What We Learned from the Leaders in Fintech

Last week we kicked off LendIt Fintech Digital, a new community for innovators in financial services.

May 18, 2020 By Ryan Lichtenwald Leave a Comment

Last week we kicked off LendIt Fintech Digital, a new ongoing initiative from LendIt Fintech to bring the fintech community together. We’ve already hosted a handful of sessions and the recordings are available to LendIt Fintech Digital subscribers. In the coming weeks you will see more sessions added to the schedule. Those new to LendIt Fintech Digital are able to receive one free pass to attend a live session.

Tomorrow we are hosting a talk titled “Using technology to stay nimble in a rapidly changing real estate market” with Tim Mayopoulos, President of Blend and Nate Longfellow, Wells Fargo EVP of Home Lending Product Strategy and Delivery. Over time we will be adding new formats to LendIt Fintech Digital along with networking opportunities. Below is a brief summary of the sessions you may have missed and a highlight reel from last week. If you’re interesting in joining the LendIt Fintech Digital community you can use code onboard35 for 35% off.

Raising Money and Fintech M&A in a COVID-19 World

Steve McLaughlin (FT Partners) Peter Renton (LendIt Fintech)

We covered this session in a standalone piece last week so I won’t go into detail here. Suffice to say that if you want to know what is going on with fintech fundraising and M&A you should pay close attention to Steve McLaughlin and the rest of the team at FT Partners.

Deep Dive into Consumer Loan Book Data

David Aidi (Atalaya Capital Management), Nicole Byrns (CPPIB) & Perry Rahbar (dv01)

One of the great things about online lending platforms is that many of them provide their data to firms like dv01. Having access to real-time data is invaluable, especially in times of crisis like we find ourselves in today. This session delved into data from dv01 with Perry Rahbar sharing his perspective on market trends. We learned about how the current unemployment situation is impacting loan modifications. On the platform side no main originators have gone out of business but this could very well change in the coming months as this all plays out. To get additional perspectives we heard from two large investors who are active in investing in consumer credit. Getting their insights into how they are tactfully managing the current environment was invaluable and perhaps the most interesting point is that both are still investing today.

The Digital Banking Moment Arrives

Will Beeson (Rebank), Dee Choubey (MoneyLion), Elliott Limb (Mambu) & Amanda Swoverland (Sunrise Banks)

Digital banking is estimated to be up 35% and now more than ever consumers are looking into digital banking, many for the first time. This session explored how digital banking is now the default, whether the current infrastructure of financial institutions can handle the influx of customers and what the change in consumer behavior means for companies over the long term. The wide variety of panelists made for a very interesting discussion.

How to Solve the $16 Trillion Small Business Liquidity Trap

Jane Atherton (Temasek) & Sandy Kemper (C2FO)

C2FO is a company that operates in the working capital space by allowing suppliers to get paid early. It is a global platform, with 1.1 million businesses from around the world, that allows for faster payments to help solve the many liquidity problems that exist in the market today. C2FO is entrenched in many verticals, including retail and technology, giving them unique insight and power into how accounts receivables are performing. Kemper also discusses his idea for a big public fund which would essentially break open the cash that is frozen in A/R and A/P right now.

Making Sense of Unstructured Data at Scale

Scott Penberthy Director, Applied AI, Google

If you’ve every been interested in how data and AI can help financial institutions make better decisions, look no further than this talk from Scott Penberthy who is the director of Applied AI at Google. Penberthy does a great job of explaining to non technical folks just how this technology works and some of benefits downstream. It all centers around making sense of unstructured data or data that doesn’t fit well into a spreadsheet or database. What they are doing today has been influenced by looking into how the brain works and makes associations – it is truly fascinating.

Creating More Stable Sources of Capital in Uncertain Times

Mike Cagney (Figure) & Gregg Schoenberg (Wescott Capital Inc.)

Hearing from Mike Cagney is always a treat and his session with Gregg Schoenberg was no exception. Figure was essentially created to be a proof of concept for the Provenance blockchain. Cagney shared some of the inner workings of Provenance and the token called hash which Figure owns a significant amount of alongside about 100 other investors. Hash is the fourth largest token by market cap according to Cagney though it is not yet tradable. While Provenance is being used for Figure’s HELOC business, Cagney teased how it could also help funds raise money for banking and payments. He also spoke about the current risks in the market and how their credits are performing extremely well amid the current crisis.

After the PPP: Where Do Small Business Lenders Go From Here?

