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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.

Finance News Roundup Online Lending

·Dec. 21, 2016

Marketplace Lending Securitizations Trending with Market

JPMorgan asset-backed securities (ABS) analysts have highlighted marketplace lending securitizations, noting their growth and trending performance; cite marketplace lending ABS as one of the fastest growing securitization categories, increasing from $3.3 billion in 2013 to $9 billion in 2016; also say performance is better or similar to the broad market's ABS consumer loan securitizations overall with higher returns and lower default rates; additionally, the analysts report that credit characteristics on Avant's securitizations have improved. Source

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News Roundup Online Lending USA

·Dec. 21, 2016

Citizens Bank Partners with Fundation to Offer Small Business Loans

Citizens Bank has entered into a partnership with Fundation to extend capital to small businesses; Citizens Bank will offer a digital solution so small businesses can apply and get a loan through one process; businesses who don't meet Citizens' credit profile will then be underwritten by Fundation; this is the second fintech partnership for Citizens Bank as they recently entered into a partnership with digital wealth management service SigFig. Source

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Fintech News Roundup

·Dec. 21, 2016

VC and PE Investment Pouring into Asset Management Fintechs

A new report by PitchBook details how $11.4 billion of private investment has flowed into digital wealth management companies since 2010; investment has occurred in more than 400 deals, with venture capital investment leading the way followed by private equity; the report explains some of the main reasons for this trend as active managers failed their clients while fees have continued to rise; clients are looking for a cheaper more predictable way to manage their wealth; one of the main questions going forward is will incumbents purchase, partner or build their own solutions. Source

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Europe News Roundup Online Lending

·Dec. 21, 2016

RateSetter Sells Non-Performing Debt

RateSetter has sold non-performing debt to debt purchaser 1st Credit; source says the sale was for 2.1 million British pounds ($2.6 million) of non-performing loans originated between 2010 and 2015; the sale goes beyond the company's standard plans for default collection and coverage which include support from one of the industry's most well-known provision funds; the RateSetter Provision Fund promises to cover defaults for borrowers and is valued at approximately 22 million British pounds ($27.2 million); with expected losses of approximately 19 million British pounds ($23.5 million) it currently has a coverage ratio of 118%. Source

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Asia/Pac Fintech News Roundup

·Dec. 21, 2016

Zhongan Focusing on a China IPO

Sources have reported that Zhongan is no longer considering an initial public offering (IPO) in Hong Kong or the US due to a shifting market perspective; international interest and competitive pressures are cited as the main factors for the change in the IPO strategy; the insurance company was planning for an IPO in Hong Kong or the US sometime in the first few months of 2017; the China listing will likely delay the offering and the firm has not disclosed its new timing. Source

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Europe News Roundup Online Lending

·Dec. 21, 2016

LendInvest Launches New Auction Finance Product

Marketplace lender LendInvest has launched a new auction finance product to more rapidly service its customers; the firm offers short term property financing; the auction financing product will service brokers and their clients who are seeking funding for properties bought from a real estate auction; the auction product will offer one to 12 month term loans ranging from 75,000 British pounds ($92,775) to 7.5 million British pounds ($9.28 million); LendInvest has originated over 800 million British pounds ($990 million) in loans over the last three years and also recently introduced a development exit product in October. Source

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News Roundup Online Lending

·Dec. 21, 2016

Liquidity and Secondary Market Panel Discusses Developments and Barriers

A blog post from MonJa provides details on the "Liquidity Outlook: Establishing a Secondary Loan Market" panel discussion which took place on December 1 at the 2nd Annual Investors' Conference on Marketplace Lending; Orchard Platform has made building a comprehensive secondary market for marketplace loans a firm priority and has the lead on an industry wide trading platform; interactive data technology and advanced market pricing technology are some of the barriers; until broader secondary market trading becomes available, innovative industry funds and securitization portfolios are the leading secondary market options available for investors. Source

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Asia/Pac News Roundup Online Lending

·Dec. 21, 2016

CoinTribe Leading SME Lending in India

CoinTribe is using advanced credit modeling to provide online lending to small and medium-sized businesses in India; it also offers personal loans; its services are leading the marketplace for small and medium-sized businesses; company provides an online marketplace for loans and also offers platform as a service digital technology to banks; CoinTribe has been originating loans since March 2016; has raised $3 million in funding and has plans to raise another $10 million to $15 million in the near-term. Source

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News Roundup Online Lending USA

·Dec. 21, 2016

Affirm Appoints Rob Pfeifer to Chief Risk Officer

Rob Pfeifer has been appointed to chief risk officer at Affirm; was previously chief financial officer; Pfeifer has been with Affirm since March 2013; prior to Affirm, Pfeifer worked in various financial analysis roles; he has extensive experience in forecasting, reporting and deal transactions.

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News Roundup Online Lending USA

·Dec. 20, 2016

SoFi Bank Accounts Coming in 2017 Says SoFi CEO

In a recent interview, SoFi CEO Mike Cagney stated, "We feel very confident that in 2017 you'll be able to have a SoFi bank account with a debit and/or credit card."; further details are not known on how SoFi plans to offer deposit accounts; Cagney stated the company is working on two or three initiatives; back in July Cagney told investors that getting a traditional bank license was not a viable solution; the company may be able to leverage the OCC's recently announced nonbank fintech charter. Source

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