Real estate fintech platform Opendoor appears to be crushing it; they have raised some $1.3 billion in equity and around...
The Wall Street Journal reports on publicly listed funds that will purchase marketplace lending loans; the new funds are setup as interval funds and will open access to investors who might not otherwise consider investing in loans made by marketplace lenders; article highlights fees and minimums of offerings by RiverNorth and Stone Ridge. Source
Oportun is making some changes in response to the pandemic; they have decided to dismiss all pending collections cases as...
Opportunity Fund is a nonprofit small business lender and Accion US Network leads a nationwide network of community lenders; together...
State legislators have voiced opposition to the Office of the Comptroller of the Currency's (OCC) proposed fintech charter; primarily concerned with nationalized rules that would ease regulations currently in place by state governments and allow payday lenders to evade state rules established for consumer protection; senators have also opposed the national charters suggesting that federal regulators collaborate with state regulators; the OCC's comment period for the proposed fintech charter is open until January 15. Source
Options Clearing Corporation has set a three year plan to put their business on a cloud based system; the reason for the move is concerns over cybersecurity; the company clears more than 460mn trades a month and has recently added cryptocurrency futures; cloud based servers are cheaper and more secure than in house IT systems. Source.
Orchard provides insight on monthly trends in P2P lending originations; uses Lending Club's publicly available standard program data for the analysis; finds October has historically been the peak month for P2P loan originations; identifies loan purpose trends for 2015 with debt consolidation notably highest in January; categories with peak lending originations in December in 2015 included major purchase, other and small business. Source
Orchard reports on the diversity of business lending, breaking lending down by industry and state using data from Orchard; reports that they have the most data on retail trade followed by health care and social assistance, and construction; shares the concentration of lending of several industries by state. Source
Orchard's Weekly Online Lending Snapshot for the week of October 27 focuses on new marketplace lending securitizations and the snapshot's new tracking for recent securitization issuances; other key data points from the week include Yirendai leading publicly-traded marketplace lenders with a monthly stock gain of 12.52% and the UK Ranger Direct Lending Fund continuing to lead among UK listed funds with a monthly gain of 6.46%. Source
"Orebits Corp. has created a new asset class, enabled by Symbiont's distributed ledger technology, which will change the precious metals financing marketplace forever," says Scott Mehlman, CEO of Orebits Corp.; through support from Symbiont's blockchain technology, Orebits will offer clients digitized "smart certificates" called "orebits" that are tied to gold reserves setting up a new form of gold trading; additionally the exchange for the new gold orebits will operate based on a peer-to-peer structure; Symbiont reports that the innovation has created a completely new trading alternative for investors to gain exposure to gold and Orebits says the exchange will operate without margins, storage and insurance, creating a considerable advantage over other current methods for investing in gold. Source