Online lender SoFi closed their 12th securities for $769mn of private student loan notes; total issuance in 2017 reached $6.9bn which was up from $4.2bn in 2016; the deal featured 38 investors and joint lead managers were Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs; SoFi is in the top ten of ABS issuance in 2017 as they continue to utilize the markets better than any other online lender. Source.
FIS reports that credit and debit card fraud attempts have increased since the coronavirus hit the US; the dollar volume...
Citigroup is committing $50 million to buy PPP loans from minority-owned depository institutional; the loan purchase program is in partnership...
Two highly respected fintech companies have formed a strategic partnership to help develop underserved markets; Vervent and Finitive have experience...
The COO of cloud-based payroll and benefits provider, Gusto, discusses how they were able to pivot so quickly to offer...
Any form of modernization of the Community Reinvestment Act must have measurable analysis of community value at the foundation, according...
Citing low usage numbers by customers and retailers the payments company says they will end all bitcoin related payments by April 23rd; "Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense," Stripe product manager Tom Karlo wrote in the announcement reported by Business Insider; the volatility of price and mining fees also played into the decision by Stripe and has been cited by others as an issue that needs be be addressed. Source.
CNBC talks with Eyal Lifshitz of Bluevine who says fallouts from public companies have affected valuation discussions noting that investors are more skeptical now after struggles from Lending Club and OnDeck; Lifshitz expects companies will drop out of the market and Schwark Satyavolu, general partner at Trinity Ventures, says the industry is likely to see more acquisitions and consolidation. Source
A new study by Mastercard and Harvard Business Review reveals that fintech has so far had a limited impact; the...
FinLab aims to help fintech startups that are helping American consumers; it is funded through a five-year grant from JPMorgan; in total 26 companies have worked or are working with Finlab; TechCrunch profiles how the innovation lab works which includes programs to help startups understand how the banking industry works and meetings in Washington with regulators. Source