During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Launch of TransUnion’s Startup Credit Kit; 48-year Low Unemployment Rate from PeerIQ – This week’s PeerIQ newsletter brings us the latest industry news, provides insight on LendingClub 36-month loans and gives us a preview of their Q3 securitization tracker coming out this week.

JPMorgan’s requirement for new staff: coding lessons from Financial Times – Really interesting that JP Morgan is making all new investment bankers take coding classes.

Toward a more inclusive fintech industry from American Banker – Great piece by Kathryn Petralia in American Banker on what is needed to bring about a more inclusive fintech industry.

Deloitte & Innovate Finance Publish Report on UK FCA Fintech Sandbox from Crowdfund Insider – The fintech sandbox created by the FCA in the UK is held up as the gold standard globally. But there is always room for improvement.

Mike Cagney’s Figure Launches Blockchain-Powered Online Home Equity Loans from PYMNTS – Figure, the new company of Mike Cagney, have officially launched their new home equity loan product. They claim to be the fastest home equity loan on the planet with approvals in 5 minutes and funding in 5 days.

The way to Amazon- and Apple-style loyalty? Reinvent the branch from American Banker – I don’t agree with much of this article but clearly the bank branch needs a complete overhaul if it is to remain even moderately relevant in the future.

Fellow Finance goes public from AltFi – Another European online lending platform has gone public. This time it is Fellow Finance in Finland. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Delinquency/Loss Trends; Yield Curve One Hike from Inversion; Varo withdraws FDIC app from PeerIQ – This week the PeerIQ newsletter has the latest industry news and gives a preview of their MPL Loan Performance Monitor.

Blenheim Chalcot spearheads fintech push on Wall Street from Finextra – One of the UK’s leading VC firms, Blenheim Chalcot, has announced a significant expansion to take on the US market.

How HSBC’s Diane Reyes is staying a step ahead of fintechs from American Banker – One of the many challenges for big banks is to be as nimble and innovative as the fintech platforms snapping at their heels. Here is how one big global bank does it.

International P2P Lending Volumes September 2018 from P2P-Banking – The European p2p lending volumes are out for September with Latvian platform Mintos leading the way again.

Why there’s no need for the OCC’s fintech charter from American Banker – Interesting piece by Todd Baker on why the fintech charter is not necessary and the government agency that really needs to step up to the plate to encourage innovation.

Credit Karma expands into insurance with auto policy service from Reuters – Looks like Credit Karma is getting into auto insurance with CEO Ken Lin saying that Americans are overspending by $21 billion a year.

High-cost bank loans a step in the wrong direction from American Banker – Interesting perspective from the Center for Responsible Lending on the recent US Bank announcement to start a small dollar loan program. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Understanding Renaud Laplanche’s next Upgraded act from TechCrunch – We start this week off with another piece about Renaud Laplanche’s Upgrade and the state of marketplace lending today.

App-Only Banks Rise in Europe and Aim at Traditional Lenders from The New York Times – The UK is the world leader when it comes to “app-only” banks with some companies there getting serious traction. The New York Times profiles a couple of the leading players in this Sunday piece.

Fintech pair aim to disrupt industry with investments for millennials from Financial Times – Leading UK fintech platform Revolut doesn’t want to just become another medium sized bank, they want to be the Amazon of finance.

U.S. Bank takes on fintechs with new online loans, card for small businesses from American Banker – A new entrant in the online small business lending market is U.S. Bank. They have launched a new platform to compete with Kabbage and OnDeck.

American Credit Scores Hit a Record High from Bloomberg – The average FICO score is now 704, an all-time high. And super-prime consumers, those with scores of 800 or more, now amount to 22% of the FICO population.

Funding Circle pays out incentives to would-be lenders from The Times – This is not all that surprising to me but The Times is reporting that Funding Circle pays incentives to investors when it enters a new country.

Funding Circle cuts price range for London IPO from Financial Times – For their upcoming IPO Funding Circle has tightened their price range to 440p to 460p giving a maximum valuation of £1.5 billion. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

The founder of LendingClub, ousted two years ago, pledges not to make the same mistakes with his new company from CNBC – Interesting piece on Renaud Laplanche of Upgrade and what he is doing differently with his new company.

PeerIQ’s Benchmarking Product, Navient & Nelnet and the Student Loan Market, OnDeck milestone from PeerIQ – In this week’s PeerIQ newsletter they take a look at Navient and Nelnet and do a deep dive into their Benchmarking Tool.

