Yirendai hit with lawsuits on share price decline
Several law firms have filed class-action lawsuits on behalf of shareholders of Yirendai who acquired shares at some point during 2016. Read more: www.crowdfundinsider.com
RBI to regulate peer-to-peer lending
The RBI has proposed that peer-to-peer lending platforms would be regulated as a separate category of NBFCs. Read more: www.thehindubusinessline.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.
Chinese peer-to-peer ‘basically’ a scam, says billionaire Guo
Billionaire Guo Guangchang called China’s peer-to-peer lending industry “basically a scam”. Read more: www.bloomberg.com
CreditEase rolls out SME FinTech platform in China
China-based lending platform CreditEase is expanding its financial services offering to provide supply chain financing and other services to small businesses in the nation. Read more: www.pymnts.com
Zopa cuts lending rates after interest rate cut
Zopa, Britain’s biggest peer-to-peer lending website, will trim the rates it pays to investors next week. Read more: www.telegraph.co.uk
International Growth Is The Next Frontier for FinTech
Since 2010, marketplace loan origination has doubled annually in the U.S. to $12bn in 2014, according to Morgan Stanley. Read more: www.forbes.com
Irish alt-lender has interest rate change of heart
Irish alternative lender Linked Finance launches a new small business loan with fixed interest rate, different than its initial business model. Read more: www.pymnts.com
LendIt and Capital One launch FinTech startup competition
The competition is aimed at firms innovating within the online lending and fintech space. It provides a showcase for eight firms to pitch their business case to a panel of judges at the LendIt Europe 2016 conference in London (10-11 October). Read more: www.bankingtech.com
FinTech firm LendInvest not deterred by Brexit vote
The threat of Brexit has failed to dent the plans of LendInvest, the U.K. online property lender that is looking to double in size. Read more: blogs.wsj.com