SoFi has acquired Zenbanx which will expand its offerings for clients to digital banking; Zenbanx offers online and mobile banking with international money transfer services and deposits available in multiple currencies; SoFi's CEO Mike Cagney says he expects SoFi to begin offering customers digital banking accounts in the first quarter of 2017; according to a Wall Street Journal source the Zenbanx acquisition was valued at approximately $100 million. Source
In an opinion article, one investor shares emails that have been leaked at Chinese marketplace lender Yirendai (NYSE: YRD); leaked emails show the company's chairman requiring parent company employees at CreditEase to invest in a fund to purchase undisclosed US equities; the author states the fund is likely purchasing shares of YRD and presents his case for shorting the stock; the stock recently saw volatility following China's new regulatory guidance for P2P lenders. Source
Credibility Capital has completed a sale of a pool of whole loans to a regional bank; details of the loan portfolio and regional bank were not included; according to Brett Baris, chief executive officer of Credibility Capital: "Orchard provided a seamless software solution that improved the process for both sides of the transaction. With Orchard's new tool we were able to easily share vast amounts of loan data with our client on a single, easy-to-use platform." Source
The Dubai Financial Services Authority (DFSA) has announced a consultation process that will begin to set a framework for P2P lending; following the consultation process the regulator is likely to begin issuing licenses for P2P lending businesses; the regulators initiative would provide for a new source of funding for borrowers and would also help to support small businesses. Source
Allen Webb of RiverNorth talks about the firm's marketplace lending fund; gives an overview of the portfolio selection criteria; talks about the fund's structure and some of the liquidity challenges presented by marketplace loans; says the firm is planning future webinars to educate investors on the fixed income investment.
PeerIQ and Freedom Financial Network have signed an agreement that will allow new data access for Freedom Financial Asset Management and its clients; Freedom Financial Asset Management is a marketplace lending platform offering consumer loans; the data access will include PeerIQ's full suite of tools which will also be available to the platform's institutional investors; Freedom Financial Asset Management will also utilize PeerIQ's fair valuation services which launched last year. Source
Professional Bank Services is a consulting company for traditional and non-traditional financial institutions; in their white paper they provide a sample of their ongoing communication on regulatory developments within the financial industry; includes announcements, recent revisions and servicing rules released by the financial industry's regulatory agencies. Sponsored Blog Post
John MacIlwaine has taken a new role as chief technology officer at Braintree; Braintree is a mobile payments technology company owned by PayPal; MacIlwaine submitted his resignation at Lending Club in December. Source
Today, Prosper appointed Usama Ashraf as its new CFO; Ashraf will also oversee the capital markets side of the business to bring in new investors; Ashraf has more than 18 years experience in corporate finance and capital markets; recent positions include being the deputy chief financial officer and treasurer at Annaly Capital Management and corporate treasurer at USAA; David Kimball, Prosper's CEO stated: "We're thrilled to have someone with Usama's experience and track record in finance and global capital markets join our team. Usama will be instrumental in bringing new institutional investors onto the Prosper platform, including banks, as we continue to grow the platform in 2017." Source
Orca Money has raised 280,000 British pounds ($354,425) in a funding round led by TechStart NI; the UK company provides a comparison service for investors interested in P2P investments; the funding will primarily be used for development of Orca Retail, a financial media site which it plans to open in 2017. Source