Dear online lending companies, please go out and hire additional business development people asap. Your teams will be very busy...
The two companies are both based in Berlin and will collaborate on SME loan financing; solarisBank has initially provided an eight digit investment for financing loans on the Lendico peer-to-peer lending platform; Lendico launched in 2014 and has total lending volume of over EUR100 million. Source
Mastercard said today that is acquiring Finicity, a leader in real-time access to financial data, for $825 million; there is...
Chris Skinner writes about the five phases in the development of the fintech industry; phase one was from 2005-2014 and...
Lloyds Banking Group has signed a five year deal with Google Cloud in a bid to streamline the bank’s customer...
The trend of partnering with banks is an increasing one for online lenders, there are many different forms of partnerships for many different reasons and the panel at LendIt USA 2016 gives a good overview of why these partnerships keep happening. Online lenders have structured their partnerships in so many different ways including: white labeling their technology to the bank, setting up an origination engine and loan servicing, using the partnership to improve efficiency for the customer and using banks to buy up loans with their excess capital. Panelists break down how their partnerships with banks came about and how long the process took for the partnership to complete. In most cases the banks and online lenders were in discussions for almost a year. The complexities to these partnerships were brought to light during the panel. It gives a good understanding of how detailed and thorough each party needs to be to ensure compliance and regulatory needs are met. Additionally the panel discussed how online lenders have matured over the last few years and are now in a better position to choose a bank partner. Online lenders are no longer viewed through a certain lens. They are viewed as collaborators and competitors who serve a customer that is very similar to the banks but serve them in a more efficient manner. 2017 looks to be the year of the bank partnership as there is now a track record of partnerships to rely upon for banks and online lenders alike. Check out the full video interview here:
The OCC is concerned about bank-fintech partnerships, Revolut looks to take on PayPal, Binance is making stablecoin moves, Coinbase is suing the U.S. Treasury and more.
This week a new referral scheme, that has been in the works for two years, launched in the UK. It was...
Cross River Bank is leveraging its fintech customers to grow its payment transaction services; the firm has digital lending partnerships with 17 companies and is the issuing lender for some of the industry's top marketplace platforms; the firm's business relationships have helped to expand its payments system customers with many of its customers naturally migrating to Cross River Bank's payments system; the firm's CEO Gilles Gades says its payments activity could double next year with help from existing relationships with Stripe and Google Wallet providing access to Mastercard Send; in payments, Cross River currently manages approximately 2 million transactions per month and it sees a substantial opportunity for gaining more market share; industry participants are also watching Cross River Bank's plans for developing a newly branded bank called Almond Bank, which it has recently been investing in. Source
Chinese commercial banks are beginning to see how much fintech can benefit them as they increase their spending and start...