Marketplace Lending News Roundup – November 23, 2019

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.

Every Tech Company Wants to Be a Bank—Someday, At Least from Wired – Much has been written about how and why big tech will make moves into financial services. This piece in Wired is one of the best I have read.

OCC proposes ‘Madden fix’ to let loans keep original rates when transferred from S&P Global – There has been movement on the “Madden Fix” with the OCC proposing a rule change to clarify the valid-when-made doctrine so when a bank sells or assigns a loan the interest rate remains permissible after the loan changes hands.

BlueVine raises $102.5M more for banking services that target small businesses from TechCrunch – The large funding rounds keep coming. Leading small business fintech platform Bluevine Capital has closed $102 million in new funding.

BankThink Congress can work around court’s nixing of OCC fintech charter from American Banker – Excellent op-ed by Tom Curry, the former head of the OCC, on why we need a fintech charter and how we can get there given the recent ruling against it.

Stash has issued more than 5 million Stock Back rewards since launching its program from Tearsheet – I am a big fan of anything that will get people saving and investing. So kudos to Stash on their innovative Stock Back program and reaching 5 million rewards.

Fintech: The Fourth Platform – Part One from Forbes –  Very interesting column from Matt Harris in Forbes proposing the idea that fintech is becoming the fourth layer of the technology stack.

Vouch raises $45M led by YC Continuity for business insurance that targets startups from TechCrunch – Impressive what Sam Hodges is doing in his second fintech startup. Just two months after launch, Vouch Insurance has closed a $45 million Series B.


The Federal Reserve is looking into developing a digital currency in the US, Powell confirms from Markets Insider – I think it is inevitable that central banks will issue digital currency so it was good to hear Jay Powell say in a letter to lawmakers this week that the Fed is at least exploring such an initiative here.

Personal loans are ‘growing like a weed,’ a potential warning sign for the U.S. economy from Washington Post – Interesting piece in the Washington Post about the personal loan market. The fintech lenders have almost 40% of the $115 billion market, up from 5% in 2013, with 20 million people taking out personal loans.

A digital bank that raised $110 million from investors including Leonardo DiCaprio has run into trouble from CNBC – According to CNBC, the digital bank, Aspiration is struggling to close its latest round of funding and has laid off 15% of its staff.

Charter or not, fintechs are already ‘banking’ from American Banker – I like Todd Baker’s take on the paradox of #fintech banking regulation. Nobody can be a fintech bank…but wait…anybody can be a fintech bank. That is the regulatory world we live in. It should change.

Data and Deregulation Fuel the Global Fintech Boom from The Wall Street Journal – The #fintech boom is in full swing globally. The WSJ discusses what is driving the boom.

Fintech: The Fourth Platform – Part Two from Forbes – In part two of his must read series Bain’s Matt Harris gives his perspective on where the puck is going in #fintech: embedded financial services. This is going to be a huge industry possibly even bigger than all of software.

How Square turns unconventional credit data into loans for tiny businesses from American Banker – Penny Crosman looks into how Square has been able to lend $5.5 billion to 275,000 businesses in the five years since founding Square Capital.

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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