The leader in small business accounting, Intuit, has announced a new tech-enabled bank account with a rich set of features...
PeerIQ analyzes SoFi's new securitization, SCLP 2017-1; SoFi's unsecured consumer loans securitization portfolio was priced on January 20; the securitization was oversubscribed resulting in final collateralized loans of $655 million; the securitization is now the industry's largest securitization portfolio issuance; it included two rated tranches from DBRS and Kroll; tranche A included loans valued at $504 million with an A rating from both DBRS and Kroll; tranche B included loans valued at $60 million with a BBB rating from both DBRS and Kroll. Source
The Curo Group targets underbanked consumers through WageDayAdvance in the UK and Speedy Cash in the US; they went public on Wednesday at $14 a share and were up more than 2.4 percent in their first day of trading; the former head of the CFPB led a Industry crackdown on payday lenders but new leadership points to those restrictions being lifted; the company charges about $25 per $100 borrowed and are backed by private equity group Friedman Fleischer & Lowe. Source.
In his weekly Forbes column Ron Shevlin assesses what has changed in fintech over the past few months and what...
A day after LendingClub made big news by laying off 471 people there are rumors circulating all around the industry...
Swift says that blockchain technology is not yet ready to handle the billions in daily cross border bank payments; they recently completed a proof of concept test to reconcile international payments between 34 banks; they said the test went well but that progress was still needed before they can trust the technology to handle the scale; the other aspect to consider is that the 11,000 thousand banks on the Swift system would still need to make upgrades to switch to blockchain based payments. Source.
MasterCard is launching customizable bots for merchants and banks; they have partnered with Kasisto, the company that created KAI Banking, a conversational AI platform; consumers will be able to manage their money inside Facebook Messenger, asking questions about their accounts, purchase history, spending levels, etc.; transactions will also be able to take place on Messenger with MasterCard’s Masterpass, a digital payment service. Source
The only online lender focused on veteran-owned businesses has found a recipe for success. Source
There are four companies that the government contracts to process student loan payments; two firms, Nelnet and Great Lakes Educational Loan Services inc. are now merging; this will result in one company handling over 40% of student loan payments; according to this MarketWatch article, processors play an important role in whether a student pays down debt or defaults. Source
Citi’s 2018 Mobile Banking Study released today shows that 31% of consumers use their mobile banking app the most, followed...