Here are what I consider to be the top 10 most important fintech news stories of the past week (in no particular order).
SoFi Applies for a National Bank Charter from Lend Academy – this was not unexpected as SoFi had filed for an ILC back in 2017, before withdrawing it some months later, but this time they are going for the full national bank charter.
Exclusive: Goldman Sachs-backed payments startup Marqeta prepares for IPO from Reuters – Marqeta is looking to hire investment banks in preparation for a potential IPO late this year or 2021.
Small Business Loans Helped the Well-Heeled and Connected, Too from The Wall Street Journal – This week the SBA
released the names of every PPP loan recipient that received more than $150k and summary data on the smaller loans. This is a treasure trove of data that will be analyzed over the coming weeks.
Consumer Bureau Scraps Restrictions on Payday Loans from The New York Times – While I am a big fan of increased access to credit it should be done in a responsible way. That is why I was disappointed the CFPB rescinded the proposals to make payday lending more responsible.
Fintech startup nCino targets ~$2B valuation in impending IPO from TechCrunch – The nCino IPO is imminent and they are seeking at least a $2 billion valuation.
Online SME Lender Funding Circle Posts Update on UK COVID-19 Support Schemes, US PPP Loans from Crowdfund Insider – Funding Circle released a trading update this week with insight into their UK and US businesses. They were a leader in CBILS lending in the UK and did $800m in PPP loans here. They are restructuring in the US and laying off 85 people.
How Blend fuels the trillion dollar mortgage market from HousingWire – Mortgage fintech Blend is on a roll, their customer base now accounts for more than 25% of the $2.1 trillion U.S. mortgage market by origination volume.
Dan Gilbert will keep strong grip on Quicken Loans after IPO from the Financial Times – Another IPO is in the works with Quicken Loans looking to go public with founder Dan Gilbert maintaining tight control of the company.
FICO will now score consumers’ readiness for a financial crisis. Here’s how it works. from The Washington Post – FICO has released a new product to help lenders figure out which consumers are most financially resilient and therefore better able to weather a financial crisis, they are calling it the Resilience Index.
New Acting Banking Comptroller Plans Rapid Pace on Fintech Agenda from Morning Consult – New acting head of the OCC, Brian Brooks, is not afraid to be bold. In this interview he discusses his plan for aggressive changes on fintech policy covering a wide spectrum of issues, including some that have been the subject of heated debate.