UK based Zopa has warned investors that defaults on high risk loans are rising; Zopa increased originations to high risk borrowers in 2016 and introduced their Zopa Core and Zopa Plus Products; the company originally expected default rates for 2016 at 4.14 percent but have revised that number to 4.93 percent; they also raised their estimates for 2017 loans to these borrowers to be 4.86 percent from 4.52 percent. 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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CommonBond’s study highlights the disconnect between what employees desire and what companies...
Cambridge, Massachusetts-based artificial intelligence (AI) platform Kensho has built a solution that can successfully predict market trading and is receiving significant attention from Wall Street; its AI-powered platform helped the company identify currency trends following Brexit that resulted in substantial gains from trades against the British pounds decreasing value; the company has announced a new partnership with S&P Global and has received investment from Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch, Morgan Stanley, Citigroup, Wells Fargo, General Catalyst, Breyer Capital and Google Ventures; the firm is led by Daniel Nadler, a Harvard trained Ph.D; its new partnership with S&P Global Market Intelligence will supply new data feeds to power its AI analysis and support its numerous solutions including the Kensho Global Event Database and Kensho's Knowledge Graph; the business is expected to become integrated with Wall Street's mainstream banks, emerging as one of the market's leading solutions for AI-powered trading. Source
- The Third Age of Credit
- Mastercard will support cryptocurrencies – as long as they’re backed by governments
- Composing Architecture for Growth
- BMO launches banking chatbot with Finn.ai
- RateSetter CEO warns of ‘risk’ of collaboration over competition
- One of the most secretive trading firms on Wall Street has been trading bitcoin
- A bitcoin trading firm just opened up a lending business — and it's going gangbusters
American Banker is out with their second annual list of the top...
Online lender Elevate Credit (ELVT) began trading shares of company stock on Thursday; the firm's CEO Ken Rees talked with CNBC about subprime lending and the IPO; shares opened for the day at $6.50 with a 19% increase to close at $7.76 giving it a market cap of $270 million; the offering was below expectations which had the stock estimated at $12 to $14; the firm offers loans to subprime borrowers with an underwriting system that considers over 10,000 data points. Source
The Financial Conduct Authority is proposing new rules for those that offer...
OnDeck is combining their Canadian business with Evolocity Financial Group which is...
UK marketplace lender Landbay has lowered its borrowing rates and fees in an effort to refresh its offerings for buy-to-rent property borrowers; rates for a two-year fixed term loan will now start at 3.39% and rates on a five-year fixed term loan will start at 3.59%; arrangement fees have also been reduced to 1.5% from 1.75%; the firm has also made some changes to its approval criteria; Paul Brett, managing director of intermediaries at Landbay had the following comments: "We are constantly listening to our intermediary partners and to the requirements of the market. Our rates have been reduced across the board to ensure we remain competitive whilst our criteria enables us to serve a wide range of specialist borrowers seeking a fast decision." Source
The only online lender focused on veteran-owned businesses has found a recipe for success. Source