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·Mar. 3, 2017

Video: SoFi Talks with Mad Money

Jim Cramer of Mad Money talks with Mike Cagney of SoFi to discuss the unique business model of the privately managed business which has originated over $16 billion in loans and recently closed a $500 million fundraising round; Cagney provides details on the student loan refinancing business and the company's unique focus on supporting customers in many different aspects of their personal and financial lives; notes SoFi's return on equity advantages over banks and the market opportunity it is targeting as it builds out its business. Source

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News Roundup Online Lending USA

·Mar. 7, 2017

CRBF Joins ILPA for Expanded Small Business Online Lending Support

The Coalition for Responsible Business Finance (CRBF) has announced it will join the Innovative Lending Platform Association (ILPA) in efforts to more broadly support lending for small businesses; the ILPA's network is primarily led by existing members, OnDeck, Kabbage and CAN Capital; with the merger of the two organizations, the ILPA will gain representation from the National Federation of Independent Business, the National Small Business Association, the Small Business & Entrepreneurship Council, the US Chamber of Commerce and the Association for Enterprise Opportunity; the expanded ILPA will provide even greater resources for advancing online small business lending education, advocacy and best practices; the ILPA is most well known for its work on introducing the SMART Box™ comparison tool for small business lenders; with the merger of the two organizations, the ILPA has also developed an updated industry code of ethics, leveraging the work previously done by the CRBF. Source

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Fintech News Roundup USA

·Aug. 30, 2017

Personal Financial Management Apps Still Have a Future

Personal financial management (PFM) apps have had a bad few months with Prosper shutting down Prosper Daily and Capital One closing Level Money; but banks in general are still looking for ways to provide customers with their financial health; a research report by Celent in July points out that while apps are closing, banks are beginning to integrate some of the features from PFM apps; instead of sending customers to a third party app they offer the features within their own app or website as part of the everyday customer experience; Cesar Richardson, vice president for Strands America, tells American Banker: "There's no separate path. It's inside your day-to-day banking." Source

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News Roundup Online Lending USA

·Mar. 7, 2017

Lantern Credit Acquires Machine Learning Library for Enhanced Services

Lantern Credit has acquired the Abstract Regression Classification (ARC) Machine Learning Library to enhance its proprietary machine learning solution, Beam AI; the firm expects the acquisition and machine learning enhancements to improve its credit advice, credit offers and support for financial institutions; according to Chad Swensen, CEO of Lantern Credit, "Leveraging the ARC software to advance the Beam AI technology produces the most advanced artificial intelligence and machine learning application in the consumer credit management space." Source

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News Roundup Online Lending USA

·Mar. 6, 2017

CMC Releases CredAgility 7.3 at LendIt USA 2017

The CredAgility platform is relied on by lenders globally for customer management solutions; enhancements to the newly released version 7.3 include expanded customer level views for client service representatives, improvements for compliance management, added self-service options and improved functionality for email and customer outreach. Source

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News Roundup Online Lending USA

·Feb. 8, 2017

SoFi Partners with Promontory Interfinancial Network for Community Bank Loan Investments

SoFi has partnered with Promontory Interfinancial Network to help facilitate community bank investments in SoFi loans; Promontory Interfinancial Network will provide due diligence support for community banks; the Promontory Interfinancial Network includes a network of thousands of banks; for the partnership Promontory Interfinancial Network commissioned Promontory Financial Group (recently acquired by IBM) to provide a review and report on SoFi's underwriting, operations and systems to Promontory Interfinancial Network's banks for deal support; according to SoFi, the program will provide a gateway for small to mid-sized banks' participation in marketplace lending investment; Promontory Interfinancial Network will make SoFi's loan program information available for its bank network on its loan marketplace, Bank Assetpoint; network banks will not incur any additional charges for loan investment through the network and SoFi will pay Promontory Interfinancial Network a fee for each transaction. Source

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Fintech News Roundup USA

·Jan. 24, 2017

Support for Eliminating the CFPB

An opinion editorial in American Banker makes the case for eliminating the Consumer Financial Protection Bureau; says the agency provides for unnecessary expansion of federal regulatory power; suggests a return to segregated oversight; provides a list of overreaching executive powers in addition to its recent unconstitutional ruling. Source

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Fintech News Roundup USA

·Aug. 14, 2017

SEC Suspends Trading of Company for ICO Issues

The SEC suspended trading of OTC-listed technology company CIAO Group (now rebranded as NuMelo Technology); trading is currently suspended until August 23; the SEC is questioning the accuracy of a planned ICO by the firm and the initiative that the ICO funding would support; the additional funding would support a digital financial products marketplace for the African market based on blockchain technology. Source

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Fintech News Roundup

·Dec. 6, 2016

Vault Launches at TechCrunch Disrupt London

UK startup, Vault, launched a retirement product for small businesses at TechCrunch Disrupt London; the investment platform offers a retirement solution for small businesses through automated investing; the company's automated platform allows small businesses to offer a retirement solution for their employees at a low cost. Source

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Fintech News Roundup USA

·Mar. 10, 2017

Dynamics of Technology Transformation for Incumbent Banks

At LendIt USA, Antony Jenkins from 10x Future Technologies discussed the challenges for incumbent banks in implementing transformative technology; Jenkins says transformation for incumbent banks is very difficult primarily because of the cultural change; Jenkins' 10x Future Technologies is developing software and API technology for banking products including current accounts, credit cards, mortgages and loans. Source

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