[Editor’s note: Please meet our newest contributor to Lend Academy. Mike McEnaney joined the LendIt content team late last year...
Over the past decade we’ve seen consumers warming up to buying everything with multiple payments. It is a phenomenon that...
Petal’s new credit card will focus on the 65 million people who lack credit history for a traditional card; they have been working for three years on their product which uses AI to predict a consumer’s creditworthiness; the company raised a $3.6 million seed round last September and followed with a $13 million Series A in January of 2018; the partnership with WebBank will allow Petal to make the card available nationwide which they anticipate will happen over the next few months. Source
LendingRobot, who previously only offered automated investing for consumer loans through Lending Club and Prosper announced today that they will...
The partnership will allow community banks and other loan purchasers to access the online lending space; it will leverage the Cross River’s expertise in capital, technology and regulatory compliance with PeerIQ’s expertise in data analytics and risk management. Geoffrey Kott, head of finance and strategy at Cross River Bank stated, “PeerIQ’s risk management platform — with its leading loan-level analytics and monitoring capabilities, credit facility management toolkit, and full integration of TransUnion data — will both augment our internal capabilities and provide best-in-class loan-level monitoring tools for our clients and partners.”; Cross River Bank currently works with many big names in fintech, including more than 15 online lenders. Source
Bank partnerships are nothing new when it comes to the marketplace lending industry. As the industry has continued to mature...
The proposed relationship would allow Chinese consumers traveling to the US to use their Alipay Mobile Wallet; Pablo Simone, head of product and strategy for Chase Merchant Services stated, “We are always looking for ways to deliver more value to our merchants and bring them closer to their customers. A relationship with Alipay would create opportunities that enable Chinese tourists to transact in a way they are familiar with.”; it is estimated that four million Chinese consumers will visit North America this year. Source
According to the WSJ, Goldman Sachs is in talks to offer financing on Apple products; this would be alternative to a consumer financing devices on a credit card; both companies didn’t comment on the story, but if a deal came together it could propel Goldman’s Marcus further into consumer finance. Source
The $5.8 billion in receivables sold to Synchrony according to a TechCrunch article, “also includes Synchrony’s acquisition of $1 billion in participation interests in PayPal receivables held by certain investors and a chartered financial institution.”; the two companies have partnered since 2004 to offer PayPal users branded credit cards; Synchrony will now be the exclusive issuer of the PayPal Credit online consumer financing program. Source
Nigel Morris previously co-founded and served as president and COO of Capital One; Morris is now an VC at QED...