A replay is now available for LendIt's Marketplace Lending 101 forum which was held on Wednesday, January 18; Peter Renton from LendIt and Andrew Dix from Crowdfund Insider took questions from participants about the marketplace lending industry and discussed how to effectively invest in marketplace loans. You can view the webinar replay here:
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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OnDeck has announced a new partnership with Wex that will provide credit financing options for Wex's customers; Wex currently provides payment solutions and credit services for corporations and small businesses; the partnership will offer OnDeck's loans of up to $500,000 and credit lines of up to $100,000 for Wex's customers. Source
Credible is one of the success stories in online lending today. The leading online exchange for student loans has just closed their $10 million Series B funding round that we have been told was "a significant up round." Australian fund manager Regal Funds Management led the round that also included Prosper President Ron Suber. Credible doesn't lend money itself. Instead, it has deep integrations with many of their lending partners (such as CommonBond and College Ave) allowing borrowers not only to compare interest rates but to only see those rates with a high likelihood of approval. Source
BorrowersFirst has secured $100 million in new debt funding from Waterfall Asset Management; firm will use the funding primarily to support lending volume growth for its online consumer loan business; firm funds its loans through on-balance sheet debt facilities and whole loan sales with originations by Cross River Bank. Source
Robo advisor Wealthfront has developed a solution that allows employees to trade accumulated shares of initial public offering stock through a platform called Selling Plan; targets employees of newly traded public companies and employees receiving stock options for compensation; employees can use Selling Plan for free to manage shares of their stock. Source
As Lend Academy discussed in their November 14 blog post, banks are eager to partner with fintech companies; banking partnerships have taken three forms including: bank-fintech-bank (BFB), fintech-fintech-bank (FFB) and bank-fintech-fintech (BFF); choosing to co-brand or white label is also a significant factor to consider in banking partnership deals with white label services helping banks to cross sell their products; two major banks, Goldman Sachs and PingAn, have created their own online lending platforms; SunTrust has also been an industry leader with its acquisition of online lender LightStream in 2012. Source
Juzhen is developing new blockchain technology for banks that will focus on privacy, biometrics and access control; the firm is the largest China-based blockchain startup; it is working with the ChinaLedger blockchain consortium and has a thorough understanding of the Chinese market's infrastructure and banking culture. Source
ThreatMatrix announced its 2016 financial results with substantial growth in new financial institution customers; firm's business has been increasing traction, reporting $15 billion saved in fraud losses for its customers in 2016; revenue growth rates continue to be 50%; in 2017 the firm is planning for global expansion with an additional data center opening in in Reykjanesbaer, Iceland. Source
Since launching in 2015, Sharestates, a real estate crowdfunding company, has crossed $275 million in originations across 323 loans; in December 2016 the company originated $42 million, nearly doubling total loan volume in just over three months; average net yield to investors has been 11%; Sharestates recently announced they were raising their Series A through SeedInvest; the company is currently profitable and was previously a finalist for PitchIt@LendIt. Source