Video: Top fintech stories this week – 01 May 2020
FinTech Futures’ weekly news round-up.
Lending
Ivy Lender calls out banks and fintechs for exploiting PPP
“Most banks are saying they have offerings [for small businesses] when they don’t.”
Car service financing fintech ASF lands £14m despite production slow down
The investment comes after UK car production dipped by more than a third last month.
Hanley Economic Building Society seeks technology refresh with DPR
The building society refits 25-year-old core systems.
Bankers blindsided by £50K loan limit under UK bounce back scheme
Senior bankers had worked over the weekend on the basis that the ceiling would be £25k.
UK offers 100% government backed loans, but alternative lenders still fenced out
Funding Options says HM Treasury should “embrace the full ecosystem of lenders” in the SME sector.
Iress integrates with Knowledge Bank’s mortgage criteria search engine
Brokers will be able to access lender criteria all in one place.
US banks roll back lending to European companies
“We are increasingly observing an ‘America first’ attitude among large US banks.”
British Business Bank approves another four lenders for CBILS
These new joiners can lend between £10,000 and £5 million to small businesses.
Capital on Tap integrates TrueLayer to boost SME lending service
Capital on Tap has also created new services to aid COVID-affected businesses.
LenderClose secures funding from Financial Plus Credit Union
The 8-figure Series B funding round began as an exclusive opportunity for the company’s initial investors.
Tradeteq to develop quantum-based credit scoring with Singapore university
The project is backed by the Monetary Authority of Singapore (MAS).
Noah bags $150m investment
The money came from unnamed institutional investors, including pension funds.
UK lenders call on government for £5bn to help SMEs before month end
The group is welcoming all UK lenders to join the effort to keep British SMEs afloat.
Temenos rolls out AI models to help banks lend quicker during coronavirus
“Our AI can expedite accurate decision making and help the front line staff,” says Temenos.
Will America’s second round of PPP avoid mistakes of the first?
Roughly 80% of PPP applicants are still waiting on loans, says NFIB.
Saudi Arabia’s fintech sandbox welcomes nine more start-ups
The sandbox is home to 30 fintechs.
The future of commercial lending lies in leveraging AI to enhance humans
Humans have been completely removed from the decision workflow and replaced by technology.
Phoebus Software appoints Unisys’ Mehran Radfar as COO
Radfar joins to “make a difference” at Phoebus.
Klarna exec jumps back into banking as CIO of Bluestep Bank
Klarna’s former VP of Engineering says he can’t wait to build “a mortgage bank for all”.
Funding Circle becomes first lending marketplace to issue UK CBILS grants
The marketplace has already originated more than £6.2 billion in loans.
COVID-19: Highlight of the week
This week, we focus one particular coronavirus news item affecting the fintech industry.
Credit Kudos lands £5m Series A ahead of FCA’s credit market study
The capital raise was led by AlbionVC.
OakNorth bags Modern Bank as second US customer
Modern Bank is a delegated lender under the CARES Act.
Square, PayPal and Intuit QuickBooks approved to hand out SBA loans
“This is a race to save jobs in the present and for the future,” says PayPal.
Four new UK lenders get approved to issue coronavirus business loans
These lenders are yet to set a date by which they can start accepting CBILS applications.
Sizing up the financially underserved market
There may be an even bigger opportunity for innovators to provide higher-quality financial products.
2020 Review: Top 10 M&A deals this quarter
A look back at some of the biggest deals this past quarter.
Top 10 coronavirus initiatives by fintechs
Many fintechs have used this pandemic as an opportunity to show their mettle.
Top 10 coronavirus initiatives by governments and regulators
A brief overview of how governments and financial regulators have reacted to coronavirus.
US Federal Reserve pours $2.3 trillion into financing economy
“This funding will assist households and employers of all sizes,” says the Fed.
China calls on banks to lend more aggressively to small businesses
Analysts say cheaper loans will help the broader Chinese economy weather the current slowdown.
Banking Technology April 2020 issue out now
All things equal: Closing the gender gap in fintech.
US-based Customers Bank adopts OakNorth’s lending platform
The US bank holds $11.5 billion in assets.
What would a coronavirus start-up aid package mean for UK fintech?
Coronavirus could “wipe out a generation of start-ups”, says one fintech founder.
Funding Options plugs into open banking with 20 lenders
The firm wants to cut down loan decisioning times amid coronavirus urgency.
Coronavirus exposes gaps in innovation
The pandemic has given fintechs a time to shine.
Rangewell calls for Nationwide’s returned £50m to go towards COVID-19 effort
Business finance firm says the bank has abandoned finance plans “when they are most needed”.
Liberty National Bank signs up Teslar to boost commercial lending
The Oklahoma-based bank aims to stand out from the crowd.
FCA plans financial relief for customers amid COVID-19 pandemic
UK regulator wants a freeze on loan and credit card debt.
