Chinese authorities raid peer-to-peer lender’s offices
The Chinese authorities are cracking down on suspicious peer-to-peer (P2P) lending platforms with raids on the offices of two businesses connected with Shanghai Kuailu Investment Group. Read more: www.fintechroundup.com
Tech will lead to new sub-prime crunch
In October 2016, two leading P2P platforms in the U.S. -- Lending Club and Prosper -- announced a new increase in interest rates for lower-grade loans. Read more: techcrunch.com
City regulator warns on peer-to-peer lending
FCA’s Andrew Bailey says hidden risks resemble some lending practices of Northern Rock. Read More: next.ft.com
Former Lending Club CEO launches rival platform with $60m
Former Lending Club CEO Renaud Laplanche is launching a new consumer lending startup Upgrade with $60m in funding. Read more: www.fintechroundup.com
Goldman signs $100m credit facility for lender Fundation
Fundation, which makes online business loans, this week completed a $100m credit facility with Goldman Sachs to expand its recent partnerships. Read more: www.wsj.com
Millennials relying on apps and websites for loans
Many young salaried professionals and students are opting out from borrowing from friends and instead going for a new breed of fintech companies like CASHe. Read more: economictimes.indiatimes.com
FinTech companies cash in on retail lending boom
Supported by a 12% YOY growth in banks personal loans, cos like Rubique, CoinTribe, Paisabazaar and BankBazaar have grown their businesses. Read more: economictimes.indiatimes.com
Will P2P lending disrupt the banks?
In a P2P transaction, money flows from lenders directly to borrowers through the platform, bypassing the traditional banking channel. Read more: www.blogs.cfainstitute.org
MPOWER Financing bags funding to expand LatAm reach
Emerging markets-focused student lender MPOWER Financing has landed fresh funding from Latin American VC firms VARIV Capital and Chilango Ventures. Read more: www.fintechroundup.com
Prospa raises largest ever Australian FinTech VC round
The Sydney-based company picked up A$25m ($19.18m) in a Series B round led by AirTree Ventures. Entrée Capital and Ironbridge Capital also participated. Read more: www.fintechroundup.com