T-Mobile is officially getting into banking with a big nationwide push to sign up customers for no-fee checking accounts; you...
The company has now increased its total capital raised to $300 million; Unison helps make homeownership affordable by providing capital in the form of equity in the home that tracks with the value of a home and is payable upon its sale; firm has added Ron Suber from Prosper Marketplace as an investor and strategic advisor; also announced several new leadership appointments and promotions. Source
In January, Prosper began using its new PMI7 credit underwriting model; Prosper expects PMI7 to help improve returns and credit scoring metrics; the estimated return on loans issued for January is 7.86%; post-charge off recoveries have been higher than estimated which is expected to increase IRR calculations; delinquencies and pre-payments are also improving; the average coupon increased 300 bps in January to 15.99% as PMI7 caused an increase in higher risk loans. Source
·
Exhibitors, sponsors, and contractors built stages, booths, lighting rigs, and custom signage in anticipation of Fintech Nexus USA 2023.
OneMain has rejected an unsolicited exchange offer from IEG Holdings; on January 6, 2017, IEG submitted an offer to buy shares of OneMain, a consumer finance company offering personal loans; IEG is an online consumer loan provider with stock trading on an over the counter market exchange; OneMain says the offer does not reflect the value of the company or the best interests of its shareholders. Source
As bigger breaches occur startups focusing on cybersecurity have seen investment double in the last year; globally there was $7.6bn invested in cybersecurity startups this past year after seeing $3.8bn in 2016; global spending on cybersecurity was estimated to be over $80bn in 2017 as companies look to protect their data and company systems from evolving threats. Source.
Prosper is in talks with Chinese conglomerate Linca to sell an approximately 10% stake in the company; according to the source, Linca would invest $50 million in Prosper at a valuation of about $550 million, reducing Prosper's value from approximately $2 billion reported in 2015; plans for its recent $5 billion investment in loans on the platform from a consortium of investors continues and this new deal is reportedly expected to help provide capital for future investments. Source
The case put forward by the Conference of State Bank Supervisors which challenged the OCC’s fintech charter has been dismissed...
Kabbage will now offer lines of credit up to $250,000; this is the largest credit line available from any online lender; Kabbage will expand its customer base to larger businesses with the higher credit lines; Kabbage also shared results of a survey sharing where small businesses plan to invest in 2018. Source
Users in California, Massachusetts, Missouri, Montana and New Hampshire will now have access to trade bitcoin and ethereum commission free; Robinhood plans to open to most states by the middle of 2018; over 4 million people have signed up for accounts with Robinhood. Source