UK online marketplace lender ThinCats is the latest P2P platform to receive full authorization from the Financial Conduct Authority (FCA); the firm is a secured business lender and says it has a number of developments in progress including the launch of an IFISA; in comments regarding the authorization, John Mould, CEO of ThinCats, said: "We are delighted to have been granted FCA authorization, proving the dedication of our team and processes. We are very happy that more and more alternative finance providers are now being authorized, as it ultimately proves that the industry deserves the trust and confidence of investors, advisors and SME borrowers alike." Source
China's internet giant Sina has established a $500 million fund (Online Finance Fund) to invest in Chinese fintech companies that sell wealth management products and insurance services; the fund will cooperate with startups as well as established financial institutions, such as banks and insurance companies, Sina CEO Cao Guofeng says. Source (Chinese)
Cryptocurrency platform Omega One was this year's PitchIt @ Lang Di winner; the company operates an automated trade execution platform with trading services for traders, investors and institutions seeking to trade globally across the world's crypto exchanges; in comments on Omega One, LendIt Co-Founder Jason Jones said, "Omega One opens the market to the next wave of capital from institutional investors by providing much needed transparency and liquidity."; among the prize winnings for the firm include a RMB1 million ($150,148) investment from JadeValue, co-working space for six months and two tickets to LendIt USA 2018. Source
ETHLend will issue LEND tokens in a pre-sale and official token sale; the pre-sale is scheduled for September 25 to October 25 with a goal of 2,000 ETH; the official sale will begin November 25 and last through December 9 with a goal of 37,600 ETH; ETHLend is developing a decentralized peer-to-peer lending application built on the Ethereum Network; it allows for increased transparency and global lending with services for collateral, decentralized credit ratings and management of exchange volatility risks. Source
StreetShares has announced a $10.3 million fundraising; the US marketplace lender specializes in funding business loans to companies managed by veterans; the platform has a range of product offerings with loans issued for $2,000 to $100,000. Source
Firm was given full FCA authorization at the beginning of 2017 and expects the IFISA launch to add to high current demand on the platform; says it will target financial advisers with the new offering; the lender has originated over GBP130 million ($169 million) since launching in April 2016; it focuses on secured property loans with conservative loan to value ratios of approximately 60%. Source
The report, "Payment: The Ecosystem Gateway" is the first one in Goldman Sachs' "The Rise of China FinTech" series; the report focuses on the emergence of new electronic payment methods, as payment is a crucial gateway to most other services, and this is where the innovators have gained the strongest footholds in China. Source (Chinese)
The Center for Financial Inclusion (CFI) has released a report discussing financial inclusion partnerships between financial institutions and fintech companies; findings from the report were generated from 24 in-depth interviews with individuals leading financial inclusion in the industry and highlights 14 financial inclusion partnerships identified by CFI as best-case scenarios; the partnership case studies cover four financial inclusion challenges including: access to new market segments, new offerings for existing customers, data management, and deepening customer engagement and product usage. Source
DirectMoney completed the wholesale lending deal with 255 Finance where $50 million worth of originated loan assets will be purchased; the deal will also include an equity stake and options for 255 Finance, with the plan to increase loan buying in the future; DirectMoney Executive Chairman Mr. John Nantes said: "We are very excited to complete this agreement with a company with the capability of 255 Finance as we target the fintech opportunities in the $100 billion consumer finance market in Australia. After engaging with many potential wholesale funders and varying structures over recent months, this deal was always our preferred outcome, and we're delighted to announce it today." Source
GreenSky is the third most valuable fintech company in America; managed by David Zalik it provides a unique lending service with a business model scalable to diverse industries; currently focused on home remodeling contractors it offers fast approvals for borrowers with support by phone, website or mobile app; Forbes provides more details on David Zalik, the evolution of the business and its future aspirations. Source