A new survey by Bank of America found that 63 percent of millennials are saving money, that is on par with generation X and baby boomers; the survey shows that millennials are a lot more in tune with their financial lives then they are given credit for; the survey also found that millennials are more apt to ask for a raise and they also play into stereotypes by saying they spend too much and don’t save enough when asked by researchers. Source.
A federal district court in the Southern District of New York has ordered the Bethune v. Lending Club Corporation, et al. case to proceed to arbitration; plaintiffs argue that Lending Club loans were in violation of state usury laws despite their association with WebBank; while the case is still pending, the court has said it will be decided through arbitration due to clauses in place by Lending Club. Source
In a week where LendingClub posted their first quarter earnings sending their stock up by more than 25% an activist...
The Cambridge Centre for Alternative Finance is a leading provider of research and reports on fintech across the globe; their...
DoorDash is looking to aggressively expand their recruitment for new drivers and recently struck a partnership with fintech Acorns; DoorDash...
BlockFi offers loans to those who own cryptocurrencies; the company is currently in a beta launch and is lending in 35 states; ConsenSys Ventures, Kenetic Capital, PJC, SoFi, Purple Arch Ventures and Lumenary participated in the round. Source
In an op-ed in American Banker, the CEO of MeasureOne, Elan Amir, noted that traditional credit models are not well...
Peter Renton shares returns from his marketplace lending portfolio as of Q3 2017; overall returns for Renton’s portfolio was 6.64%; declining performance in the portfolio is primarily due to LendingClub loans; new additions to his portfolio for the quarter include AlphaFlow, Money360 and YieldStreet. Source
Following up on a recent article highlighting the Marqeta deal with Visa, the publication interviews Candace Klein, head of alternative lending at Marqeta; the interview covers the difference between credit cards and online lenders using prepaid cards to deliver funds; how does the borrower view the experiences and if credit card companies can bring rates down does that change the equation; Marqeta provides an open API issuer processor platform to change how payment cards, virtual cards, and mobile authorization products are being used and developed. Source
One, Inc. has announced the closing of a Series B funding round which raised $20 million for the firm; the Series B funding follows a Series A funding round in 2014 and brings total capital raised to $36.7 million; investors in the Series B funding round included AXA Strategic Ventures, MassMutual Ventures and H&Q Asia Pacific; over the past three years the company has tripled its annual revenue and quadrupled its number of customers; offers a full Software-as-a-Service (SaaS) platform that provides for all the core functions an insurance company needs; provides solutions for both new market entrants and large insurance providers seeking new technology platforms; it plans to use the new capital to add products and business lines as well as for global expansion. Source