Marketplace Lending News Roundup – November 10

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.

Credit Karma buys UK credit scoring platform from TransUnion in first expansion beyond North America from CNBC – Big news from Credit Karma this morning. They are entering the UK market by acquiring credit scoring platform Noddle from Transunion.

There’s no excuse for ignoring the unbanked, big banks’ own data shows from American Banker – Three million previously unbanked people opened a bank account with one of the big banks in the past year and 74% are digitally active. Another great piece by Penny Crosman.

Marcus by Goldman Sachs is opening a new account every 35 seconds from Finextra – In the UK Marcus has now reached 100,000 customers in just their first 40 days. Do the math and that is one new account opened every 35 seconds.

International P2P Lending Volumes October 2018 from P2P-Banking – The international p2p lending loan volumes are out for October and Zopa is back in the #1 spot again.

Fintechs interested in OCC charter despite lawsuits: Otting from American Banker – Despite the lawsuits that are pending the head of the OCC said they will issue charters “independent of the states action”.

Small banks join forces to address fintech challenges from American Banker – An initial group of 11 community banks have formed an alliance to explore fintech opportunities. This group is expected to grow to 50 to 60 banks by the end of next year.

Zopa, the UK P2P lending company, closes £60M round on path to launching a bank from TechCrunch – In the UK Zopa has topped up its latest funding round with another £16m bringing the total to £60m, the money to be used to help launch their next generation bank.

Populism Comes to Wall Street from Bloomberg – Interesting piece on YieldStreet and how they are growing their business. They have unique offerings but like any investment with double digit returns they are not without risk.

McKinsey calls global banking revenues ‘anaemic’ from Financial News – Report out from McKinsey this week on global banking and they don’t paint a pretty picture. Growth is anemic and return on equity is half what is was before the financial crisis.

Crowdfunding Real Estate Platform RealtyShares to Shut Down as Money Runs Out from Crowdfund Insider – Another real estate platform is calling it a day. In an email sent out this week RealtyShares says they are winding down their operation.

Run the bank or change the bank from Chris Skinner’s Blog – Chris Skinner says “banks are pivoting from being branch-based structures to digital structures” are laying off employees and teaching new hires how to code.

Lending Awards winners revealed from Credit Strategy – In London the inaugural Lending Awards 2018, sponsored by Experian, have been revealed with iwoca being the big winner.

SoFi CEO expects the Fed to hike rates three or four times in 2019 from CNBC – SoFi CEO Anthony Noto discusses the military, interest rates, preparing for a downturn and more in this interview with CNBC.

Funding Circle Sets Its Sights On U.S. Small Business Lending Market from Forbes – Profile of Funding Circle’s U.S. operation along with comments from U.S. Managing Director Bernardo Martinez.

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.

Cash Parking – A forum member shares where you can find the highest CD rates on the market. Right now you can get a 5 year CD at 4% APY.

LC Releases Q318 Earnings – Forum members react to LendingClub’s Q3 2018 earnings.

Worst Month Yet – An investor shares an update on winding down their LendingClub account.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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