The UK has launched their borrower referral scheme which came about as a government initiative; businesses who apply for loans at the nine largest UK banks and are rejected will be referred to aggregator platforms Funding Xchange, Business Finance Compared and Funding Options; the aggregators will pass information to alternative finance providers who will be able to provide quotes to the business. Source
The partnership with Sino Guarantee will provide lending capital of RMB 500 million to China Rapid Finance also helping the marketplace lender to develop and offer lending products on wealth management platforms; Bank of Shanghai will also provide capital support as well as payment channels and fund custody services. Source
Dealmakers West is an all-meetings event happening in Laguna Beach on Aug. 30-31.
- OnDeck Adds Former GE Capital and Sun Trust Executives to Finance Team
- Elastic Line of Credit Surpasses $1 Billion in Total Funding
- SenseTime Raises US$410M Series B Financing
- BitGo Raises $42.5M in Series B Funding
- Creditas Raises $50M in Series C Funding
- CAN Capital Makes Three Strategic Hires to Strengthen Sales and Technology Teams
- How asset managers like FinEx Asia are using AI to disrupt traditional bank lending
- Digital challenger Starling to hit profit in 2019 says founder Anne Boden as European expansion takes crucial step
- Compass gets $450M from SoftBank; real estate portal now valued at $2.2B
- Finance teams are ‘bottlenecking’ banks’ digital transformations
- Prosper Appoints Claire Huang to Board of Directors
Wednesday, Federal Reserve chair Jerome Powell announced the fed would raise interest a half a percent to combat post-pandemic inflation.
JPMorgan asset-backed securities (ABS) analysts have highlighted marketplace lending securitizations, noting their growth and trending performance; cite marketplace lending ABS as one of the fastest growing securitization categories, increasing from $3.3 billion in 2013 to $9 billion in 2016; also say performance is better or similar to the broad market's ABS consumer loan securitizations overall with higher returns and lower default rates; additionally, the analysts report that credit characteristics on Avant's securitizations have improved. Source
Uber, the driving service, has launched a debit card product in Latin America, in conjunction with innovative bank, Bankaool; the continent as a whole demonstrates 1.1 mobile phone connections per capita, yet only 14% of the overall population has a traditional savings account; it's difficult to obtain a debit or credit card without being able to link it to a bank account with savings; Bankaool claims to be the first Mexican-based bank where you can fully open a bank account or obtain a card via an online application; Uber acknowledged that a payment card was essential for riders using its service. Source
A week on from Silicon Valley Bank's fall, Fintech Nexus hosted a webinar to discuss what happened and what's next for the institution.
Steps are being made to close the gender divide in fintech, but lack of access to funding can be crippling to female-led firms.