Bitbond has raised $1.2 million in new equity capital to grow its user base and further its product development; the firm offers loans globally to small and medium-sized enterprises and uses the bitcoin blockchain for global cross-border lending; since its launch the platform has originated over 1,600 loans worth approximately $1.2 million; it currently has 76,000 registered users in 120 countries. Source
In partnership with Quovo, SoFi has integrated an API for wealth management customer authentication and data aggregation into its platform infrastructure; with the API integration, customers can now link with over 200 financial institutions; the new API allows customers to pull in data from existing accounts for various purposes on the platform. Source
Parasail Health has built a lending platform to support loans for healthcare expenses; firm has partnered with healthcare companies to provide alternative payment options for healthcare needs; Parasail currently has contracts with over 700 providers and has built integration capabilities for approximately 15 channel partners; offers loans and simplified payment processing for a range of healthcare expenses. Source
The Consumer Financial Protection Bureau (CFPB) has fined TransUnion and Equifax over $23.2 million for deceptively advertising services; the agencies reportedly advertised credit services costing customers over $200 as free and misled customers about the use of credit reports they obtained; according to the CFPB, TransUnion will pay $13.93 million to consumers and a $3 million fine while Equifax will pay $3.8 million to consumers and a $2.5 million fine. Source
P2Binvestor has raised $7.7 million in a Series A1 funding led by Rockies Venture Club, an angel investor network in Colorado, and Future Venture Capital Co., a Japanese venture capital firm; according to CEO and Co-Founder Krista Morgan, funds will be used to grow operations, sales and marketing departments; improvements to the platform will also be made; Morgan stated, "We're seeing more interest in our model as venture funding hits a two-year low and more entrepreneurs are looking for ways to grow their business while preserving their equity using good-quality, flexible debt." Source
Chinese regulators have mandated that P2P lenders work with custody banks for depository services; Ping An Bank has announced a third party depository service and provides details in a document titled, "Measures for Third Party Depository of P2P Online Lending Platforms"; the document provides access criteria for lenders and the bank appears to be setting the industry standard for P2P custody services. Source
AutoGravity has added First Investors Financial Services to its car loan financing network; AutoGravity has developed an app that allows car buyers to choose a car online and receive four financing offers; the addition of First Investors Financial Services will broaden the available financing options for users. Source
Data from Financial Technology Partners reports over 1,500 funding deals from over 1,700 investors in 2016; these deals accounted for $36 billion in fintech financing; data by fintech category can be seen in the chart below with banking and lending companies accounting for 29% of the year's total deals; payments, loyalty and ecommerce accounted for 22%; securities, capital markets and wealth management also reported substantial interest from investors with 19% of the deals funded. Source
LendIt USA 2017 featured keynote speakers discussing all aspects of the online lending industry and new developments in fintech overall; videos on the keynote presentations from the event are now available; a list of the event’s keynote speakers can also be found here. Source
The bank has seen behavior in the unsecured personal loan market getting out of control; lenders are trying to battle each other to offer cheaper loans in an uncertain time; Paul Lynam, chief executive of Secure Trust, said, "The competition becomes excessive; lenders tend to continue to fight for market share, which means lower pricing."; this is not the first time Secure Trust has pulled back on unsecured consumer loans; in 2006 they ceased originations only to come back in 2009. Source