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.
Business-Loan Drought Ends for Banks from The Wall Street Journal – According to data from the Federal Reserve business borrowing is up 5.5% year over year reflecting increased confidence in the economy.
China Report: More P2P Lenders Collapse as Regulatory Environment Tightens from Crowdfund Insider – China has tightened the rules for p2p lending platforms resulting in failures on a regular basis in 2018.
JPMorgan Chase launched an online bank for millennials called Finn, and I prefer it to the real thing from Business Insider – An in depth look at the new mobile only bank offering from Chase called Finn.
US Yield Curve Update, Fed Studies FinTech Lending, GreenSky Deep-Dive from PeerIQ – This week’s PeerIQ newsletter has a deep dive on Greensky as well as all the latest industry news.
‘Get Shit Done’: the Revolut way from AltFi – Great piece by Ryan Weeks on the culture at Revolut, one of the UK’s leading fintech companies that has global ambitions.
The Past, Present and Future of the ILC Bank from deBanked – Banks with an Industrial Loan Charter (aka ILC Banks) are controversial with some saying no new licenses should be approved. Here is the lowdown from deBanked.
Unicorn Founder, English Buff: Kathryn Petralia, Kabbage President, Is Shaking Things Up In FinTech from Forbes – Great profile of Kathryn Petralia, the co-founder of Kabbage and one of my favorite people in fintech.
FCA chair: Fintech brings social benefits from Peer2Peer Finance News – The head of the FCA in the UK said in a speech this week that fintech is helping foster financial inclusion.
SME Lender iwoca in the Black, Announces Profitability in 2018 from Crowdfund Insider – Good to see another online lending platform is making a profit. UK small business lender iwoca announced they reached profitability in the first half of 2018.
Leading property lender to use selfies for ID checks from AltFi – Great example of two fintech platforms working together to solve a common pain point. LendInvest is using Onfido technology for identity verification through the use of selfies.
Gaming the system: Loan applicants are reverse engineering the online lending algorithms from Tearsheet – The online lending platforms are doing a better job of catching fraud today than ever before but it is a never ending battle.
We are going after the brokerage business, says SoFi CEO from CNBC – In this video SoFi CEO Anthony Noto says he wants customers to use the SoFi app every day and have SoFi be the center of their financial experience. And SoFi Brokerage is coming.
A chance for consumers to ‘know what the credit bureaus know’ from American Banker – There is legislation being considered in Congress that would force the major credit bureaus to make it easier for consumers to correct errors in their credit report.
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.
Worst Month Yet – Investors report on their June account performance.
New Platform – LendingClub has rolled back some changes to their investor interface.
LC stock up .32 a share the last 2 days- no breaking news- anyone know why? – Forum members discuss LendingClub’s recent stock price.