SoFi bought online bank Zenbanx for approximately $100 million and will now be the first online lender to offer deposit accounts; Lend Academy provides more details on the acquisition in their article; the acquisition will help SoFi become a more central source for financial services to their clients; Zenbanx currently offers mobile accounts in the US and Canada; the current business will become integrated with SoFi's operations and Zenbanx's founder and CEO will be joining SoFi to run banking services; the acquisition gives SoFi significant latitude to launch additional banking products and the deposit accounts will add to the company's current products which now include student loan refinancing, consumer loans, mortgages, wealth management services and insurance. Source
The NFIB Small Business Optimism Index decreased to 104.7 from 105.3 in March and fell below expectations of 104.8; small businesses were less optimistic about business growth as momentum from the Trump administration slowed; lower sales expectations and uncertainty were key factors for the March Small Business Optimism Index report which collected its data prior to the delayed Obamacare vote which many small business owners were watching closely. Source
The Peer-to-Peer Finance Association (P2PFA) is a trade body representing three quarters of the P2P lending market in the UK; RateSetter has breached rules set by the P2PFA; according to RateSetter, "No customer has experienced any loss from our actions but we recognize that our actions breached the principles of the Association."; recently the company has been in the news with regards to their wholesale lending business that it has been winding down. Source
ApplePie Capital is the marketplace lending leader in franchise business loans; in their featured blog post, CEO Denise Thomas discusses the investment opportunity that the firm's platform presents and ApplePie Capital's business model; cites five reasons for investing in franchise debt including the stable, high single-digit to low double-digit returns with lower risk than many of the market's competing fixed income products. Sponsored Blog Post
CAN Capital has deep roots in the credit industry, evolving from one of the industry's leading merchant cash advance services in the 90s; as AdvanceMe, its direct competition with AmeriMerchant was influential in the merchant cash advance industry with AmeriMerchant winning a patent case that invalidated AdvanceMe's patent on merchant cash advance technology, also opening the market to increased entrants in the merchant cash advance business; both companies have now simultaneously reached new junctures; CAN Capital suspended funding in November 2016 and AmeriMerchant, now Capify, has been partially acquired by Strategic Funding Source; Strategic Funding Source has acquired the US operations of Capify in one of 2017's first acquisitions; international businesses of Capify were not acquired and will continue to be led by Capify executives. Source
UK-based Growth Capital Ventures (GCV) has received a 1.1 million British pound ($1.37 million) investment from Maven Capital Partners; GCV will use the funds to develop a new P2P lending platform and for expansion of its current crowdfunding solutions; the firm focuses on crowdfunded investments in real estate, clean energy and technology. Source
Tempoe has completed a deal with its financing partner for a $150 million credit facility; the firm provides alternative leasing solutions for durable goods including furniture, appliances and electronics; the additional capital will help the firm to invest in the online shopping market, expand to additional retailers, explore new markets and make strategic acquisitions. Source
Lending technology provider ReliaMax has announced $275 million in loan servicing on its platform; the firm's loan servicing level has increased 670% from the close of 2015; the platform's services are focused on the private student loan business and its Private Student Loan Platform-as-a-Service solution has supported lending for over 500 banks, credit unions, alternative lenders and investors. Source
Elevate Credit has appointed Tony Leopold as its new general manager for the firm's Rise product; Leopold brings over 20 years of experience in strategy, business development, finance and operations from roles at United Rentals and Bain and Company; Rise is Elevate's flagship product offering unsecured consumer loans of $500 to $5,000. Source
Thomas Curry spoke on the Office of the Comptroller of the Currency's fintech charter at LendIt USA; Curry primarily refuted arguments against the OCC's authority for establishing a fintech charter; Curry sited the National Bank Act stating, "To be clear, the National Bank Act does give the OCC the legal authority to grant national bank charters to companies engaged in the business of banking."; the banking charter would encompass all fintech companies engaging in banking activities regardless of whether or not they take banking deposits; the OCC is still evaluating the provisions of the fintech charter following its December 2016 white paper and comment period which ended in January 2017. Source