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.
Race to become UK digital banking leader hots up from Financial Times – I would argue the UK is the world’s most competitive and well developed market for digital banking. The Financial Times analyzes several metrics of the major players there to give us a good pulse of the market.
A battle royal for online deposits from American Banker – In the US, despite two interest rate cuts, the market for online deposits is white hot with large banks, community banks, credit unions and fintech companies all competing for the consumers’ money.
Exclusive: Prolific fintech investor Ron Suber joins board of startup as he seeks next big winner from San Francisco Business Times – The godfather of fintech, Ron Suber , has joined the board of Qwil . Great piece by Mark Calvey who has the scoop in San Francisco Business Times.
Max Levchin On The Future-Present Of Everywhere POS Lending from PYMNTS.com – Super interesting development from Affirm this week. They have introduced virtual card technology that allows their customers to pay with Affirm anywhere.
Fake ID fraud is declining, but small lenders are still vulnerable from American Banker – While the growth in synthetic fraud is slowing down there is still over $1 billion in outstanding balances for suspected synthetic accounts.
A Guide to What’s Happening in the Fintech Revolution from Bloomberg – In Bloomberg Julie Verhage gives an update on what is hot in fintech today and where the action is taking place.
Zopa’s P2P profits tick up but group losses widen due to heavy investment in bank from P2P Finance News – While Zopa
reported big losses in 2018, this was all related to building their new bank. Their p2p lending platform actually recorded a small profit.
LendingClub’s new pitch to institutional investors from American Banker – This week Today LendingClub announced their new platform for institutional investors called LCX. It includes dynamic pricing, same-day settlement data of fully-funded loans and broadens the credit spectrum for sophisticated investors.
Intuit QuickBooks and Visa give small businesses real time access to funds from Tearsheet – Sometimes small businesses don’t need a loan. They just need access to their deposits quicker. QuickBooks and Visa Direct are partnering to bring real time deposits to small business.
Goldman Sachs had 500 teams of employees pitch startup ideas — then picked the 5 best to fund from Business Insider – Goldman Sachs is working to incubate their own fintech innovations by funding the best pitches from 500 different teams within the firm.
Digital bank N26 bigger than HSBC in France with 1 million customers from Yahoo Finance UK – Just one data point to demonstrate how much traction some of the new digital banks are getting in Europe.
‘Predatory lending’ targeted in new California law capping interest on loans at 36% from the Sacramento Bee – California has signed a new law banning interest rates above 36% on loans of $2,500 to $10,000.