Jim Rosenthal will join the board of directors at OnDeck; he was previously the chief operating officer at Morgan Stanley and also served as chairman and CEO; according to OnDeck's CEO Noah Breslow: "Jim is a supremely talented executive whose vision contributed greatly to the success of Morgan Stanley and other organizations. His experience as an innovator at the intersection of technology and financial services, combined with his comprehensive knowledge of financial institutions, will add great value to OnDeck as we build on our leadership as the nation's largest online lender to small businesses." Source
Deloitte recently released a report called Driving innovation in investment management report estimates that invest-tech platforms; many of these platforms...
Writing a guest post for FT Alphaville Victor Basta, managing director of boutique investment bank Magister Advisors, says 2018 will be a year of falling valuations. The drop could hurt aspiring companies looking to go public soon, though a correction in valuations could be a long term positive for the market. Source.
State regulators are planning to offer a licensing process for money-service businesses which will include fintech firms; this will allow business to operate across multiple states; the initial pilot will be offered in seven states; Charlie Clark, agency deputy director and director of consumer services at the Washington Department of Financial Institutions stated, “This is something that we can do to create licensing efficiencies with these companies, hopefully help get them off the ground and it doesn’t sacrifice consumer protection.” Source
China’s largest e-commerce company, Alibaba, launched a new interest free offering for U.S. small businesses;“Rather than a low-cost loan, the...
In this week’s PeerIQ Industry Update they cover the continued crisis across the online lending landscape; even with the crisis...
SoFi closed SoFi Professional Loan Program 2018-A; underlying collateral of student loans totaled more than $1 billion dollars; this is SoFi’s largest ever securitization as they continue to lead in the marketplace lending securitization market; there were 39 unique investors, including five new investors. Source
A HSBC report stated that robo advisors in the US need to manage between $11.3 billion and $21.5 billion in...
Wells Fargo is still digging out from a PR disaster last week when the bank went offline for a large...
Banks have started to use their customers as product developers as the look to make the banking experience more personalized;...