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
Bank of America Merrill Lynch has formed a partnership with quant hedge fund MANA Partners that will help the bank test algorithms to stay compliant with MiFID II in Europe; the testing environment allows for traders to see if algorithms are safe and how they affect other traders; the move is seen as part of a trend by banks to cut costs and get more efficient within their trading practices. Source.
Financial crime fintech Quantexa raised a $64.7mn series C round from HSBC, ABN Amro Ventures, Evolution Equity Partners, Dawn Capital,...
The alternative lender has now received authorization from the British Business Bank to provide loans under the Coronavirus Business Interruption...
FundersClub is an online venture capital firm investing in startups; it has invested in 217 companies in the past four years with 19 exits; the firm has announced a commitment to disclose quarterly public reports providing more transparency in a historically un-transparent industry; the firm's investments have been successful over the past four years with a comprehensive multiple for returns on realized exits of 1.1. Source
Everett Cook and Alex Wheldon launched Rho Business Banking in October last year dubbing it a “modern commercial banking platform”...
A new survey by Fidelity found 36 percent of U.S. and European institutional investors own crypto assets with Bitcoin being...
Mortgages are one of the last lending products to become fully digital as the process represents quite the challenge to...
Point of sale business credit provider Behalf has partnered with community bank FinWise Bank; FinWise Bank will support expanded credit financing and product offerings for Behalf; according to Behalf CEO and Co-Founder Benjy Feinberg, "Partnering with FinWise allows us to expand our product offering and serve more customers with financial tools that help them grow." Source
Varo Money has ramped up their marketing campaign to position themselves as a better option than the banks; the fintech company is not going directly at the banks in their ads as some other fintechs have done, they are instead highlighting their own offering; their ads can be seen on Twitter, Facebook, Instagram and Pinterest; they are also focusing on their customers overall financial lives, empowering their users to understand what they make and how they can spend wisely. Source.