Marketplace Lending News Roundup – October 5, 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.

JPMorgan donates $25M to get fintech in hands of underbanked from American Banker – Congrats to Jennifer Tescher and the Financial Health Network team on this latest $25M commitment from JP Morgan.

Tech forecast to destroy more than 200,000 US bank jobs from Financial Times – Bank employment has been stagnant for many years but a new report from Wells Fargo says US banks will cut 200,000 jobs in the next decade.

International P2P Lending Volumes September 2019 from P2P-Banking – The monthly p2p lending loan volumes are out for September with 11 platforms now doing more than €10 million a month.

Founded By Bankers For Bankers, North Carolina-based Fintech Startup nCino Raises $80M from Crunchbase – Spun out of Live Oak Bank in 2012 nCino is a thriving fintech company that has just closed another funding round of $80 million.

The Seven-Year Auto Loan: America’s Middle Class Can’t Afford Its Cars from The Wall Street Journal – Auto loans keep getting longer, a third of loans for new vehicles taken in the first half of 2019 had terms of longer than six years. Fascinating piece in The Wall Street Journal.

Brex wants to replace startup bank accounts with Brex Cash from TechCrunch – After taking on credit cards for startups Brex have announced they are now tackling bank accounts with the launch of Brex Cash.

Credit Karma Is Launching a Savings Account. But as the Fed Cuts Interest Rates, ‘High Yield’ Is Relative from Fortune – Now it is Credit Karma that is joining the growing number of fintech companies offering a savings product. It will pay 2.03% and offer FDIC protection of up to $5 million.

Apple CEO Tim Cook Says No Interest in Creating Cryptocurrency Similar to Facebook, No Plans on Becoming a Bank from Crowdfund Insider – Apple’s CEO recently spoke with a French publication about their plans around financial services.

PayPal withdraws from Facebook’s libra cryptocurrency from CNBC – The rumors were true; Facebook’s Libra project receives a major setback as PayPal quits the consortium.

11 Years: The Rise of UK Fintech from 11:FS (video) – Fascinating one-hour documentary on the history of UK fintech.

Regulators need new approach to innovation from American Banker – Op-ed by the head of the FDIC, Jelena McWilliams, on what her agency is doing to foster innovation and a call for people to join her on this journey.

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