Marketplace Lending News Roundup – February 29th, 2020

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.

4 ways a Credit Karma deal could pay off for Intuit by American Banker – We can always rely on Penny Crosman to bring us insight into the big fintech news. This deep dive into the Intuit/ Credit Karma deal is illuminating.

Why Credit Karma Shouldn’t Sell To Intuit by Forbes – Here is the contrarian perspective on the Intuit/ Credit Karma deal from Ron Shevlin and why maybe a company like Amazon would be a better fit.

JPMorgan Chase in talks to launch digital bank in UK by Financial Times – There was other big news this weekend beyond the Intuit/Credit Karma deal. JPMorgan Chase announced they are looking to open a digital bank in the UK (I hope they have learned something from their Finn experiment here).

UK digital banks add six million customers in six months but average deposit balances drop by Altfi – The Accenture Digital Banking Tracker reports that UK digital banks added 6 million new customers in H2 2019 to 20 million total, but average deposit balance dropped 25%. So, it was not all good news.

The Power Of Purpose: Fintech’s Role In Stakeholder Capitalism by Forbes – Another great piece from Jennifer Tescher. In fintech it is particularly important to remember that your product needs to result in good outcomes for consumers/businesses. As she says, “a good outcome is what builds trust”.

Alpha (fundraising) and Omega (exits) by Fintech Junkie – It is always interesting to read the Frank Rotman’s Fintech Junkie, particularly with his latest post, that shares some details about QED Investors series A in Credit Karma ten years ago.

We shouldn’t have to wait for FedNow to have faster payments by American Banker – Great op-ed by Aaron Klein and George Selgin on the Fed’s mishandling of faster payments and the negative consequences this has had for poorer Americans.

What N26’s UK exit tells us about entering new markets by 11:FS – Sarah Kocianski looks at the lessons learned by the failure of N26 in the UK and why you need a differentiated offering that is tailored to the local market you are entering.

Lendio Closes $55M Series E Funding Round Led by Mercato Partners by Lendio – Small business loan marketplace Lendio has secured $55 million in capital, including $31 million in equity led by Mercato Partners’ Traverse Fund and a $24 million debt facility from Signature Bank.

Capital One To Focus On Digital, Close 37 Locations by PYMNTS – Not exactly surprising but Capital One is explicitly saying that they will be putting more focus on digital channels going forward.

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