Economist Arnold Kling proposed a national overdraft plan as an alternative to...
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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The registered investment advisory business reported 138 transactions in 2016 setting a record for industry merger and acquisition (M&A) activity; since 2009 the industry has reported a compound annual growth rate of 16% for M&A deals; increased regulatory oversight from the Department of Labor has been one factor; the market data provided by Echelon Partners also provides additional information on the industry landscape for the registered investment adviser market. Source
Deloitte's third quarter deal tracking report finds a 7% increase in UK deals for P2P lenders in the cumulative 12 months; third quarter of 2016 included 67 deals; deals in the UK increased 21% while deals in the remainder of Europe increased by 29%; the report tracks comprehensive deal activity including fundraising, mergers, acquisitions and partnerships for 50 alternative lenders across Europe. Source
Meta Financial Group formed a partnership to provide personal loans to customers of NY based Liberty Lending; Meta said they will look to originate between $500mn to $1bn of personal loans during the three year partnership; “We are excited to partner with a respected and growing brand in online lending, and look forward to working together to deliver best in class loan products to consumers,” Brent Turner, Meta's head of consumer lending, said in a press release reported by American Banker. Source.
Originations for the quarter were $464 million; OnDeck continues to tighten their credit policy and limit loans designated as held for sale on OnDeck's marketplace; company seeks to achieve GAAP profitability by the end of the year; the second quarter brought some of the highest quality borrowers the company has ever originated which resulted in OnDeck being in a substantially more stable credit position than six months ago; OnDeck made progress in expanding and lowering the cost of their funding sources on multiple fronts; the partnership with JP Morgan Chase has been extended for up to four years. Source
Fintech firm Quovo launched its bank API in November 2016 with 18 financial institutions; it has now expanded to 215; the API technology allows fintech firms to verify accounts and offer ACH payments and transfers; Quovo's recent partnership expansion has also included credit unions and regional banks. Source
Report from the Federal Reserve explores blockchain for payments, clearing and settlement; paper includes information obtained from interviews with approximately 30 industry stakeholders; says distributed ledger technology could improve processes for payments, clearing and settlement however implementation and adoption of the new technology present challenges. Source
Crowdfunding sites have started to be a big influx in interest from...
Lawmakers and other government officials are working to make changes to the...
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