Early wage access fintechs like PayActiv, DailyPay and Branch are all seeing a big boost from the ongoing crisis and...
CommLoan is a Arizona based commercial real estate platform; its platform dubbed CUPID matches borrowers with hundreds of lenders; CommLoan has more than 440 lenders and 100,000 loan programs on its platform; borrowers use the platform for everything from multi-tenant housing to large industrial complexes. Source
U.S. Fintech ConnexPay Secures $7 Million Through Series A Funding Round Deep Dive: Small and local banks drive some of...
Both banks and online lenders are responding to the recent events with most already communicating with their customers detailing the...
Circle is planning to offer a similar product to Coinbase called Circle Invest; the platform has now launched in beta as users reported they were receiving invites; the app will support Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic; the app currently does not support cryptocurrency deposits. Source
The Department of Justice's case against Quicken Loans will be heard in Detroit; in an ongoing case filed in April 2015, the Department of Justice says Quicken Loans used faulty underwriting processes to certify Federal Housing Administration (FHA) loans while disregarding FHA rules; Quicken is a direct endorsement lender for the FHA and the loans in the court case were originated from September 2007 through December 2011. Source
The report is titled “Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks”; the report used account-level data from LendingClub and other US Banks with assets over $50 billion; according to the paper’s abstract: “We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well.” Source
There is a new trend occurring at big banks, CMOs are becoming the driving force behind the change in marketing and a cleanup in digital media ads; most people still use and trust banks, even after the financial crisis and the recent bad news of big fines or scandals; recently the focus in banking has shifted to customer experience and marketers have become as big a part of the product teams as they are of the marketing teams; customers are starting to expect their experience to be more personalized, focused and more impactful to their lives; marketers have moved beyond their role of storytelling and moved into a more active role on how to drive the best experience for the different customers. Source.
On November 3rd, On Deck Capital, the largest online small business lender in the US, reported its third quarter earnings; Lend Academy provides details of the earnings report in their article; company reported a loss of $16.6 million; it had reported a profit for the same period in 2015; the adjusted loss came to -$0.18 per share, versus Wall Street expectations of -$0.15 per share; originations increased from $590 million in the second quarter to $613 million for the third quarter; company expects full-year revenue of $280 million to $290 million; shares closed at $4.52, down from $9.46 a year ago; last week, it was publicized that Zhengyuan Lu, an executive for investor loan sales, is leaving the firm to join Victory Park Capital. Source
Business Insider asked some leading fintech investors their advice for companies during the current crisis; investors include Bain Capital Ventures,...