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Marketplace Lending News Roundup – February 9, 2019

February 9, 2019 By Peter Renton Leave a Comment

Views: 350

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.

HSBC and Goldman Sachs back UK start-up that lets banks offer rivals’ products on their apps from CNBC – We start the week with news of yet another funding round. UK fintech startup Bud has raised $20 million from some of the biggest names in banking.

Over 60, and Crushed by Student Loan Debt from The Wall Street Journal – Student loan debt is hitting an unlikely group especially hard, those over 60 years old. Many have taken out loans to pay for their children’s tuition.

Strong Job Growth; Where Are We in the Credit Cycle? from PeerIQ – This week’s PeerIQ newsletter provides perspective from executives of many of the nation’s leading banks on where we are at in the credit cycle.

International P2P Lending Volumes January 2019 from P2P-Banking – The European loan origination volumes for January are out with Mintos and Zopa taking the top two spots again.

The Future Of Lending: Fintech 50 2019 from Forbes – The annual Forbes Fintech 50 list came out today and here are the lending platforms that made the list.

‘A lot of people are going to get hurt’: Petrou on fintech risk from American Banker – While we do need to pay attention to the risks presented in this study the author paints a particularly glum picture of the impact of fintech on financial services.

States must step forward as CFPB retreats on predatory lending from The Hill – Interesting op-ed in The Hill by the CEO of Insikt on the important role that states can play now the CFPB is likely scrapping the ability to repay requirement for payday loans.

Revolut collaborates with WeWork to reward its business customers from Fintech Finance – Here is an interesting new partnership. In the UK Revolut is partnering with WeWork so Revolut’s business customers can get 3 months of free desk space.

PayPal backed fintech Raisin raises $114m from Financial Times – Yet another big fintech funding round announced today. German fintech Raisin has closed $114m in equity funding from the likes of Index Ventures and PayPal.

Meet the start-up bank with millions of customers trying to disrupt the ‘adversarial’ American banking system from Business Insider – One of the reasons that bank revenue from fees is going to continue to fall is because of companies like Chime. They are getting amazing traction on their no-fee checking account and it looks like they will be a unicorn soon.

CFPB takes big step toward unwinding payday lending rule from American Banker – This is no surprise but on Wednesday the CFPB made it official. They proposed an overhaul of the payday lending rule that would roll back tough underwriting requirements championed by the previous administration.

SoftBank’s Vision Fund to invest $440m in OakNorth from Financial Times – European fintech companies are on fire right now. According to the FT there is a new record funding round in the offing. OakNorth is about to receive $440m in equity funding from SoftBank, valuing the UK banking startup at $2.8b.

Eight Challenger Banks Traditional Institutions Should Worry About from The Financial Brand – Fascinating summary on the state of the digital banking market today in the US with a description of the top 8 players.

City watchdog to probe Revolut’s ‘spoof’ takeaway ad campaign from Financial Times – Revolut got in trouble this week when their advertising featured numbers that were “just made up”.

Digital arms race key driver in BB&T-SunTrust deal from American Banker – The blockbuster banking merger announced this week is all about the need for regional banks to up their technology game.

House bill would incentivize employers to help pay off your student loans from Bankrate – This week the Employer Participation in Repayment Act was reintroduced in Congress. It would allow employers to assist employees with student loan payments, tax free, for up to $5,250 a year.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p lending. Below are some topics that were being discussed this week.

Notes Disappeared – One LendingClub investor is reporting a handful of missing notes according to their account statement.

2018 Tax Guide for Retail Investors – 1F and 1G – A LendingClub investor has compared the 2017 and 2018 tax guides and has found one small difference.

taxes…? – Forum members dig into the details of tax treatment and the numbers LendingClub reports.

Filed Under: News Roundup

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ABOUT LENDIT FINTECH NEWS

LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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