Clarity Services is a leading alternative credit data provider; the firm has published a new report titled, "2017 Subprime Lending Trends Insights into Consumers and the Industry" which analyzes alternative credit data from the firm's database of approximately 60 million unique consumer identities; provides details on consumer trends and the financial behavior of this market group. 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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It was a relatively slow news week at least when compared to the frenetic pace of the first few weeks of the year.
Anthony Noto was interviewed on his first day at SoFi; Noto shared that before he makes any changes at SoFi he wants to understand how various leaders are thinking about opportunities and risks; he also touched on corporate culture and strategic focuses in the interview; when asked about a potential IPO Noto said, “We don’t have any specific timetable or commitment to do that, but it something that we think could be possible down the road.”; American Banker also reported that SoFi’s wealth management business has $44.7 million of assets under management across 10,000 accounts. Source
A new survey by Israel-based Bank Leumi’s challenger brand Pepper found 90...
Lending Club has created a new television commercial. It was produced by Marketing...
Marketplace lending analytics platform dv01 has announced the launch of a new securitization portal called Securitization Explorer; the new product will provide data, analytics and visualization tools for marketplace lending securitizations; in comments regarding the announcement, Perry Rahbar, founder and CEO of dv01, said, "With Securitization Explorer, we are extending the reach of our already robust tools to meet the specific needs of investors in these deals." Source
The Senate passed a banking bill meant to roll back some of the financial regulations imposed after the crisis, but its fate is uncertain in the House; Republicans in the House want a further rollback of regulations; the bill is intended to help smaller banks avoid burdensome federal oversight and raises the definition of systemically important to $250bn from $50bn; the bill also makes adjustments to parts of the Volcker Rule and eases mortgage rules for smaller lenders. Source.
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) spoke about the MAS completing their first blockchain pilot covering interbank payments; Menon stated, "The killer app is really to go cross-border. If we can make a blockchain-based system support payments from one country to another, that could be potentially transformative in bringing costs down."; he also spoke about the increasing understanding of fintech by CEOs of major banks and how the MAS supports partnerships between banks and fintechs. Source
Russian marketplace lender Blackmoon allows professional investors to acquire portfolios of emerging market loans; it has now reported a new partnership with ID Finance, a data science, credit scoring and nonbank digital lending as an application provider; loans are screened and scored by ID Finance's advanced risk assessment system and qualifying loan transactions are automatically transferred to the creditor setting up an automated securitization process. Source
Clearbanc provides revenue-based financing to online businesses; a new program launched with Facebook will give Facebook’s 5 million merchants in Canada and the US access to $500,000 in financing; advertisers who have been working with Facebook for 6 months and have positive economics on ad spends will be able to apply through Clearbanc’s Chrged program and connect their Facebook Ad account. Source