Saturday, January 28, 2023

Lending Club’s terrible twos

Whatever Lending Club does, however, it will need to do it soon, as its share price continues to suffer. As the writing of this piece, it is a $5.56 per share — a far cry from the $15 it started at two years ago. Read more: www.pymnts.com

First “Peer to Peer” Bank Raises $6m In Australia

The world’s “first peer to peer bank” has just departed stealth mode having received a $6 million investment to fuel the disruption of traditional banking. Read more: www.crowdfundinsider.com

Wonga hires new CFO to steer turnaround

UK lender Wonga has hired Joanna Baker as its new CFO as the firm attempt to restructure in the face of stricter regulation. Read more: www.fintechroundup.com

The big rebundling of peer-to-peer finance

This week, peer-to-peer lending platform Zopa announced Europe's first securitization of unsecured consumer loans. Read more: venturebeat.com

LoanTap grabs $3m to lend to professionals

LoanTap, a Mumbai-based online lender, has raised $3m in a Series A round. The capital comes from angel investors.

How FinTechs are using AI to transform payday lending

Fintech startups are using artificial intelligence to make loans with rates as low as 6% and with default rates of 7% or less. Read more: www.americanbanker.com

Square Capital loan volume grows 68% YoY

Mobile payments company Square grew its gross payment volume 34% over last year, and its loans through Square Capital were up twice that — 68%. Read more: bankinnovation.net

BorrowersFirst secures another $100m to power loan growth

Texas-based online lender BorrowersFirst has secured $100m in debt financing to accelerate loan originations and grow its balance sheet. Read more: www.fintechroundup.com

Westpac pumps $16.5m into mortgage startup

Australian bank Westpac is continuing to plough money into the region’s FinTech companies and investing $16.5m in online mortgage startup uno. Read more: www.fintechroundup.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

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