LendUp shared today that they had crossed $2 billion in consumer loans; since first beginning in 2012 they have provided...
LendUp has secured a new $100 million credit facility from Victory Park Capital bringing its total financing to $325 million; the firm has also announced a new lending milestone, with loan originations surpassing $1 billion from more than 3.3 million loans; the firm was launched in 2012 and seeks to support the emerging middle class through lending and financial education. Source
LendUp is a company focused on providing access to credit for the underserved; with the news announced today LendUp will...
Consumer demographics are changing with more volatile income, and less interest and access to traditional banking products; LendUp has been working to provide a broader array of solutions for an underserved demographic of consumers and the fintech company has reported a number of successes; it has originated over $1 billion from more than 3.3 million loans; success for the company has come from offering innovative and diverse solutions paired with educational support; examples include graduated credit products that help customers migrate from a $250 emergency loan to a $1,000 installment loan to a $300-$500 low-balance credit card; the firm has integrated initiatives that improve credit availability for on time payments and credit management classes, also reporting $55 million in savings for customers. Source
More than 20 million customers use the Starbucks mobile app for payments at least once every 6 months, that is...
Capital One’s chatbot Eno just turned one recently and the bank talked about what they learned this past weekend at SXSW; Carla Saavedra Kochalski, director of conversational AI products, tells TearSheet “We saw there was a huge need to build something smarter and more conversational, not only for those types of experiences but to allow customer service through texting.”; the technology is still limited and in most cases customers still interact on a simple basis like asking for an account balance or approving a questionable transaction. Source.
BB&T suffered a technical glitch that knocked out their ATMs, online and mobile banking in February; during a recent earnings call BB&T Chief Executive Kelly King described how they handled the incident and how it effected revenues; there are many lessons other banks can take from BB&T as this will not be the last tech hiccup, ensuring technology is full tested and then tested again is one of the main lessons others can take away. Source.
The digital banking market continues to get more crowded by the day with Level launching a banking app that features...
Liberty Mutual has announced new personalized offerings within its usage-based insurance strategy; HighwayHero is a driving app launched to track driving and offer driving score discounts; it will be expanding its pay as you drive, ByMile, program to additional states; its usage-based insurance app, RightTrack, is also being expanded to additional states. Source
There has been considerable buzz around Facebook’s Libra project and what it means for the monetary systems; fintech companies are...