The American Bankers Association (ABA) has endorsed Akouba as its marketplace lending partner; Akouba offers cloud-based white label technology for online business lending; the firm was chosen by evaluation from Aditya Khurjekar, CEO of Let's Talk Payments, and oversight from the ABA's Endorsed Solutions Banker Advisory Council. Source
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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UK digital bank Monzo is nearing completion of a new funding round that will add 20 to 30 million British pounds in capital for the firm; the investment round is being led by Thrive Capital; sources also report that the firm is planning an equity crowdfunding campaign later in the year; Monzo is led by CEO Tom Blomfield and the firm was granted a UK banking license in August 2016; it currently has 100,000 users with activity driven by pre-paid Mastercards and mobile applications; the firm recently declined an acquisition offer from an incumbent bank and says it still has a lot it plans to accomplish. Source
Target Global, based in Berlin has closed a new fund; the fund will focus on Seed and Series A rounds and expects to fund 20 companies primarily in Germany and Israel; Shmuel Chafets, General Partner at Target Global stated, “Target Global’s Early Stage Fund will serve as a bridge connecting Tel Aviv and Berlin. Germany in general and Berlin more specifically have been able to produce great companies, but if Berlin truly hopes to become a global tech hub it must open itself up to real innovations and groundbreaking technologies. On the other hand, If Israel wants to continue to be the “start up nation” , it has to create sustainable, long-term companies and efficient business processes. We already see some early signs of collaboration taking place, but we believe we can help expand it to other industries.” Source
Leading digital transaction management firm eOriginal has been selected to manage electronic documentation processes for Fannie Mae; as a government sponsored enterprise (GSE) Fannie Mae works with lenders nationwide; the eOriginal services will help improve all of the GSE's associated mortgage loan transactions providing support for lenders and loan portfolio services for Fannie Mae; in comments on the partnership, Cindy McKissock, vice president of customer digital experience at Fannie Mae said: "We continually look for ways to help lenders who want to deliver an end-to-end digital mortgage experience. In addition to investing in new eVault infrastructure, we are also simplifying eMortgage adoption by transitioning to the MISMO SMART Doc™ Version 3.0 format in 2017. This will reduce complexity and allow lenders and technology solution providers to adopt eMortgage with greater ease." Source
In this week’s PeerIQ Industry Update they cover the latest minutes from the FOMC meeting, the new NY Fed report on mortgage lending and Lending Club’s earnings report; the FOMC is on track to raise rates 3 times in 2018 and the new rates could affect ABS pricing; the NY Fed report on the role of technology on mortgage lending said fintech lenders are reducing processing times by 20 percent and default rates by 25 percent; Lending Club reported record revenue and a net loss, their stock dropped 18 percent on the news; PeerIQ also gives a report on their recent partnership with Cross River Bank. Source.
RBC shared during an earnings call last week that they intend to...
Uber has announced it will partner with Moneyfarm to provide financial advice services for its employees in the UK; Moneyfarm and Uber will offer the robo advice to approximately 40,000 UK drivers; speculators believe the UK market will see more robo advisory partnerships as the services have yet to gain significant market traction in comparison to other countries. Source
The platform grew 104% year over year; its investor base includes banks, pension and infrastructure funds, family offices and private clients; According to the company, LendInvest has the largest institutional funding base of any European Fintech lender on record; the platform offers loans made to professional property investors and developers. Source
- Roostify Announces Integration With LendingTree
- NeoGrowth Credit Raises $47M in Funding
- Loan Program Plans to Offer Students Prepaid Bank Cards
- Enacomm Inks Reseller Agreement with Telvoyant to Modernize Bank and Credit Union Customer Self-Service through Data and Artificial Intelligence
- AutoGravity Exceeds $2 Billion in Finance Amount Requested in 2017
- Bank of America Enters Car Subscription Space With Volvo
- Former Ripple Exec Invests $57.5 Million in Digital Money Platform Uphold
- Block.one and Mike Novogratz’s Galaxy Digital Announce Joint Venture for New $325 million EOS.IO Fund
FinTech And Banking Apps Are Getting Stickier Fiserv-First Data: Why small banks...