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.
Apple unveils new no-fee credit card: The Apple Card from CNBC – We knew it was coming but today they made it official. Apple is releasing a new credit card partnering with Goldman Sachs. This is a first for both companies and shows how serious Goldman is about consumer credit.
Direct Lending Fund Sued for Allegedly Inflating Returns from Bloomberg – The situation just keeps getting worse at Direct Lending Investments. The SEC has now filed suit against the company alleging inflated returns and $11 million of overcharges to investors.
As Amazon Leads Cashless Charge, States and Cities Push Back from Bloomberg – Moving to a cashless financial system has many advantages but one of the real challenges will be how to include the underserved.
Building A Better On-Ramp For Credit Repair from PYMNTS.com – One of the companies making a real different for people trying to rebuild their credit score is Self Lender. Good profile in PYMNTS.
Apple’s move into banking raises the bar for fintech, traditional credit cards from CNBC – Interesting look at the impact the new Apple credit card may have on fintech and banking.
Has Alternative Lending Seen Its VC Peak? from PYMNTS.com – While VC money continues to flow to fintech companies at record levels it is more difficult for online lending platforms to raise money. Good companies are still getting funded but VCs are far more selective than they were back in 2015.
Lyft wants to give free bank accounts and debit cards to drivers from The Verge – More big internet brands are entering financial services. Now, we learn that Lyft will begin offering bank accounts and debit cards to drivers.
Inside OakNorth’s plan to take its lending technology global from Tearsheet – Good piece by Zack Miller on UK challenger bank OakNorth and their technology unit OakNorth Analytical Intelligence. The fintech unicorn has global aspirations.
It Took Three Tries, But This Entrepreneur Transformed His Struggling Startup Into A $2 Billion Unicorn from Forbes – Great profile of Marqeta and how Jason Gardner and his team have built a 21st century payments processor.
Veteran-focused fintech lender diversifies into credit cards from American Banker – Small business lender StreetShares is expanding. They are launching a “veteran-focused” credit card in Q2.
Fundbox Strengthens Synchrony’s SMB Financing Position from PYMNTS.com – Another partnership with a leading bank has been announced today. Fundbox is integrating its artificial intelligence power small business finance tools with Synchrony.
Prosper Reports Full Year 2018 Financial Results (press release) – Prosper had a decent year in 2018 with flat originations but slightly higher EBITDA.
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.
Direct Lending Fund Sued for Allegedly Inflating Returns – Forum members discuss the Direct Lending Investments fund which has suspended investor redemptions and is now being investigated for inflating returns.
Interesting Behavior of Lenders Regarding Credit Reporting Agencies – A forum member shares a personal story about how slow credit scores change when a borrower starts making late payments.
Is LC no longer interested in retail investors? – A forum member provides a visualization of fractional loan inventory at LendingClub.