By the end of 2022, JP Morgan Chase hopes to cover 93% of Americans via their branch network; this amounts...
In this Forbes op-ed Ron Shelvin shares his thoughts on how the Robinhood checking account was doomed to fail; besides...
Goldman’s Marcus has scaled extraordinarily fast having provided $2.4 billion in consumer loans; some analysts have expressed concerns on the...
The CEO of OppLoans discusses non-prime lending, what is needed for these consumers to have a good experience, the unique...
Raisin has been able to attract billions of deposits to European banks and will eventually be launching their deposits-as-a-service offering...
There was an analysis done in 2017 showing that 2 percent of VC capital went to startups founded by women...
Digital investment startup M1 Finance drooped their assets under management fees to zero in December; the company plans to make money through back end services and charges fees fopr paper statements, wire transfers and transferring to another brokerage; “It’s taking a similar approach to how the rest of financial services works,” CEO Brian Barnes said to TearSheet. “Banks make money on cash, assets, transaction revenue and the ability to cross sell — the more users, the more assets, and the more money M1 will make.”; the company current holds more than $100mn assets under management. Source.
Fiserv partnered with TransUnion to use their CreditVision Link software to help asses risk in their auto loan origination system; Fiserv is specifically looking to identify higher risk borrowers as they look to reach more of the underbanked; Steve Chaouki, executive vice-president and head of TransUnion’s financial services business unit, says the integration “enables lenders to score approximately 95% of the US adult population” as reported by Banking Technology. Source.
Promise Financial was previously a marketplace lender focused on providing wedding loans; it issued loans of approximately $10,000 with interest rates up to 30%; in January the firm announced a change to its name and business model citing competitive pressures as the main reason for the shift in focus; it will now sell its technology as a service to banks and is in the process of changing its name to DigiFi. Source
JP Morgan CEO Jamie Dimon speaking at the bank’s annual investor meeting stated, “We are looking, and we will be...