LoanHero has appointed three new executives: Zalman Vitenson, Olaf Janke and Michael Sides; Vitenson will take the CEO role, Janke will be the firm's new CFO and Michael Sides has been hired as the firm's vice president of sales; LoanHero provides an innovative technology loan origination platform for point of sale lending. Source
Investment in regtech companies has reported a 38.5% compound annual growth rate over the past five years with a record $678 million invested in 70 companies in 2016; globally London has taken the lead reporting the greatest number of investment deals from 2012 to 2016 at 39; anti-fraud companies have been increasingly receiving greater investment with $334.8 million in 2016 accounting for 49.4% of total regtech investment. Source
More than $1 billion has been invested in UK fintech companies this year; the first half of the year brought $564 million of VC investments, up 37% from the prior year period; according to the article, fintech is worth $9.25 billion to the economy and employs 60,000 people. Source
Loot has launched version two of its app which provides for cash deposits and personal finance management; in its newest launch the app has accepted 25,000 new customers; the app helps customers track their spending and provides discounts from affiliated merchants; the version two launch of the app follows a $3.13 million funding round in November. Source
UK millennial banking app, Loot, has raised $2.5 million from backers that include SpeedInvest and Global Founders Capital; Loot is an app for millennials to monitor spending and transactions; an account is setup using a photo, ID/passport and a UK address. Source
LoanPaymentPro will be exhibiting at LendIt USA 2017; at the event the firm will be launching an advanced form of its Zero-Dollar Authorization (ZDA) technology; the ZDA technology provides lenders with a system for bankcard validation and account verification; through use of ZDA technology lenders can significantly lower their risk of fraud and defaults. Source
Deloitte has released a report on global fintech hubs with London reported as the strongest fintech hub for the second consecutive year; the report was generated in collaboration with Innovate Finance and released at the Innovate Finance Global Summit in London; the report results were based on six main factors including: access to technical expertise, proximity to the customer base, regulatory framework, government support, innovation culture and international diversity. Source
London-based technology company Misys has plans for an IPO; the company had planned to offer its stock in 2016 but decided against its IPO and now says it could still be a possibility; the firm's CEO Nadeem Syed said it is currently focusing on its new machine learning and P2P lending products; earlier in January it announced a new P2P lending solution for banks, FusionBanking Crowdlending; currently it offers its clients a broad range of solutions through its FusionBanking products and its targeting existing clients with its new products. Source
Loot is a banking app designed to help the millennial generation with tracking how much they spend and how to better budget their money; the company does not have a banking license due to the associated regulatory burdens and costs, though they do partner with the German payments company Wirecard; they now offer paycheck deposits with two free ATM withdrawals a month and will soon have the ability to do international money transfers with low fees. Source
In an interview with P2P Finance News, Adair Turner cites P2P loan securitizations and other evolving forms of structured credit as high risk, causing a potential "red flashing light" for regulators; speaks of the evolution of the asset class as securitization portfolios from P2P lenders have been increasing in 2016; discusses complex structured investment vehicles as the most high risk specifically those issuing short term debt against longer term holdings. Source