Union Credit's platform provides credit unions with new, credit-worthy members by aggregating consumer data and matching it with various credit union fields.
Creditas, a provider of online secured loans in Brazil, has raised $16 million from the asset-backed securitization market and will use the proceeds to fund auto loan refinancings; the firm partnered with Empirica Investimentos Gestao de Recursos Ltda to launch the securitized investment portfolio, FIDC Empirica Creditas Auto; Creditas seeks to capitalize on an auto loan refinancing market opportunity that has seen increased risk from higher defaults with decreased lending from traditional banks; Brazil reports secured personal credit accounts for 1% of the country's outstanding loans; Creditas plans to offer auto refinancing at monthly rates of 1.99% to 3.65% for an annual rate of approximately 37% which compares to bank rates annually of 120%. Source
Creditas is an online secured loan provider in Brazil; the company has announced the release of its 2017 Brazil Lending Market Report which provides an overview of the country's trends in consumer lending; also reports on market metrics including interest rate spreads and outstanding debt by lending categories. Source
An online lending startup with a unique concept has raised $500,000 in seed funding; CreditMate seeks to offer online loans for bikes and scooters in India; the company has partnered with 25 dealers in Mumbai and the process works similar to an auto loan; borrowers can identify the bike of their choice and work with the dealer for purchase and loan approval. Source
Credy was founded in 2016 and has been gaining some ground in India's P2P lending market; the firm is emerging from the Y Combinator Winter 2017 program and seeks to capitalize on two factors supporting the growth of P2P in India: 1) the use of the Aadhaar ID system and 2) the country's demonetization which eliminated 85% of the country's currency and shifted the economy towards a focus on digital transactions; using digital IDs and a technology platform for underwriting and instant approvals will allow the firm to capitalize on a $50 billion personal lending market; the firm's average loan size varies from $500 to $1,000 with repayment terms up to nine months; led by former Goldman Sachs bankers, the P2P platform has already processed approximately $3 million in loans. Source
Cross River Bank has added David Cotney to its board of directors; David Cotney brings in-depth experience in banking regulation and specifically bank chartering to the firm's board of directors; Cotney previously served as commissioner of banks for the Massachusetts Division of Banks where he was responsible for licensing and supervision of state-chartered financial entities; his industry experience also includes roles as chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council and chairman of the Board of Directors of the Conference of State Bank Supervisors. Source
Cross River Bank has issued a media alert detailing involvement in a true lender court case with the state of Colorado; the bank has filed a declaratory judgment action against the state of Colorado to protect its rights to extend credit and freely sell loans nationwide; the declaratory judgment action follows a previous court filing in January 2017 by the Colorado Attorney General suing Marlette Funding for issues with its lending process which involves loans made by Cross River Bank and sold to Marlette. Source
Online lending platform Crowd Genie has obtained regulatory approval from the Monetary Authority of Singapore; launched in mid-2016 the platform seeks to match accredited investors with SMEs for a fast and efficient alternative loan financing solution; the firm has been focusing on back office processing to meet regulatory guidelines and is now planning to increase its lending with the new regulatory approval. Source
Lending Club's chief technology officer, John MacIlwaine, has resigned and will pursue another opportunity; the firm will conduct a search for a new chief technology officer and has appointed the senior vice president for technology to oversee the business; MacIlwaine had been with Lending Club since 2012 and has extensive experience in executive management roles overseeing financial technology platforms. Source
The China Banking Regulatory Authority has mandated that all P2P lenders work with a custodian; a month after the requirement was announced, the majority of industry platforms have still not partnered with a custodian; most Chinese custodian banks do not offer P2P custodian services so the partnerships require added deliberation and communication; a number of new regulations are affecting the industry and it appears Chinese custodian banks will have a significant impact on the future of the industry given the online lenders they choose to partner with for P2P custodian services. Source