Marketplace Lending News Roundup – January 27

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.

US banks suffer 20% jump in credit card losses from Financial Times – Hopefully this is not a trend. Credit card losses jumped 20% at the major banks last year.

The disappointing arrival of Open Banking … and the optimistic future from The Finanser – Interesting piece by Chris Skinner on the appetite for open banking in the UK and why, despite a negative start in the press, it will be good for consumers in the long run.

Women Became the Story in 2017 from Crowdfund Insider – Leading fintech executive AdaPia d’Errico talks about the women’s movement and why 2018 will be a pivotal year for women in business.

Fintech lender Fundbox shows how open banking can be done from American Banker – How Fundbox is leading the way when it comes to open banking in the US.

Demystifying securitisation for online lenders from AltFi – Good introductory primer on securitization and why it is important for online lending platforms.

Five challenges facing SoFi’s new CEO from American Banker – Good roundup by Kevin Wack of the five key challenges facing the new SoFi CEO.

SoFi will roll out checking accounts this spring from Tearsheet – In a partnership with WSFS Financial SoFi will begin rolling out checking accounts soon according to Tearsheet. Who needs a banking license?

StreetShares Secures $23 Million Equity Funding to Scale Award-Winning FinTech Platform for the Military and Veteran Market from StreetShares – Congrats to Mark Rockefeller and the StreetShares team on their $23 million Series B.

Scandal-rocked SoFi says it has foundation for full recovery from American Banker – Great piece by Penny Crosman on where SoFi is at today as they bring on their new CEO.

Regulators Are Looking at Cryptocurrency from The Wall Street Journal – The head of the SEC took to the WSJ to express their concern about cryptocurrencies and blockchain technology.

Mastercard Sets 2019 As Deadline For EU Issuers To Offer Biometric Authentication from PYMNTS.com – Mastercard is going all in on biometrics as customer preferences have changed quickly.

Yolt and Lloyds Bank make first connection through Open Banking from AltFi – Hopefully this will be the first of many new partnerships through open banking in the UK.

Stuart Stoyan is FinTech Australia’s new chair from Business Insider – Congrats to Stuart Stoyan of MoneyPlace on his new role as chairman of Fintech Australia.

Not-so-friendly competition: Discover CEO bashes online lenders from American Banker – Not surprising that the CEO of Discover, a large online lender, thinks that other online lenders are doing a bad job.

SoFi Completes $960.2 Million Student Loan Securitization from Crowdfund Insider – The numbers keep getting bigger. The latest student loan securitization from SoFi is close to a billion dollars.

Fintechs impatient as British banks seek extra time to open up from Reuters – Only three of the nine largest banks in the UK are ready for open banking as of today.

THE TAO OF ROB FROHWEIN from 11:FS – Some great quotes from the CEO of Kabbage taken from a recent interview.

SoFi Buys Teams From Mortgage Startup Clara to Boost Offerings from Bloomberg – It seems that SoFi has been in the news every day this week. We end the week with the news they have picked up the engineering and product teams from Clara Lending.

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.

What is Your Minimum Acceptable Return – Investors share what they need to earn for marketplace lending to be attractive.

Cash Parking – Investors keep tabs on yields outside of marketplace lending, focusing mainly on CDs.

Note Aging Algorithm – An investor asks whether or not an algorithm exists to predict potential losses on a portfolio.

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