from Crowdfund Insider says AssetAvenue has stopped originating loans; the California-based marketplace lender was providing property loans through its digital platform; firm raised $11 million in a Series A funding round in 2015; the firm's loans were primarily averaging approximately $2 million and the platform was open to all types of investors. Source

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Fintech News Roundup USA

·Feb. 7, 2017

Artificial Intelligence Automating Hedge Fund

Babak Hodjat is managing a hedge fund in San Francisco run completely by artificial intelligence (AI); his firm Sentient Technologies Inc. has been building an AI system for analyzing markets and automating trading for over a decade; performance for the firm is not publicly disclosed; numerous firm's in the wealth management industry are using some form of unbiased automated trading however Sentient is one of few firms that completely uses AI technology for comprehensively managing assets. Source

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Europe News Roundup Online Lending

·Feb. 7, 2017

Lend Academy Article: What Aegon’s 1.5 Billion Euro Allocation to Auxmoney Means for Online Lenders

Marketplace loans are becoming more integrated into institutional portfolios however institutional investors are still only beginning to take interest in marketplace lending investment allocations; in Europe, Aegon has made a significant institutional investment in marketplace loans from Auxmoney; the investment demonstrates that institutions such as insurance companies are getting comfortable with the asset class; it could also cause increased investment in P2P loans in Europe specifically where fixed income yields are historically low. Source

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Asia/Pac Fintech News Roundup Online Lending

·Feb. 7, 2017

Fintech Helping the Economy in China

Fintech is helping to increase consumer spending in China as lenders provide increased access to capital; these lenders are becoming more integrated with merchants and providing point of sale credit options; Dumaio is one example of a fintech lender that has been successful by adapting to market demand; real estate fintech platforms are also emerging in the country with Shenzhen-based Touchouwang offering domestic real estate investment opportunities and Beijing-based Uoolu offering foreign real estate investments. Source

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Asia/Pac Fintech News Roundup Online Lending

·Feb. 7, 2017

Credit China Fintech Plans Near-Term Investment

Credit China Fintech plans to expand its investments in peer-to-peer lending and payment companies; it invests in companies in the fintech industry and has recently invested in Ping An Securities Group Holdings Ltd. and blockchain technology firm BitFury Group Ltd.; recent investments have caused some scrutiny from short seller Anonymous Analytics which negatively affected the stock price in December 2016; the firm's stock price has regained its value since then with a current market capitalization of approximately $3 billion; over the past three years the firm has raised HK$4.3 billion ($554 million) and it plans to acquire at least one more company in the first quarter of 2017. Source

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News Roundup Online Lending

·Feb. 7, 2017

Charts: Non-Bank Lenders Taking over Mortgage Originations

Many people don't realize the role that non-bank lenders play in the mortgage business; the below bar chart breaks down the top originators in Q2 2016; while traditional banks still are represented in the top 10 and Wells Fargo still leads by a wide margin, non-banks represented 63% of the total number of originations in the top 10; non-banks lead origination of mortgages which are insured by the Federal Housing Administration and the Veterans Administration; the graph shows the trend we have seen since 2009 of non-bank lenders increasing their share of the market; at LendIt we will feature a panel on the shifting mortgage origination landscape with companies such as Better Mortgage and loanDepot. Source

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