Marketplace Lending News Roundup – April 20, 2019

News

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 problem with Financial Literacy Month from American Banker – Completely agree with Jennifer Tescher on this. We need better financial products if we are going to move the needle on financial health. Many #fintech companies are working on this but we should all be focusing on good outcomes for our products.

SoFi announces partnerships to expand insurance offering from Insurance Business – SoFi announced two insurance partnerships this week, Lemonade for homeowners and renters insurance plus Root for auto insurance.

Why Mastercard Bought Vyze from PYMNTS – Mastercard acquired Point of Sale financer Vyze this week, Karen Webster digs into the reasoning behind it.

Don’t underestimate the power of the fintech revolution from European Sting – Interesting piece by the World Economic Forum on fintech and the fact that we may all be underestimating its potential impact.

Small businesses turning far more often to online lenders: Fed from American Banker – New study out from the Fed shows that small business owners are turning to online lenders more primarily because they like the speed of the approval process.

T-Mobile’s No-Fee Checking Gets Big Marketing Push. Here’s What You Need to Know from Fortune – Interesting that a telecom company is making a big push into banking. T-Mobile has announced the nationwide rollout of the T-Mobile Money bank account in partnership with BankMobile.

Funding Circle’s loans under management hit “new high” in Q1 from P2P Finance News – In the UK Funding Circle has reported their Q1 results. Strong origination growth means a record £3.4 billion in loans are now under management, up 44% from a year ago.

Prosper is the latest Silicon Valley company to get dinged by, and settle charges with, the SEC from Techcrunch – Prosper settles with the SEC for $3 million for inflating investor returns.

Venmo’s Latest Effort to Turn a Profit: Credit Cards from The Wall Street Journal – According to the WSJ Venmo is close to selecting Synchrony Financial to issue their first ever credit card for its large user base.

Consumer lenders ease fears over credit quality from American Banker – Data from American Express, Synchrony Financial, Ally and Santander show that, while debt levels might be at their highest level, so far consumers can handle it and are making payments on time.

Exclusive: Robinhood seeks regulatory approval to create a national bank from San Francisco Business Times – Robinhood has submitted an application to the OCC for a national bank charter.

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