Brock Blake (Lendio), Eyal Lifshitz (BlueVine), Peter Renton (LendIt Fintech), Mark Ruddock (BFS Capital) & Luke Voiles (Intuit)

The Paycheck Protection Program has been one of the hottest topics as of late. Many familiar names in fintech have stepped up to help small businesses access this program and together they are having a significant impact. The panelists shared how they first got up and running as well as the traction they are getting as of late. It is impressive how fast these fintechs that serve small businesses were able to ramp up operations even as there was uncertainty around the government program. To add a different perspective, Mark Ruddock of BFS Capital discussed why they decided not to get very involved in the PPP.

See more highlights from last week in LendIt Fintech Digital

Consumer Lenders Shed Light on the Current Crisis

A recap of last week's virtual panel on How Consumer Lenders Are Responding to the Crisis

April 21, 2020 By Todd Anderson Leave a Comment

While most of the fintech world has been focused on small businesses since the onset of the crisis there is also significant challenges happening in the consumer lending market. On Friday of last week we hosted a virtual panel on How Consumer Lenders are Responding to the Crisis to get a better understanding as to what these lenders are facing.

The panel featured Anand Devendran, GM – Personal Loans, Credit Karma, Todd Nelson, SVP Strategic Partnerships, Lightstream, Tom Burnside, CEO & Co-Founder, LendingPoint, Abhinav Anand, Head of Consumer Lending, Marcus by Goldman Sachs with LendIt’s Co-Founder & Chairman Peter Renton moderating.

The panel covered a few key themes starting with how lenders are helping borrowers that are no longer working due to being furloughed or laid off. All the lenders have increased their capacity to handle the large increase in call volumes and most have also implemented a self service option so borrowers can set up deferments. Some like Credit Karma have gone so far as setting up a relief roadmap to provide borrowers with the best information so they can make the most informed decision possible.

Adjusting underwriting criteria was a central theme as lenders have tightened up on who they lend to, particularly if they were not focused on the prime and super prime borrowers. Unlike on the small business side consumer lenders are still open for business and LendingPoint has even seen an uptick in their home improvement lending business with so many people at home. Consumers have also been worried about how their credit reports will look after the crisis ends, most lenders are not reporting non-payments and the new legislation calls for a change in credit reporting during the current crisis.

Marketing budgets have tightened across the board with lenders wanting to keep costs down and the increased risk there is in the market due to the growing unemployment numbers. Banks have also seen a big drop off in branch traffic which is where they acquire a good amount of leads through various marketing strategies.

The panel featured one of our most engaged audiences ever with about 75 questions being asked during the one hour session. The group took some key questions related to how their businesses are changing so rapidly. Fraud concerns are heightened at a time like this and lenders need to ensure they are more diligent than ever before. Income verification is also one of the toughest issues lenders are facing with so many companies firing employees or temporarily letting people go until some semblance of normal returns.

The session also covered thoughts on direct mail as a customer acquisition channel, manual review in underwriting, increased use of automation and much, much more.

If you’re interested in listening to the entire webinar you can access the recording here.

Federal Stimulus Package Gets off to a Rocky Start as SMB’s Seek Capital Quickly

A recap of Friday's virtual panel on the Federal Stimulus Package and what it means for fintech

April 6, 2020 By Todd Anderson Leave a Comment

Small businesses are becoming more anxious by the day with the crisis showing no signs of ending in the near term. The Federal government stepped into action and passed a $2tn stimulus package, including $350 billion to help small businesses in a program called the Paycheck Protection Program (PPP). We hosted a virtual panel on Friday with some of the key players in fintech as it relates to the bill.

Speakers included Brian Korn of Manatt, Stephen Denis of the Small Business Finance Association and Nat Hoopes of the Marketplace Lending Association. LendIt’s Peter Renton helped to guide the conversation which centered around the PPP and how fintech lenders can help deploy the capital.

As of this writing most banks have not even started to take applications and the approval process for fintech lenders is anything but clear. The economics of the deal and the fact that lenders need to deploy their own capital are two of the main reasons fintechs have yet to apply for approval in droves.

According to Nat Hoopes the lack of secondary market interest in acquiring the loans is also a difficult hurdle for fintechs. Borrowers do not have to make payments on loans for six months and if the proceeds are used for payroll the loan can be forgiven.

Brian Korn brought up that many fintech lenders rely on bank partnerships for AML and KYC processes which could make getting approved for the program complicated. New guidance could come out if the program continues to have issues. Banks might get their act together and fintech lenders could have to wait until the next phase of government stimulus.

Banks will begin lending to existing clients first to ensure they know who the small business is as there is a big worry about fraud with the program. Stephen Denis has also been focusing his time on educating members on the disaster loan from the SBA which has received almost three million applications as of Friday. The process for that loan has thus far been a lot smoother with the program already being in place.

