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FintechNews RoundupUSA
·Aug. 9, 2017

Andrew Ng Launching New Online AI Course

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

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News RoundupOnline LendingUSA
·Aug. 9, 2017

Scott Sanborn Discusses LendingClub’s Market Positioning

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

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News RoundupOnline LendingUSA
·Aug. 9, 2017

Online Lender Better Mortgage Expands to Florida

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

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News RoundupOnline LendingUSA
·Aug. 9, 2017

LendingClub’s CIO Provides Platform Update

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

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News RoundupOnline LendingUSA
·Aug. 8, 2017

Earnest Seeking Buyout Options

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

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FintechNews RoundupUSA
·Aug. 8, 2017

US Credit Card Debt Reaches New High

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

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News RoundupOnline LendingUSA
·Aug. 8, 2017

Lend Academy Article: Lending Club Q2 2017 Earnings – Back to Growth

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

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News RoundupOnline LendingUSA
·Aug. 8, 2017

Lend Academy Article: OnDeck Q2 2017 Earnings Results Review

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

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FintechNews RoundupUSA
·Aug. 8, 2017

Fintech Innovation Lab Supporting Startup Businesses in NYC

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

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FintechNews RoundupUSA
·Aug. 8, 2017

Automatic Savings: A Key to Financial Wellness

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

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