Marketplace Lending News Roundup – November 4


During the week I share the latest marketplace lending news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Weekly Industry Update: McKinsey Report on Financial Services Big Tech vs. The Big Banks from PeerIQ – This week PeerIQ looks at the threat to banks by Amazon and other tech giants.

Goodbye Liens and Judgments from deBanked – The removal of liens and judgements from credit reporting and the impact on small business finance.

SocietyOne lays down the gauntlet to Australia’s banking giants from AltFi – Australia only has limited credit reporting data but SocietyOne is trying to change that.

Why banks don’t acquire fintech companies from Tearsheet – With the Build/Buy/Partner approach banks take with fintech companies, buy is quite rare.

Exclusive – Orange is the new bank? Telecoms giant ventures into lending from Business Insider – French telecom giant Orange is launching an online bank.

Hurricanes Harvey and Irma’s impact on loan performance from MonJa – MonJa takes a look at the impact of the recent hurricanes on consumer loan performance.

Citigroup Bets Millions on U.K. Mortgage Lender from Bloomberg – Leading UK property lender LendInvest has secured a funding line with Citi and will enter the buy to let market.

LoanDepot Starts JV from Orange County Business Journal – The second largest non-bank consumer lender in the US, loanDepot, is partnering with OfferPad on bridge loans.

Apparent Fed Chair Pick Jay Powell is Supportive of Fintech, Cautious on Crypto, DLT from Crowdfund Insider – Thoughts on the next likely Federal Reserve Chairman and how he may impact fintech.

Online lenders shrug off scandals to increase US market share from Financial Times – In the first half of 2017 online lending platforms issued $15B in personal loans, 1/3 of the US market.

International P2P Lending Volumes October 2017 from P2P-Banking – The European October p2p lending loan volumes are out with Funding Circle having another strong month.

Square’s Jack Dorsey: We’re moving as fast as we can with bank application from Fast Company – While SoFi has pulled their bank charter application Square is moving forward with theirs.

Large banks uncertain of path forward on small-dollar loans from American Banker – With the CFPB’s new small dollar loan rule banks are considering an entry point into this market.

Chinese peer-to-peer lender Hexindai shrugs off tighter scrutiny concerns, rising more than 60pc on Nasdaq debut from South China Morning Post – Another Chinese p2p lending platform has gone public in the US.

Wells Fargo Announces Mobile First Bank GreenHouse, Digital Bank Varo Says it Will Cause Internal Strife as Bricks & Mortar Branches Stumble from Crowdfund Insider – Thoughts on the new mobile bank offering from Wells Fargo.

Grand Ambition from Peer2Peer Finance News – Wide ranging interview with CEO and co-founder of Funding Circle Samir Desai.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p lending. Below are some topics that were being discussed this week.

LC Article on Seeking Alpha – Forum members discuss an article on Seeking Alpha and the rebranding of LC Advisors.

Loan Volume – A couple investors are reporting low loan availability on the Prosper’s fractional loan marketplace and reached out to Prosper for comment.

Pulling out of Lending Club and Prosper – Many investors share their thoughts on the current state of investing in marketplace lending.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.