[Editor’s note: This is a guest post from Ryan Weeks, formerly with Dow Jones and AltFi, covering fintech. This is...
Some of Europes largest online lenders have started to grapple with the idea of potentially becoming a bank; Funding Circle says it has no plans to do so, Zopa on the other hand says they are becoming a bank; other online lenders like YOUnited Credit in France and Raize in Portugal have thought about becoming a bank but thus far see the flexibility of not being a bank as an advantage; the banking market overall is going through quite the change and the definition of a bank is sure to be examined. Source.
There is big news out of the UK today. In his annual budget, Chancellor of the Exchequer (the equivalent of...
Zopa was the industry's first peer-to-peer lending platform, launching in the UK in 2005; Lend Academy talks with Jaidev Janardana from Zopa about his role as CEO over the past 18 months and how the business is changing with the firm's new banking initiative; Zopa will be taking advantage of some unique market opportunities with its banking services; the firm will not be offering current accounts but plans to integrate open banking to provide its clients more offerings beyond borrowing and lending. Source
Mobile bank Current launches a points rewards program for debit card users U.S. Financial Service Buckle Secured $31 Million Through...
Funding Circle and Zopa both discussed the rationale for becoming a bank at the AltFi Europe Summit; Funding Circle's Samir Desai talked about three ways online lenders are collaborating with banks and said, "We at Funding Circle have no plans to launch a bank."; comparatively, Zopa is taking the opposite approach and Jaidev Janardana discussed the firm's bank expansion, noting that the firm will be focusing on savings deposit accounts and will be using deposits to fund loans. Source
By Tamsen Butler Social lending sites can help keep friendships and family relationships intact You need money. Your mom, your...
Zopa's Jaidev Janardana spoke at AltFi Europe this week on the firm's plans for building a bank; he provides insight in a blog post; the bank will build on Zopa's successful track record in lending with new savings accounts and credit product but the firm will not offer a current account; the UK has been dominant in challenger bank development and the Zopa bank will provide UK customers with another alternative banking option which is currently in high demand in the region; the above chart highlights the competitive advantages Zopa has in the market. Source
Last night in London the banking community in the UK came together for the annual British Bank Awards; Starling Bank...
Clearbanc just launched a valuation tool that its cofounders are calling a credit score for startups. Here’s what entrepreneurs need...