RiverNorth's total portfolio consisted of 10,173 loans with an average loan size of $10,176 at the end of July; in the note to investors RiverNorth shared that investors are becoming more comfortable with online lending assets with more awareness likely to drive further growth; highlights two recent positive events in the industry including Prosper's recent securitization and Lending Club's Q2 2017 results. Source

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Fintech News Roundup USA

·Aug. 17, 2017

iPayment, Inc. Launching iPayment Capital for Merchant Cash Advances

iPayment, Inc. has created a new business unit, iPayment Capital, to offer merchant cash advances; the new business unit will utilize the firm's 137,000 SMB customers for merchant cash advance lending; the service will add to payment processing and point of sale services currently offered by iPayment, Inc. Source

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Fintech News Roundup USA

·Apr. 9, 2019

Upstart Raises $50 Million and Announces New Bank Partners

AI-Powered consumer lender Upstart closes a new equity round and announces three new partners for their “Powered by Upstart” SaaS...

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Fintech News Roundup USA

·Sep. 29, 2017

Blockchain Uses Increasing in Financial Services

The use cases of blockchain technology has increased significantly in 2017; Business Insider looks at how the technology behind bitcoin is being used in international payments, capital markets, trade finance, regulation, money laundering, insurance and peer to peer transaction; they also look at other industries like healthcare, real estate, media, energy and more. Source.

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Fintech News Roundup USA

·Jan. 3, 2017

Plug and Play Insurance Program Connecting Insurance Companies

The Plug and Play Tech Center in Silicon Valley has created a program to connect 30 of the largest insurance companies with insurtech startups; these insurance companies are seeking insurtech innovation for improving user experience, risk assessment and underwriting, prevention of loss and cost reduction; additionally, large insurance companies are reporting that they seek access to a range of innovative solutions across all industries. Source

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Fintech News Roundup Regulation USA

·Dec. 19, 2016

New Initiatives for Small Business Support within the SEC

The SEC Small Business Advocate Act of 2016 (HR3784) was signed into law; the law will add a new office within the Securities and Exchange Commission (SEC) for small business advocacy; the small business advocacy office will oversee and support regulation and investment activities for small businesses and small business investors; the new law will also establish a small business capital formation advisory committee that will advise the SEC on small business market activity. Source

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News Roundup Online Lending USA

·Apr. 3, 2017

Activist Investor Gets Involved at OnDeck

New York-based hedge fund Marathon Partners Equity Management LLC is actively pushing OnDeck Capital to reduce costs and reach profitability more aggressively than it has already outlined; the firm owns approximately 1.75% of the company's outstanding shares; Mario Cibelli is the primary spokesperson for Marathon Partners and says he contacted members of the board in March to urge for deeper cost reductions and analysis on a potential sale; it is likely that Marathon Partners could gain a board nomination from the discussions; OnDeck Capital could also see more involvement from hedge fund shareholder EJF Capital LLC which has said in public filings that it may also reach out to the company to discuss its future strategy. Source

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