PeerIQ's weekly update covers the recent partnership by Acorns and PayPal, household debt in the US and a new Bain survey that shows people are more willing to try fintech products; LendingClub filed its latest securitization deal for $330mn and Kroll upgraded all three classes of the Earnest EARN 2016-B deal; they also took a deep dive on TransUnions recently released fintech study. Source.
In an interview with Business Insider Acorns CEO Noah Kerner talked about the investment app’s success to date and how he see the company moving forward; the company has seen strong growth with 2.2 million US accounts; the app allows users to invest spare change from purchases; the focus of the future is to try to get all households with income under $100K using the app. Source.
Hedosophia is not a household name, and that is by design. The fund is one of the most secretive investors...
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·Google has done it. In a massive update to Google Pay, the company highlighted exactly the direction of travel for high tech, fintech, and the global banks. It has articulated a vision for competing with Apple Pay and Ant Financial. Let's walk through the features.
Acorns is a US micro-investing app that invests spare change in ETFs; it has announced the appointment of former Wealthfront CEO, Adam Nash, to its board of directors; the firm also says it is researching behavioral economics as part of its marketing strategy and has added Shlomo Benartzi, professor and co-chair of the Behavioral Decision-Making Group at the University of California, Los Angeles, to its board. Source
We look in detail at the state of marking recently-private-fintechs to the public market in mid-2021. Multiple industry segments have seen IPOs, direct listings, and SPACs transition fintech darlings into traditional stocks. How is performance doing? Is everything as magnificent and rich as we expected? Have multiples and valuations fallen or held steady? The analysis explores the answers and provides an explanatory framework.
PayPal is connecting with Acorns, an automated savings/investing platform; users will be able to contribute and manage their account from the PayPal app; the first users will get access today which will expand access to all US users by early 2018; PayPal previously has invested in Acorns, leading a $30 million round. Source
There are new ways for Americans to build their emergency savings today from a new government program offered through retirement plans to new fintech offerings.
Most financial services firms look to educate users by having a blog or providing some links to resources; Acorns CEO Noah Kerner says the company wants to go further, they have their own online magazine, interviews with celebrities and provide financial how tos; they will also push content to you based upon how you use the app, trying to customize your experience; the big difference they see is when they combine education with the app experience, helping to move education beyond just reading articles. Source.
Lincoln Savings Bank is a 117-year-old community bank based in Iowa; but five years ago they started a fintech initiative...