Fintech lenders are also facing headwinds themselves as half have already stopped originating loans with capital drying up from investors. The affiliation rule related to ownership excludes most venture backed companies from receiving funding from the CARES Act. Not only are fintech lenders dealing with investor capital drying up but they are unable to receive capital from the stimulus to pay workers.

The virtual panel featured close to 50 questions from the audience who were engaged from the outset to better understand if their companies qualify and how fintech lenders can expedite the flow of capital.

If you’re interested in listening to the entire panel you can access the recording here.

More from LendIt Fintech

Our next virtual panel is called COVID-19 Planning for Fintech: 5 Ways to Maximize Efficiency with At-Home Agents on Thursday April 9th. As the effects of COVID-19 become more widespread and impactful, many fintech leaders are having some, or all of their contact center agents, work from home. Join Jennifer Kuechler of Strategic Link Consulting, Stephen Picciotto of ARB Call Facilities, and Jason Swift of Marlette Funding with moderator Jim Lynch of LiveVox.

Early Bird Pricing for LendIt Fintech USA 2020 Ends Tomorrow

Register by end of day Friday to save $1,000 on your ticket to LendIt Fintech USA 2020 in New York

January 9, 2020 By Peter Renton Leave a Comment

LendIt Fintech is excited to be back in New York City for our marquis event, LendIt Fintech USA 2020, after spending the last two years in San Francisco. We will be back at the Javits Center again on May 13-14 where you can attend the world’s largest event dedicated to lending and digital banking.

Our keynote roster is shaping up to be the best we have ever had. Earlier this week we announced the Chief Strategy Officer for Goldman Sachs, Stephanie Cohen, who will be speaking about Goldman’s approach to innovation and how they are working with the fintech ecosystem today. We also have confirmed Jelena McWilliams, the head of FDIC, Craig Boundy, the CEO of Experian North America, Angela Strange, General Partner at Andreessen Horowitz and Rishi Khosla, the CEO and Co-Founder of OakNorth, the leading UK challenger bank. We also have a couple more big names that we will be announcing very shortly.

Save $1,000 to LendIt Fintech USA 2020 by Registering Now

Early bird pricing of $1,995 ends at midnight on January 10th (that’s tomorrow as I am writing this), that is $1,000 off the full price of a ticket. Also, as always Lend Academy readers can receive an additional 15% discount (off the already discounted price) by using the code LENDACADEMYVIP at checkout. You know you want to go so why don’t you go ahead and register now.

Below is a video with some highlights from our event last year in San Francisco. We look forward to seeing you at LendIt Fintech USA 2020 in New York in May.

FINNOSUMMIT Miami by LendIt Fintech is Right Around the Corner

LendIt Fintech’s LatAm event will feature the leading executives and companies from across the diverse region.

November 12, 2019 By Todd Anderson Leave a Comment

FINNOSUMMIT Miami by LendIt Fintech is fast approaching. The event takes place at the JW Marriott Marquis in Miami, Florida on December 3-4. Make sure you purchase tickets this week because discounted pricing ends at midnight on Friday.

We have built an exciting, jam packed two days with leading fintech voices to give you a better understanding as to what is happening in the hottest fintech region on the planet.

The region has seen its fair share of political turmoil over the last decade and on day one we will feature a panel of current and former central bankers from Brazil, Colombia and Mexico to help bring some clarity to what governments are thinking about when it comes to fintech.

Day two will feature the thoughts of traditional financial institutions with former Chairman & CEO of BBVA Compass Manolo Sanchez and Visa’s Terry Angelos speaking. We will also have a very special session from Ingrid Vanderveldt with Empowering a Billion Women. Ingrid will talk about providing women with the tools, technology and resources along with mentoring and financial literacy which can have a long lasting effect.

Investors always move the needle as startups want to know what debt and equity investors are thinking and how they might be able to get on their radar. Our conference will highlight some of the top investment firms from across the region and globe. SoftBank, QED, Point72, Ignia, Monashees, Victory Park Capital, a55, Arc Labs, Accial Capital and more will take to the stage to provide insight into how they view the region and what’s next.

Digital Banking Ecosystem, Lending Innovations, Cutting Edge in Fintech and Payments will all be covered from the keynote stage and we’ll dive deeper in the afternoon with each being the title of tracks for our afternoon content.