How this regulator is using AI to probe financial fraud from American Banker – Love this piece by Penny Crosman. Any endeavor that involves sifting through millions of documents is a great application of AI. UK regulators are using this today to catch fraud faster.

OCC’s Otting: Why do state regulators want to limit consumer choice? from American Banker – The head of the OCC, Joseph Otting, pens an op-ed in American Banker responding to the states and the NYDFS on why they are wrong to bring a lawsuit over the fintech charter. I am in complete agreement with Comptroller Otting.

Funding Circle $2.6 Billion IPO Tests Post-Adyen Fintech Demand from Bloomberg – The Funding Circle IPO edges closer and according to Bloomberg they are likely to publish their pricing range as soon as tomorrow. A post IPO valuation of £2 billion is anticipated.

‘Just a matter of time’ before Amazon, Google enter mortgages: loanDepot CEO from American Banker – The CEO of loanDepot says it is not if but when…Amazon and Google enter the mortgage business.

Peer-to-peer lender Funding Circle to be valued up to $2.4 billion after IPO from CNBC – And now we know the price range for the upcoming Funding Circle IPO: 420 pence to 530 pence for a valuation of between £1.4b and £1.8b. We still don’t have a confirmed date yet. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

LendingTree is the secret success story of fintech from TechCrunch – In depth profile of LendingTree and why they are a central player in the growth of fintech.

Intro to Stress-Testing; Varo Money Bank Charter; Funding Circle IPO from PeerIQ – The latest industry news from PeerIQ and also a deep dive into loan portfolio stress testing.

Funding Circle confirms more details of IPO from Peer2Peer Finance News – The upcoming Funding Circle IPO will allow for participation from individual investors.

Lending Club CEO: US’s and China’s P2P lending need clearer regulation and communication from TechNode – Comments from Scott Sanborn of LendingClub in China about fintech regulatory frameworks, investor sophistication and more.

Bezos and Gates back Wagestream’s £4.5m funding round from BankingTech – In the UK Wagestream is helping workers get access to their wages in real time. They just raised £4.5 million from some big names.

PeerStreet wants to put some liquidity back in your debt portfolio from HousingWire – Real estate platform PeerStreet now offers investment terms ranging from 30 days to 3 years. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

LendIt Interviews: June Ou of Figure on Blockchain and the Home Equity Market  from LendIt Fintech Blog – Interesting Q&A with June Ou, the co-founder of Figure (Mike Cagney’s new startup) talking home equity, blockchain adoption, AI, women in fintech and more.

LendingHome passes $3 billion in mortgage loans from HousingWire – In real estate LendingHome keeps growing and has now crossed $3 billion in loans.

Exclusive: Fintech lender wins FSCS coverage from AltFi – In the UK LendInvest now has the backing of the FSCS protecting investors not against loss of principal but against a potential platform failure.

Goldman teams up with a real estate start-up in push to make more home improvement loans from CNBC – Goldman Sachs continues to push the envelope in consumer finance. They have now partnered with HouseCanary on a tool for homeowners to help them decide if a home improvement project is worth it.

Renaud Laplanche’s journey from scandal to second act from American Banker – Great piece by Penny Crosman on the comeback of Renaud Laplanche with Upgrade and what they are doing differently.

Starling to help RBS develop digital bank from Finextra – Pretty interesting that one of the largest UK banks, RBS, is enlisting the help of digital challenger Starling Bank to develop their own digital bank. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

China Is Said to Start New Round of Checks on P2P Lenders from Bloomberg – In China regulators are trying to clean up the p2p lending industry with a new round of checks (video).

Glad tidings: Fintech business bank secures £8m fundraise from AltFi – Business banking fintech firm Tide has closed a new round of investment.

How AI will change banking from Chris Skinner’s Blog – We reported last week on the new report out from the World Economic Forum on the impact of AI on banking. Chris Skinner has a a great roundup of the key findings of the report.

Forecasting Cashflows using Machine Learning, Strong Retail Sales Report from PeerIQ – This week’s PeerIQ newsletter has a roundup of the current news and continues their deep dive on loan valuation.

Peer-to-peer lender SocietyOne is about to hit $500 million in lending from Business Insider – In Australia leading marketplace lending platform SocietyOne is nearing $500 million in total loans issued and they have a new CEO.

Don’t let that data you’re sitting on go to waste from American Banker – As fintech platforms eat into many profitable business lines for banks will banks look to data monetization as a way to replace some of this lost revenue?

