Some of Europes largest online lenders have started to grapple with the idea of potentially becoming a bank; Funding Circle says it has no plans to do so, Zopa on the other hand says they are becoming a bank; other online lenders like YOUnited Credit in France and Raize in Portugal have thought about becoming a bank but thus far see the flexibility of not being a bank as an advantage; the banking market overall is going through quite the change and the definition of a bank is sure to be examined. Source.
[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] Fintech...
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Funding Circle has announced a new $100 million multi-year investment agreement with Community Investment Management including provisions for additional investment; the $100 million investment will focus on small businesses in the US; the investment supports continued growth for Funding Circle which has reported monthly lending of over 100 million British pounds ($122.92 million) since November. Source
UK online lender Funding Circle has announced it will be slowing its property lending with plans to fully end the product by mid 2018; the firm is primarily focused on SME lending and says the refocused strategy will help it to increase SME lending and shift its resources for international expansion; property loans have previously only been available to UK borrowers and the product has accounted for approximately 5% of the company's revenue. Source