Newly added Keynote Voices

Ishan Sinha, Point72 Ventures
Laura Clavijo, SFC
Carlos Orta, Deloitte
Jorge Alexandre Casara, CVM
Manuel Silva Martinez, Santander InnoVentures
Dave Nangle, Vostok Emerging Finance Ltd
Leticia Riquelme, Inter American Development Bank
Manolo Sánchez, Former Chairman & CEO BBVA Compass
Terry Angelos, Visa

What Else to Expect at FINNOSUMMIT Miami by LendIt Fintech

1:1 Meetings – Our one on one meeting app is one of the most popular features to help attendees network.
Visa Everywhere – A pitch competition for startups where one company will be crowned winner along with a cash prize.
Expo Floor – the industry’s largest expo space with over 12,000 sq. ft. of space.
Banks & Investors – Be part of our growing Hosted Program for commercial bank executives and investors.
Parties – our end of day 1 party taking place across the street at The Epic Rooftop.
Women in Fintech – we will have a dedicated program featuring speed networking and a luncheon.

Beat the Price Rise

Be sure to register today with prices rising $300 after Friday. And don’t forget, as a Lend Academy reader, you are always entitled to an additional 15% off by using the coupon code LENDACADEMYVIP at checkout.

I hope to see you at our first annual FINNOSUMMIT Miami by LendIt Fintech event in December.

LendIt Fintech Europe 2019 Conference Highlights

Wrap up of sixth annual LendIt Fintech Europe event that took place in London last week

October 1, 2019 By Peter Renton Leave a Comment

We have just wrapped up what I think has been the most successful European conference LendIt has ever had. We hosted LendIt Fintech Europe 2019 at the Business Design Centre again and the place was buzzing with people both days. We attracted a great mix of people, many of whom took advantage of the Brella app, where over 2,000 one on one meetings occurred.

For the second year in a row there were major developments in Brexit during the week of the conference. But I wouldn’t say Brexit dominated the conversations at all, people have become jaded with the entire thing and just want it over with. So, the talk was all centered around fintech, the maturation of the industry and what we can do to drive it forward.

I spent most of my time in the content, mainly the keynote room which converted into the Lending Innovations track in the afternoon. We recorded videos for every session in the keynote room and they are all available to watch now on the LendIt site. Here are some of my highlights from the event. [Read more…]

Fall Conference Season for Fintech Kicks Into Gear This Month

Fall is conference season for fintech professionals and there are many great events to choose from, here is a quick rundown

September 4, 2019 By Peter Renton Leave a Comment

Now, that Labor Day is behind us, the kids are back in school and the days are getting shorter. Fall will be here before we know it and for fintech professionals fall is conference season with a number of major events happening around the globe. While LendIt Fintech USA happens in the spring many, if not most, of the other major fintech events of the year are in the fall. Here I bring you a brief rundown of some of this season’s major fintech conferences. Where we have partnership arrangements we have provided a discount code for you. I am providing this list in chronological order.

ABS East

When: Sept 22-24, 2019
Where: Miami, FL
Link: https://www.imn.org/structured-finance/conference/ABS-East-2019/
Discount code: LEND10

The 25th annual ABS East event kicks off the fall conference season in Miami. It is the leading fall conference for the structured finance industry and they have added a fintech component to the event in recent years. Here is what ABS East has to say about their event:

ABS East attracts over 4,000 attendees annually and is the site of thousands of 1:1 private investor and issuer meetings, making it a major catalyst for structured product deal flow in the U.S. Issuers looking to market their latest offerings and investors seeking yield in the ABS market will have many opportunities to connect pre, during and post-event using our unique 1:1 meeting software, in the exhibit hall and attendee lounges, and in dedicated public and sponsor-hosted private meeting spaces. A must-attend event, ABS East is a platform that informs, engages and delivers a competitive edge for the entire U.S. structured finance community.

FinovateFall

[Read more…]

Planning for LendIt Fintech USA 2020 is Underway

The biggest show in lending and digital banking returns to New York City next year, launch pricing ends Friday

August 21, 2019 By Peter Renton Leave a Comment

Even though we are still nine months away the LendIt Fintech team is already hard at work producing our biggest event of the year. LendIt Fintech USA will be held in New York City on May 13-14 next year at the Javits Center. After two years in San Francisco we will be back in the finance capital of the world where we are expecting our biggest audience ever.

Registration for LendIt Fintech USA opened earlier this month and we have already had a flurry of activity with many people taking advantage of the special launch price of $1,695. That is a savings of $1,300 off the full price of a ticket. But to take advantage of this steep discount, you need to act soon. The launch pricing will end at midnight on Friday, so register now.

