SoFi closed SoFi Professional Loan Program 2018-A; underlying collateral of student loans totaled more than $1 billion dollars; this is SoFi’s largest ever securitization as they continue to lead in the marketplace lending securitization market; there were 39 unique investors, including five new investors. 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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Consumer online lender 4finance has announced it will be using FICO TONBELLER Cloud Solution to monitor for anti-money laundering; the new solution will help the firm comply with the 4th EU Anti Money Laundering directive; 4finance is a European online consumer lender operating in 17 countries with total loans of over EUR4 billion ($4.24 billion) since its founding in 2008. Source
In partnership with The New York Times, CB Insights reports on the top 100 venture capitalists; top on the list is Bill Gurley from Benchmark; notable increases from 2016 include Founders Fund's Brian Singerman who moved to fifth and Lightspeed Venture Partners' Ravi Mhatre who is ranked sixth. Source
BFS Capital Inc., a leading small business financing company, announced that it has appointed Michael Marrache as chief executive officer to succeed outgoing CEO and co-founder Marc Glazer; Michael has been with the company for four years and previously served as COO then President; "I began work with BFS Capital nearly four years ago because I thought the company had enormous potential, and I'm even more certain of this today. I'm honored to have been asked by Marc and the board to lead the company's next phase of growth," said the new CEO; Marc Glazer will continue in his role as chairman of the board. Source
The round was led by TTV capital and included New Enterprise Associations, Relay Ventures, nbkc bank and Canapi; Greenlight offers a debit card with an app for kids and college students; the service costs $4.99 per month; big names such as SunTrust, Ally Financial, the Amazon Alexa Fund among others are forming financial education partnerships with Greenlight. Source
[Update: Much of the information here is now out of date. Please...
Synthetic fraud is when fraudsters use a collection of information to create a fake identity for fraudulent loan applications; data verification regulations are also making synthetic fraud more challenging to detect; Auriemma Consulting Group provides three strategic suggestions for online lenders: 1) strengthen front end detection and prevention 2) use data analytics to learn from synthetic accounts and 3) enrich reporting and information sharing. Source
Cambridge Blockchain provides enterprise software technology for regulatory transparency and privacy; the firm has raised $2 million through a convertible note; plans to accelerate sales to financial institutions seeking blockchain solutions for managing anti-money-laundering, know-your-customer and other regulatory initiatives. Source
Recently Morgan Stanley published research sharing that digital payments penetration in India could increase from 5% today to 20% in 2027; the e-commerce market could reach $200 billion with 475 million shoppers by this time; the author delves deep into the Chinese and Indian payments markets, sharing why America could miss out on India’s fintech revolution. Source
The deal is probably the first of its kind as two pension...