Marketplace Lending News Roundup – October 21

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.

Weekly Industry Update: IMF Raises Global Growth Forecast, GS Enters Fix-and-Flip, Deep Dive on Big Bank Earnings from PeerIQ – This week PeerIQ looks at the results from the big four banks and their loan losses allowances.

PayPal’s Market Value Eclipses AmEx, Nears Morgan Stanley, Goldman from The Wall Street Journal – The original fintech company PayPal is having a great year and is becoming a major lender.

Lending Club founder Renaud Laplanche opens up on his ‘frustrating’ exit and new startup Upgrade from Business Insider – Renaud Laplanche has built Upgrade to launch a new product every year. Good piece by Oscar Williams-Grut in Business Insider.

The wait is over: RateSetter granted full authorisation from AltFi – The last of the big 3 p2p lending platforms has been authorized by the FCA. Congrats to RateSetter.

BBVA, a Spanish bank, reinvents itself as a digital business from The Economist – Spanish banking giant BBVA is morphing from a bank to a “digital house” and sees GAFA as their biggest threat.

LendingHome Surpasses $100 Million Mark in Monthly Loan Volume & Secures $57 Million During Series C-2 Funding Round from Crowdfund Insider – Real estate platform LendingHome continues to be the market leader with a $57M Series C-2 round and a new fund.

Chinese Lender Qudian Jumps After Year’s Fourth-Biggest U.S. IPO from Bloomberg – Another Chinese online lender has gone public in the US. Qudian raised $900M in the 4th biggest IPO this year.

The truth about Ant Financial… from the Finanser – Great piece by Chris Skinner on Ant Financial. Their history, their role in finance today and their future.

Lenddo and EFL join forces from Bankless Times – Good news for the underserved in emerging markets, Lenddo and EFL are merging and launching a new initiative.

Clearbanc, Michele Romanow work with Facebook for easy small business financing from Financial Post – It was only a matter of time. Facebook is now offering clients a small business loan joining Amazon, Google and PayPal.

Affirm Wants To Move Beyond Simple Lending to Provide Financial Advice from The Wall Street Journal – Online point of sale lender Affirm is looking to expand its offerings.

First Associates Receives FCA Authorization to Service Loans in the United Kingdom from First Associates – Congrats to First Associates on their FCA approval to service loans in the UK.

HSBC’s partnering with fintech startup Bud in latest Open Banking push for First Direct from City A.M. – Another major bank is partnering with a fintech startup. HSBC is using tech from Bud.

Fears of commercially owned banks are unfounded: OCC’s Noreika from American Banker – The acting head of the OCC once again defended the fintech charter in a speech yesterday.

You can now PayPal friends in Messenger and get help via chat from TechCrunch – Facebook is starting to become active in fintech. This tie-up with PayPal is their second announcement this week.

Ron Suber: We are in the Golden Age of Fintech from Crowdfund Insider – Interview with the inimitable Ron Suber on the Golden Age of fintech and his plans for the future.

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.

What happens if Lending Club goes bankrupt? – Forum members talk about what may happen in the event of a Lending Club bankruptcy.

Does Lending Club process payments on the weekends – Investors discuss when borrower payments hit Lending Club accounts.

What amount does investors obtain after charge-off? – A discussion about recovery and collection fees.

Worst Month Yet – Investors chime in about loan performance and liquidation strategies in IRA accounts.

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