Marketplace Lending News Roundup – October 14

News

During the week I share the latest marketplace lending 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.

Zopa CEO: banking must no longer be a “zero-sum game” from AltFi – Commentary on banking from Zopa CEO Jaidev Janardana at LendIt Europe yesterday in London.

Funding Circle: P2P better placed to keep up with changing borrowers from Peer2Peer Finance News – Samir Desai of Funding Circle was on the offensive yesterday at LendIt Europe.

Weekly Industry Update: Deep-Dive on Navient Acquisition of Earnest, Equifax CEO Meets Senate from PeerIQ – Some history of Navient as well as a comparison with SoFi and Earnest.

My Lendit Europe Recap 2017 from P2P-Banking – Claus from P2P-Banking gives his report on LendIt Europe.

Lending Disrupted? Not Yet, Says Renaud Laplanche from Crowdfund Insider – More on Renaud Laplanche’s three predictions for 2018 and Upgrade’s vision for the future.

Challenger bank OakNorth nabs £154m, claims unicorn status from AltFi – Looks like a new fintech unicorn in the UK as challenger bank OakNorth raises £154M in equity.

Fintech’s Got 99 Problems And Diversity Is Definitely One from Forbes – The CEO of P2Binvestor talks about their new bank partnership and the lack of diversity in fintech.

Credit card losses are mounting. Worrisome trend or worth tolerating? from American Banker – Credit card losses at Citi and Chase are up significantly from a year ago.

Google Restricts Ads for Merchant Cash Advances from deBanked – Google’s crackdown on payday lenders looks to have also affected the advertising of MCA companies.

Aggressive marketing, less red tape drive SBA boom from American Banker – Banks continue to increase lending to small businesses with SBA lending setting a new record.

Google and Amazon are ready to disrupt small business lending, former Obama advisor says from CNBC – Former head of the SBA, Karen Mills, says that Google and Amazon are the companies to watch in small business lending.

Exclusive: Christine Farnish on the changing role of the P2PFA from Peer2Peer Finance News – Christine Farnish of the P2PFA talks about changes coming to the UK trade association.

Our culture is ‘about getting s**t done’: The Revolut founder on why his people work 12-13 hours a day from Business Insider – Fascinating interview with Revolut CEO Nikolay Storonsky on his fast charging company.

Embattled Fintech Firm SoFi Drops Plan to Open a Bank from The Wall Street Journal – In an unsurprising move SoFi is withdrawing its application to open a bank citing the recent turmoil.

P2P Series Part 3: China’s Online Lending Consolidates As Market Grows from Peterson Institute for International Economics – The latest from Martin Chorzempa on his p2p lending in China series: a welcome consolidation.

Goldman Sachs to Lend to House-Flippers from The Wall Street Journal – Goldman Sachs continues to expand their footprint in lending, now buying real estate lender Genesis Capital.

Amex targets Square, PayPal in small-biz lending from American Banker – Amex has launched online business loans with a real time decision for its Open cardholders.

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.

Why not buy notes with a premium? – An investor asks whether you should consider purchasing notes on the secondary market at a premium.

So, let’s talk liquidation strategies…. – Forum members discuss liquidating Lending Club portfolios on the secondary market.

Worst Month Yet, Prosper Version – One investor continues to update the forum on his Prosper portfolio performance.

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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