Personal financial management app, Moven, is focusing on helping customers see the bigger picture when it comes to saving; features include savings account balance updates and a wish list timeline which helps keep consumers on track toward their saving goals; other apps such as Digit, Level Money, Chime, Dyme, Qapital and Simple are also providing similar services focused on motivating users to save for longer-term saving goals. Source
Business commerce and supply chain finance platform, Tradeshift, received an undisclosed equity investment from Santander InnoVentures; the capital will be used for expansion of their current platform and for growing the ecosystem around their B2B marketplace; Tradeshift is a business commerce platform where companies can buy, sell and tailor their B2B solutions. Source
RealtyShares closed investment for its Diversified Marketplace Equity Fund on Monday; the platform offers a range of crowdfunded investments including both debt and equity; the Diversified Marketplace Equity Fund offers investors exposure to middle market equity real estate investments in a diversified portfolio with 10 to 20 property investments. Source
Betterment has increased its assets under management (AUM) by approximately $1 billion in eight months; AUM is currently $6.2 billion; diversification to new client segments has significantly helped the firm to grow; beginning as a consumer focused platform, it now has a Betterment for Business platform with approximately 300 customers; the early expansion to businesses primarily underserved by legacy providers is likely to be an advantage for the firm as robo advisor offerings increase. Source
MoneyLion has raised $22.5 million in a Series A funding round led by Edison Partners; the company will use the funds to improve and expand its mobile application services; the mobile application currently provides customers with tools and advice for managing their finances; it also provides loans. Source
A new law has passed in New York to provide support for online lending; the law includes direction for the development of an outreach campaign that will educate small businesses about marketplace lending; educational materials will come from the Department of Economic Development and the Department of Financial Services and will include simple language detailing potential costs and risks including the disclosure of percentage rates, fees, charges and early repayment options. Source
Anthony Hsieh of loanDepot shared his insights on the marketplace lending industry at the Marketplace Lending and Alternative Financing Summit; said technology would be the industry's main barrier to entry, an even greater factor than regulation; according to Hsieh, tech-enabled platforms with scale in the market will have an advantage as the outlook for new capital is uncertain. Source
In a report on the structured finance market, Fitch Ratings provides an outlook for 2017; says losses from auto loan asset-backed securities could increase with rising defaults; also notes increased risk from marketplace lenders and industry securitizations which have been reporting higher delinquency and loss rates; says the best performance is likely to be from residential mortgage and commercial mortgage securitizations. Source
SmartBiz has been ranked the number one provider for non-Express, SBA 7(a) loans under $350,000 and fifth among providers for traditional SBA 7(a) and Express 7(a) loans under $350,000; SmartBiz is the first SBA marketplace and bank-enabling technology platform; it facilitates small business lending from banks; in the government's 2016 fiscal year, SmartBiz generated $200 million in funded SBA 7(a) loans. Source
Lemonade has raised $34 million in a Series B funding round led by General Catalyst; the Series B round brings the total funding to $60 million; the company plans to use the funding for state expansion with California as its next target. Source
