The only online lender focused on veteran-owned businesses has found a recipe for success. Source
WSFS Financial is working with SoFi to offer the new accounts early next year; the bank will process payments and provide debit card sponsorship services for SoFi Money. Source
Industry experts such as Matt Harris (Bain Capital Ventures), Dan Ciporin (Canaan Partners Partners), Andy Weissman (Union Square Ventures) and others share what 2018 may look across fintech; perspectives included span payments, lending, Amazon vs. JPMorgan, M&A, asset management and funding. Source
California-based startup Tala has raised $30 million for its marketplace lending platform; investors in the funding round included IVP, Ribbit Capital, Lowercase Capital, Data Collective and Collaborative Fund; the firm offers loans in Kenya through alternative credit underwriting which utilizes accessible data on payrolls, savings, payments history and social network activity; it plans to expand to Mexico and India. Source
With SoFi Money becoming live SoFi now offers a bank account they bill as a hybrid between a savings and...
FICO CEO Will Lansing said some banks are confusing customers by using a different score which he has dubbed Fako; VantageScore, the company behind the alternative scores, says their scoring is used by thousands of lenders for credit decisions and FICO is upset over competition; FICO is the most widely used credit scoring method as trillions worth of loans have been extended using FICO; JP Morgan Chase and Capital One both use VantageScore to help customers stay alerted about their credit health and not necessarily to underwrite loans. Source.
The markets for cryptocurrencies and blockchain technologies has taken many different turns in the last few years; regulators have certainly...
Venkatesh Bala from Biz2Credit shares new ways that lenders should think about risk management. Source
Alternative credit data company VerumView has developed a product primarily focused on capturing data surrounding an end-user's email; it's built on an API-based know your customer service (KYC) and helps to provide credit decisions on thin file borrowers; the system can service the following: identity verification, fraud detection, KYC, anti-money laundering, TF prevention, loan and insurance underwriting, credit and affordability scoring, competitive analysis and targeted marketing. Source
The US Senate's Banking Committee majority leader says a full reform of Dodd-Frank is unlikely but the Committee will seek to pass targeted reforms; the Banking Committee majority leader also sees larger regulatory changes coming mainly from the independent agencies; the outlook means the Financial Choice Act led by House Financial Services Committee Chairman Jeb Hensarling is also unlikely to be passed in the Senate; "The Choice Act is our omnibus legislation, but we will also reintroduce its component bills," says Hensarling; a previous executive order from President Trump which halts new federal regulations or requires regulators to repeal two rules for every new one issued is also slowing the regulatory process. Source