Andrew Ng, former artificial intelligence chief of Baidu and founder of Google Brain, is launching a new online course for deep learning; the course will be available through the online education site he co-founded, Coursera, and will include content from his popular machine learning course at Stanford where he is currently a professor. Source
Scott Sanborn talks with Bloomberg about LendingClub's recovery and Q217 results; says the firm has focused on internal controls and investors; highlights that 44% of loan funding in Q2 came from banks; also discusses competition with credit cards and the consumer credit market. Source
Better Mortgage is now offering mortgage loans in thirteen states with the expansion to Florida; the lender offers a number of advantages for borrowers including a 100% digital experience and a verified pre-approval letter for qualified borrowers within 24 hours; with the licensing in Florida, Better Mortgage gains access to lending in Tampa and Jacksonville, recently reported as two of the healthiest housing markets in the country. Source
Blog post outlines platform performance and improving delinquency rates across most grades and terms; provides perspective on the economic backdrop and interest rates; the company has updated their loss forecasts; projected returns are similar to last quarter with small increases for grades F and G. Source
Online lender Earnest is working with Barclays to find a potential buyer; seeking buyout at approximately $200 million; firm has raised over $300 million since 2013 and grown to 200 employees. Source
The most recent report on US consumer credit shows credit card debt reaching a new high and surpassing the previous peak reached in 2008; outstanding credit card debt in June was $1.02 trillion; source discusses increased market competition in the credit card market; also notes higher default rates yet increased risk taking given the improved market environment. Source
Lending Club has announced their second quarter earnings results; originations were up 10% sequentially to $2.15 billion; quarterly originations have been hovering around $1.9 billion since Q2 of last year; the second quarter also marked the second highest revenue generating quarter for the company; bank participation made up 44% of the funding for the quarter; Lending Club focused on developing testing infrastructure for borrower take rates which included a website redesign; guidance was adjusted upwards for the third quarter and the full year. Source
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
Source provides details on the Fintech Innovation Lab and its founders; notes the benefits of the Fintech Innovation Lab and includes numerous success stories; included in this year's program were Cutting Edge, Nova Credit and BehavioSec. Source
Over 50% of Americans can not afford an unexpected expense of $400; at LendIt USA 2017 we hosted a fireside chat focused on helping Americans save; a key area that companies look at is an individual's spending as a way to help change their behavior to save more; round up from the everyday coffee you buy or set goals through your lifestyle; each way can help individuals to better set aside money when needed, as well as invest for the future; technology today allows for companies to better help individuals who thought they were left out of the investment community; the chat also focused on why they believe as a startup they can help to solve the financial inclusion question as opposed to the incumbent banks; the discussion also touched on the future of their businesses, current partnerships with top consumer brands and potential add ons for their current product offerings. Source