Yesterday Forbes released their Fintech 50 list; since lending was one of the early segments in fintech, the companies on the list are some of the most mature businesses; Forbes shares more details on those with traction including Affirm, Better Mortgage, Blend, CommonBond, GreenSky, Kabbage, LendingHome, Tala, and Upstart. Source
LendUp has secured a new $100 million credit facility from Victory Park Capital bringing its total financing to $325 million; the firm has also announced a new lending milestone, with loan originations surpassing $1 billion from more than 3.3 million loans; the firm was launched in 2012 and seeks to support the emerging middle class through lending and financial education. Source
Some banks have recently started automatically increasing credit card limits for customers; the credit card companies hope that doing so...
With the shift to work from home many banks are dealing with situations they might not have ever had to...
UK based online small business lender Funding Circle has cut expected returns for the second time; the firm says there...
2020 is off to a fast start when it comes to fintech financings and M&A deals as the past week...
Funding Circle has struggled in the public markets since their IPO in 2018; now Funding Circle and their peers have...
Santander has teamed up with Ripple to bring to market the first international money transfer app by a large retail bank based on blockchain technology; the project does not yet have a launch date but Business Insider reports the companies said in the next few months; the app will allow for transfers to be settles within 24 hours and customers will be able to understand all costs before making a transfer. Source.
Generally banks have the customers but are working with an old tech infrastructure; conversely, fintechs have the new tech, but lack the customers; Tearsheet shares data on how much it costs for large banks and fintech companies to acquire customers and why partnerships often make sense; one personal finance app and lender that is reporting low cost of customer acquisition is MoneyLion; the cost to acquire a customer for them is $5 or less. Source
WeLab Bank launches in Hong Kong JetClosing Raises $9M in Series B Funding How Payments Fintech Is Using Banking As...