Marketplace Lending News Roundup – July 22

News

During the week I share the latest marketplace lending 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.

How credit unions are embracing fintech to stay competitive from Tearsheet – It is not just banks that are partnering with fintech platforms, credit unions are as well.

‘New York doesn’t allow that’: Maria Vullo stares down fintechs, OCC from American Banker – The head New York finance regulator is playing hardball with fintech platforms.

Why I’m backing peer-to-peer lending from RateSetter – The new Non-Executive Chairman at RateSetter is a City legend, also the Chairman of Prudential. This is a big deal.

Squaring All-Time High Credit Scores With Higher Delinquencies from PeerIQ – The PeerIQ newsletter looks at the results from the three big banks and the flaw in FICO scores.

PBOC calls upon fintech firms to help fund system to monitor online transactions from South China Morning Post – Commentary on the PBOC’s research head speaking at Lang Di Fintech on the weekend calling for a new monitoring system.

China’s Internet Sector Grows Up from Institutional Investor – There is a new China and it is leading the world in fintech, leaving the west behind.

Renaud Laplanche’s Second Act from PYMNTS – Good piece on Upgrade, Renaud Laplanche’s new company and what makes it different.

The peer-to-peer lending model involves a fair bit of intervention in the market from Financial Times – In the UK RateSetter has protected investors from some large loan losses by using their own money.

RentoMojo raises $10 million in Series-B funding from The Economic Times – Renaud Laplanche has made his first fintech angel investment, in Indian consumer leasing platform RentMojo.

Goldman Sachs projects hefty returns in its personal loan business from American Banker – The Goldman Sachs CFO says that Marcus is expected to earn a return on equity in the high teens.

Open Banking is coming. Here’s the very first glimpse from Wired – In the UK Nesta has awarded £50K prizes to 20 fintech firms working on open banking.

OCC’s Noreika endorses fintech charter, slams state regulators from American Banker – Like his predecessor the acting OCC head has endorsed the fintech charter.

How Fintech Revolution Is Making Way For A Potential $5 Bn Online P2P Lending Empire In India from Inc42 – In India fintech and p2p lending are just getting going. In depth piece on this huge potential market.

Fintech lender LendInvest to launch retail bond offering from AltFi – UK property lender LendInvest is launching a fixed rate bond for retail investors soon.

There is no ‘existential crisis’ challenge for banks from fintech, HSBC’s digital chief says from CNBC – HSBC’s head of innovation says his bank is ready for the challenge from fintech platforms.

Borrowell Raises $57 Million From Portag3, FirstOntario Credit Union from BetaKit – Leading Canadian fintech platform Borrowell has just closed a big funding round.

I’m a banker and I say let SoFi into the club from American Banker – Interesting thoughts from a community banker who is for giving SoFi a bank charter.

Why Ethereum Is Much More Valuable Than Bitcoin: SoFi CEO from Fortune – SoFi is looking to launch a blockchain system for title insurance later this 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.

PeerStreet test drive – Other forum members chime in on their experience with PeerStreet and other real estate crowdfunding websites.

June seems to be a horrible month for me – Investors who had sizable investments in p2p lending share their perspective.

Worst Month Yet, Prosper Version – One Prosper investor shares the high returns they are seeing after one year of investing in Prosper loans.

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