Massive P2P Failures in China: Underground Banks Going Under from Peterson Institute for International Economics – Interesting piece by Peterson Institute for International Economics research fellow Martin Chorzempa on the messy situation with p2p lending in China and why it became such a problem. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

How peer-to-peer lending turned middle-class Chinese dreamers into angry protesters from Quartz – Interesting piece from the weekend on the problems in the Chinese p2p lending industry right now and the impact it is having on many investors.

China proposes 10 measures to fight against rising P2P risks – Xinhua from Reuters – Another piece on China and 10 measures being rolled out by Chinese authorities to combat the risks of p2p lending.

Highest CPI since 2008, Strong FinTech Earnings, PeerIQ’s Valuation Methodology from PeerIQ – This week’s PeerIQ newsletter brings us the latest industry news and takes a deep dive into loan valuation with the top 5 questions to ask.

How 80-year-old UOB uses AI to anticipate customer behavior from Tearsheet – A look inside the expansion strategies of one of the largest banks in Asia. Great piece by Zack Miller on Singapore’s UOB.

Fintech Crowd Dives Into Subprime Credit-Card Lending from The Wall Street Journal – I think there is more innovation happening in the subprime credit space than many other areas of fintech. There are more responsible options today for these consumers than ever before.

‘Fintechs’ Sound Cautious Note on Offer of U.S. Bank Charter from The New York Times – No companies have applied for the OCC fintech charter yet as most people are taking a wait and see approach.

Overhaul Boosts Credit Scores of Millions of U.S. Consumers from The Wall Street Journal – Many consumers have seen their credit scores rise as delinquencies from things like gym memberships, library fines and traffic tickets are removed from credit histories. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

How this woman went from a Pizza Hut employee to a founder of a $4 billion startup from Business Insider – Fascinating piece in Business Insider on the early days of Credit Karma and the role co-founder Nichole Mustard played.

Debut of the OCC’s FinTech Charter + Supervisory Standards from PeerIQ – This week’s PeerIQ newsletter covers the latest industry news including the release of the US Treasury report from last week and does a deep dive on the new OCC fintech charter.

Facebook taps banks, but for chatbots not purchase data like Google from TechCrunch – Facebook and big banks are in the news today as the WSJ has claimed that Facebook asked banks for transaction data. According to TechCrunch that is not what happened.

China millennials’ love of credit cards raises debt fears from Financial Times – Consumer lending in China has risen steadily over the last several years as people there take on more debt in all categories.

SoFi Is Said to Report Second-Quarter Loss of $200 Million from Bloomberg – Meanwhile, Bloomberg shared this week that SoFi reported a $200m loss in Q2 on loan volume of “more than $3 billion”.

Regulators club together to form global ‘fintech sandbox’ from Financial Times – Despite the reluctance of some to embrace the regulatory sandbox concept it is gaining momentum around the world. Now, an alliance of regulatory authorities from 11 countries has been formed to take the concept global.

What’s missing from the OCC’s fintech charter from American Banker – Interesting perspective in American Banker on the OCC fintech charter and the challenges of comparing banks with fintech companies. [Read more…]

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Jack Ma’s Giant Financial Startup Is Shaking the Chinese Banking System from The Wall Street Journal – Fascinating piece on Ant Financial and the incredible financial power they have amassed in a short time. Chinese banks and even the government are starting to push back.

Human Bankers Are Losing to Robots as Nordea Sets a New Standard from Bloomberg – Interesting that a large European bank is already reducing its workforce in response to more automation.

The Adventurous Investor: ‘the FCA has made a major category error’ from AltFi – Not everyone thinks the recent proposals by the FCA are a good thing for the p2p lending industry in the UK. David Stevenson shares his thoughts on why he thinks the FCA has made a blunder here.

After years of debate, OCC to offer fintech charter from American Banker – More on the announcement by the OCC on their new fintech charter.

UK fintech scores the global top spot for investment in the first half of 2018 from City A.M. – A new report from KPMG has the UK as the country that received the most fintech investment in the first half of this year.

INSIKT Completes $25 Million Social Bond Securitization; Drives Social Impact, CRA and Economic Returns for Investors from Business Wire – Short term lender Insikt closed its 7th micro-securitization in June, a $25 million deal, bringing their total to $145m in less than two years (press release).

Will Europe’s fintech banks conquer North America? from AltFi – Two European fintech leaders, Revolut and n26, are launching in the US soon. It will be fascinating to see how they do. [Read more…]