The CEO and Chairman of Laurel Road, formerly Darien Rowayton Bank (DRB), shares how he built a small community bank into a leader in student loan refinancing. Source
We are now getting a sense of the impact of the coronavirus crisis on lenders; yesterday, LendingClub announced their Q1...
The Wall Street Journal reviewed documents for 1,450 digital coin offerings and found a litany of problems; they found 271...
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Online lending data and analytics platform PeerIQ announced their latest offering, a consumer credit suite backed by TransUnion data; the suite includes TransUnion’s depersonalized consumer credit data from the year 2000 to present day; users of the suite can see credit trends, vintage analysis, benchmarking analysis and more. Source.
The fundraising round was led by TransUnion, Hearst, and Macquarie with participation from existing investors Uprising and John Mack; firm plans to use the funding for expansion of its data analytics platform services; it will also extend its services to the traditional lending market; following the deal, Steve Chaouki, executive vice president and head of TransUnion's financial services business unit, will join the PeerIQ board along with Shea Wallon, managing director of Hearst's Financial Venture Fund. Source
An article in Tearsheet discusses how VCs are more interested in funding companies looking to improving legacy financial systems; Patricia Kemp, partner at Oak HC/FT responded to a comment about the prospects of consumer facing fintech in 2018 stating, “The largest category of successful fintech are the ones that are helping the banks get there.”; while there are still opportunities for new consumer solutions, it is just as important to innovate on back-end systems. Source
Lending Club will hold its annual shareholder meeting on June 6, 2017; three board directors are up for approval including CEO Scott Sanborn; stockholders owning shares as of April 10 can participate in the virtual event; the shareholder meeting will take place one month after the firm announces its first quarter earnings results on May 4. Source
Punjab National Bank in India recently was the victim of a fraud that cost the bank more than $2bn; some have argued that if the system in which the bank used was on the blockchain the fraud would not have happened or it would have been detected quickly; banks still operate on systems that don’t always connect or still involve a lot of paper; enlisting blockchain will help to make the process more efficient, transparent and safe; when this could be implemented is a different question as banks have started testing the new technology, it has yet to be widely adopted across the globe in banking. Source.
Swedish fintech startup Klarna, who along with Revolut are valued as the highest fintechs in Europe, took an annual loss...