A husband and wife from Sri Lanka were arrested in Canada for fraud and money laundering; the couple reportedly used fraudulent checks and synthetic identities for fraudulent charges and purchases; both are charged with fraud of CAD5,000 ($3,729) and possession of proceeds obtained of over CAD5,000 ($3,729); the fraudulent charges are an example of the emergence of sophisticated synthetic identities that are more difficult to be detected by fraud prevention systems. Source
Aspire Financial Technologies has announced a new asset-level disclosure data and analytics module; the module is targeted for securitization professionals; it provides free access to market participants seeking to analyze loan-level characteristics and performance data of US public securitizations; data is from SEC Edgar filings and is provided as a result of Reg AB II from the Dodd Frank Wall Street Reform and Consumer Protection Act which requires certain public securitization issuers to post monthly asset level disclosures on public securitization trusts. Source
Flexiti Financial has announced Diane Brisebois and Rick Padulo as the first two members of its advisory board; Diane Brisebois is president and CEO of the Retail Council of Canada; Rick Padulo is Chairman and CEO of Padulo Integrated, which provides multi-media retail communications services; Flexiti Financial is a growing provider of point-of-sale financing technology for retailers and recently received the Emerging Consumer Lending Platform award at LendIt USA 2017; its new board advisors will seek to support the firm's growth and advise the firm on its strategy for business development and retail expansion. Source
The marketplace lending platform has facilitated over $7 million dollars in financing to small businesses in Canada; it currently has over 9,500 investors; Auto-Lend will allow investors to automate investing on the platform through pre-set or customized strategies. Source
Small business, marketplace lender, Kabbage, has announced two new executive hires; the executive hires will focus on technology and data as the company seeks to expand and gain greater market share in online small business lending; Amala Duggirala will join Kabbage as the chief technology officer and Rama Rao will be the chief data officer. Source
eOriginal has added Ron Suber, Prosper Marketplace president, to its advisory board; the digital transaction document management company has been steadily expanding its business in the marketplace lending market; Ron Suber will help support the company's growth as an advocate for its unique digital documentation products also advising the company on the marketplace lending market overall; eOriginal is currently growing and expanding, also adding Jon Barlow, founder and former CEO of Eaglewood Capital Management, to its advisory board and raising $26.5 million in a recent funding round. Source
Creditas recently closed one of the largest rounds in Latin American history and has originated more than $100mn in loans since 2011; they company offers loans backed by collateral, charging 17 to 25 percent for their home equity loan and 23 to 50 percent for auto equity loans; this is unique as banks typically charge 120 percent APR on unsecured loans and 480 percent APR on revolving credit cards; having a lower cost, more secure loan has seen them keep defaults around 1 percent and grow the company workforce threefold in the past year alone. Source.
According to the Wall Street Journal, former Lending Club CEO Renaud Laplanche has started a new online lender called Credify; the company has setup offices in the financial district of San Francisco and was incorporated less than a month after leaving Lending Club; former Lending Club executives Jeff Bogan and Adelina Grozdanova have also joined the new company; it plans to make its first loans in 2017. Source
Canadian based insurance company Manulife launched a digital bank earlier this month and at the heart of that offering is...
On March 29, the Boston-based anti-fraud firm FiVerity announced a "holistic" fraud analytics platform to help firms stop criminal activity.