What will we be covering next year? Regular attendees will know that we have the broadest and deepest content in both lending and digital banking and we will continue that next year. Here is an initial look at the themes we will be building our agenda around:

New Themes

The Small Business Fintech Ecosystem
Revolution at the Point of Sale
New Approaches to Capital for Growth Businesses
Digital Banking Goes Mainstream
New Systems for Identity and Trust
Applying Fintech to Financial Wellness

Back by Popular Demand

Credit & Underwriting Innovation
The Latest in Consumer Lending
How Small Business Lending is Evolving
Digital Real Estate Offerings
The Evolution of Fintech Partnerships
How Regulation Can Keep Up With Fintech

We are just starting outreach to potential speakers so if you want to be part of our exclusive speaker roster please submit your idea here. We are pleased to have already secured our first three keynote speakers: the Chairman of the FDIC, Jelena McWilliams, Jo Ann Barefoot of Barefoot Innovations Group and Rishi Khosla of UK fintech unicorn OakNorth.

Lend Academy Readers Always Receive a 15% Discount

As always, as a Lend Academy reader you can save an additional 15% off the already discounted launch price. When you register just enter the code LENDACADEMYVIP at checkout.

We look forward to seeing everyone when the industry gathers for the 8th annual LendIt event next year in New York City.

Introducing LendIt’s New Latin American Event in Miami

FINNOSUMMIT Miami by LendIt Fintech will take place in Miami on December 3-4, launch pricing ends tomorrow

August 15, 2019 By Peter Renton Leave a Comment

One of the hottest areas on the globe right now for fintech is Latin America. There is plenty of VC money flowing into this region and fintech is getting the lion’s share. And the debt investors are also beginning to focus on Latin America. Brazil’s leading digital bank, Nubank, became the most valuable private fintech company on the planet (outside of China) when it secured its latest funding round. And there are many other fantastic success stories throughout the region.

Many of you have reached out to us at LendIt Fintech asking us to bring our unique event experience to the Latin American market. For these reasons, last week we launched of our first ever Latin American event. We are partnering with Finnovista, the leading fintech event company for Latin America, to bring you FINNOSUMMIT Miami by LendIt Fintech. This English language event will take place in Miami on December 3-4 at the JW Marriott Marquis.

We have already secured keynote speakers from some of the leading companies in the region such as Creditas, Clip, Softbank, Guiabolso and we are just getting started. We will be covering the digital banking ecosystem, lending innovation, payments and the cutting edge of fintech. If you are interested in speaking please fill out a speaker application.

Launch Pricing to FINNOSUMMIT Miami by LendIt Fintech Ends Friday

The special launch price of $795 for this new event is in effect until August 16 (that is tomorrow as I publish this). As always, as a Lend Academy reader you can receive an additional 15% discount by using the code LENDACADEMYVIP at checkout. The discount code is always good for 15% off but you will receive the best pricing if you purchase before midnight on August 16. You can register now on the LendIt website.

Register Now for LendIt Fintech Europe 2018 in London

Launch pricing for the 5th annual LendIt Fintech Europe event ends tomorrow

June 14, 2018 By Peter Renton 2 Comments

LendIt is returning to London for the fifth time in November for the LendIt Europe show. Now known as LendIt Fintech Europe, to reflect our broadening scope beyond lending, it will be held on November 19 & 20 at a new location, the Business Design Centre. We are expecting well over 1,000 people at the event this year.

Planning has been underway for a month or so now and we have finalized the list of topics we will be covering:

Day One – November 19

Future of Banking
Legal and Regulatory Issues
Credit, Risk and Identity
Future of Fintech

Day Two – November 20

Lending Innovation and Financial Inclusion
Blockchain
Investing & Entrepreneurship
AI & Data Analytics.

While we have expanded beyond lending rest assured that lending will still be front and center at the event. We have seen a blurring of the lines between lending and other areas of fintech as banks offer online lending, lending platforms become banks and neo-banks now partner with lending platforms. As the online lending industry has matured we are broadening our purview.

In the last month we have started reaching out to potential speakers and we will be adding new speakers regularly over the next several months.

Signature Keynote Speaker: Rt Hon George Osborne CH

I am pleased to report that we have secured a signature keynote speaker for this year, former Chancellor of the Exchequer, George Osborne. When he was in government he was always very bullish about fintech and he was the driving force behind the new Innovative Finance ISA. I am looking forward to hearing his thoughts on open banking, bitcoin, blockchain, AI in financial services, Brexit, the current direction of the financial regulatory landscape in Britain and more.

More keynote speakers will be announced shortly as we expect to have the best speaker lineup ever this year with many people who have never presented at LendIt before.

What Else to Expect at LendIt Fintech Europe 2018