Originations for the quarter were $464 million; OnDeck continues to tighten their credit policy and limit loans designated as held for sale on OnDeck's marketplace; company seeks to achieve GAAP profitability by the end of the year; the second quarter brought some of the highest quality borrowers the company has ever originated which resulted in OnDeck being in a substantially more stable credit position than six months ago; OnDeck made progress in expanding and lowering the cost of their funding sources on multiple fronts; the partnership with JP Morgan Chase has been extended for up to four years. Source
Banks have traditionally tried to keep their intellectual property secret, but as the digital world innovators they have started to...
Members Exchange can now count Goldman Sachs and JPMorgan Chase as backers with the banks agreeing to join the new...
The current crisis has brought all sorts of challenges that banks and businesses of all stripes never thought they would...
The Daily Telegraph reports that the challenger bank is hiring executives to lead its product and marketing arms in the...
Consumer borrowing increased by $15.2 billion in February, according to a report from the Federal Reserve; credit card borrowing increased by $2.9 billion helping total credit card debt outstanding to increase to $1 trillion; auto loan and student loan borrowing also increased in February by $12.3 billion. Source
In this week’s PeerIQ Industry Update they cover the drop in unemployment to 3.8 percent and the rise in hourly...
Online lender SoFi closed their 12th securities for $769mn of private student loan notes; total issuance in 2017 reached $6.9bn which was up from $4.2bn in 2016; the deal featured 38 investors and joint lead managers were Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs; SoFi is in the top ten of ABS issuance in 2017 as they continue to utilize the markets better than any other online lender. 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.
Sifted shares that women make up around 20% of the total number of fintech executive roles globally; Europe largely lags...