Marketplace Lending News Roundup – June 13th, 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.

Square: Why Its Stock Is Soaring And How It’s Threatening Banks by Forbes – Another fascinating piece from Ron Shevlin on Square and why it continues to do so well. He argues that Square is a bigger threat to banks than Amazon or Google.

Early wage access providers see usage spike during pandemic by TearSheet – While people still need to do better financial planning there is just no compelling reason why they should wait two weeks (or longer) to receive their earned wages. This is even more important in a crisis.

What Are Fintechs and How Can They Help Small Business? by The New York Times – Excellent piece in the New York Times confirming what we have been saying all along: “…these fintechs held their own or bested more established financial service firms that struggled to roll out promised programs.”

Amazon unveils small business credit line with Goldman in latest tie-up between tech and Wall Street by CNBC – It is now official. After being rumored earlier in the year CNBC is reporting that Goldman Sachs is partnering with Amazon to provide small business credit lines.

My next act. Closing the curtain on P2Bi. by LinkedIn – If you have been wondering what happened to Krista Morgan, the former CEO of P2Binvestor, she has finally penned a LinkedIn piece on her experience and what is next.

Goldman Sachs closes Marcus account to new UK savers by The Guardian – Marcus has done such a great job in the UK of attracting deposits that they are coming close to a £25 billion regulatory limit, so they have closed down to new customers.

SoftBank-backed Lemonade files to go public by Techcrunch – Leading insurtech player Lemonade has filed to go public so we all get to see their financials now and as Techcrunch points out they are not pretty.

The World’s Best Banks 2020 by Forbes – Statista surveyed more than 40,000 customers from 23 countries for their opinions on their current and former banking relationships to create the list of world’s best banks.

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