Marketplace Lending News Roundup – June 6th, 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.

Buy now, pay later startup Affirm just launched a high-yield account with an eye-popping rate. by Business Insider – The buy now pay later space is doing well in the pandemic and market leader Affirm keeps moving forward. Now, they are launching a high yield savings account.

‘Banks Let The Past Hold Back Their Future’: Mark Cuban On The Launch Of PPP.Bank by Forbes – Great piece by Ron Shevlin on the new PPP.bank initiative from Mark Cuban and Jill Castilla with some interesting comments from Cuban on community banks and the PPP.

Varo Money Raises $241 Million As It Moves Closer To Becoming A National Digital Bank by Forbes – I continue to be impressed with Varo Money and with this new funding round they are on the cusp of becoming a fully regulated digital bank. They will be a force to be reckoned with in digital banking.

PNC starts using OakNorth Covid-19 credit framework by Finextra – In this country Oak North is making inroads in middle market business lending. They announced today they have added PNC Bank as a partner here with their new Covid-19 credit framework.

Alibaba launches interest-free financing for U.S. small businesses by American Banker – This is an interesting new offering from Alibaba B2B. They are offering 60 days of interest free financing to small businesses on their platform that “meet Alibaba’s qualification standards”.

In First Move as Acting Comptroller, Brian Brooks Clarifies the Madden Rule that Impacts Online Lenders by Crowdfund Insider – The new Acting head of the OCC is the first comptroller with significant fintech experience. He has already made his presence felt by clarifying the Madden rule on his first day.

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