Reuters reports that Colchis Capital Management, a major player in investing in online direct lending platforms is winding down its...
Collectly has created an online debt collection platform that utilizes machine learning technology to track and learn about debtors through each interaction; the platform's technology connects with its clients to provide greater transparency on delinquent debt; the company also seeks to provide structured repayment terms for debtors through personalized communication. Source
We have another busy week of great sessions for LendIt Fintech Digital: Tuesday 12pm ET – The Power of Mental...
The $5.3 billion acquisition of Plaid has created excitement in the fintech community and some believe this is only the...
There is significant pain points for commercial clients of banks as they typically need to resend documents many times; as banks become more tech driven they have begun to solve these issues and clients are seeing the benefits; JP Morgan Chase has created Data Once and even smaller banks like Peapack-Gladstone Bank in NJ have new features for their clients; banks of all sizes see how the changes can impact client relations. Source.
A new report out from Aite Group found that, at the vast majority of banks, lenders spent at least 30%...
Citi and PNC striking a deal with HighRadius is the latest example of banks forming partnerships to improve commercial payments; HighRadius has already done partnerships with Bank of America, Walmart, Johnson & Johnson, Procter & Gamble and Starbucks; HighRadius uses artificial intelligence to help automate some of the slower more paper driven processes in commercial payments. Source.
The Debt Exchange notes how US regulators are flagging some concern with commercial real estate investment concentrations, even as pricing shows steady demand for properties; regulators are finding bank ratios of commercial real estate loans to total risk-based-capital are approaching 300% in certain property markets (300% is possible through leverage) and loan-to-deposit ratios are approaching 100%, both flags on the risk side; the article notes that loan sales, to private investors as well as through securitizations, are an effective way to reduce these ratios. Source
CommLoan has obtained $2.25 million in seed funding from Social Leverage and ViaWest Group; the firm is the first to offer an online marketplace for commercial mortgage borrowers; it makes loans directly to commercial mortgage borrowers and also uses a network of lending partners to match borrowers with lenders; the firm plans to use the funding for business development. Source
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