Speaking in Davos at the World Economic Forum, the CEO of Ripple, Brad Garlinghouse, shared that an IPO would be...
Orchard's Weekly Online Lending Snapshot for the week of October 27 focuses on new marketplace lending securitizations and the snapshot's new tracking for recent securitization issuances; other key data points from the week include Yirendai leading publicly-traded marketplace lenders with a monthly stock gain of 12.52% and the UK Ranger Direct Lending Fund continuing to lead among UK listed funds with a monthly gain of 6.46%. Source
A new survey by Bank of America found that 63 percent of millennials are saving money, that is on par with generation X and baby boomers; the survey shows that millennials are a lot more in tune with their financial lives then they are given credit for; the survey also found that millennials are more apt to ask for a raise and they also play into stereotypes by saying they spend too much and don’t save enough when asked by researchers. Source.
American Express is looking to use the same style data that has made PayPal and Square so successful in small business lending; Gina Taylor Cotter, senior vice president and general manager of global commercial financing at American Express. tells American Banker,“We have done some research on this and we are trusted providers, so this puts us neatly between banks that may have a longer application process and the online lenders who are fast, but maybe a bit more expensive." Source.
PeerIQ's weekly newsletter provides insight from a week in Washington, D.C. beginning with the SEC's Fintech Forum on Monday, November 14; Ram Ahluwalia participated as a panelist providing an industry perspective on the "Capital Formation" panel; newsletter also provides details on potential terms from the OCC in their fintech charter and highlights three bills affecting fintech; PeerIQ also discusses the effect of capital and liquidity rules on asset-backed securities from banks. Source
Nathaniel Hoopes, head of the Marketplace Lending Association shares how the Madden v. Midland decision is having an adverse impact on borrowers in an American Banker opinion article. Source
FinLab aims to help fintech startups that are helping American consumers; it is funded through a five-year grant from JPMorgan; in total 26 companies have worked or are working with Finlab; TechCrunch profiles how the innovation lab works which includes programs to help startups understand how the banking industry works and meetings in Washington with regulators. Source
The Financial Times digs into a regulatory filing released yesterday that shows how voting control will be organized after Quicken...
China Rapid Finance has filed for an IPO in the US; it will be the fifth online lender to trade on a public US exchange and the second Chinese online lender to list in the US; Lend Academy provides more details on China Rapid Finance and the IPO in their article; the firm is hoping to raise $100 million from the IPO; it is a peer-to-peer lender matching borrowers with investors and does not lend from its balance sheet; the platform targets underserved consumers and uses thousands of data points from alternative data sources including information on work history, payments, e-commerce, telco, search and social data for its credit underwriting. Source