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Lending
Indian fintech Fibe bags $90m in Series E funding round
The investment follows the $110 million raised by the Pune-based firm in its Series D round in 2022.
New digital-only bridging lender Morpheus launches in the UK
Morpheus will initially provide bridging loans of up to £750,000.
Funding Circle to cut 120 jobs in £15m cost savings drive
Oliver White, Funding Circle’s CFO, has also announced his intention to step down from his role.
May 2024: Top five payments stories of the month
FinTech Futures takes a look back at five of the top payments stories during May.
Business banking start-up Relay raises $32.2m in Bain Capital Ventures-led Series B
The Relay platform is designed to “help small businesses take control of their cash flow”.
May 2024: Top five funding rounds of the month
FinTech Futures takes a look back at five of the top funding rounds to emerge during May.
UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
Rich Data Co inks first US deal for AI decisioning platform with M&T Bank
North America’s sixth-largest commercial bank has tapped the platform to “detect more early warning signs” in lending.
AI as the new frontier: empowering credit unions for future growth
How can credit unions leverage AI to help boost deposits and improve loan growth?
May 2024: Top five fintech partnership stories of the month
FinTech Futures takes a look back at five of the top fintech partnership stories of the month.
Climate fintech start-up Cloover secures $114m in seed funding round
The firm says the funding will be used to “enhance our operating system designed for the renewable energy industry”.
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
BNPL firms will now be required to investigate disputes, refund returned products and provide billing statements.
OUCU Financial Credit Union to migrate to Tyfone’s nFinia digital banking platform
The $483 million-asset credit union is also making use of Tyfone’s Skip-a-Pay and Quick Pay solutions.
First Abu Dhabi Bank reportedly in discussions to acquire Yapi Kredi from Turkey’s Koc Group
Koc Group has held a stake in the Istanbul-based full-service bank since 2005.
US CFPB sues SoLo Funds for allegedly “deceiving borrowers about the total cost of loans”
The regulator says it is suing the firm for “deceiving borrowers and illegally extracting fees”.
UK challenger Chetwood Financial acquires lender CHL Mortgages for Intermediaries
Chetwood states that the purchase will complement its forthcoming ModaMortgages proposition.
UK challenger GB Bank lands £85m investment
The bank projects that the new investment will allow it to increase its lending to £500m over the next year.
ICYMI fintech funding round-up: Ekko, Layer, MNZL, Panax and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
US fintech Yendo secures $165m in mix of debt financing and equity
The funding consists of $150 million in debt financing and $15 million in equity.
Avidbank partners Corserv to launch commercial credit card programme
The bank will utilise Corserv’s Account Issuer solution to power its new credit card offering.
Marine financing fintech Salt granted FCA approval and names new CRO
In addition, the fintech revealed it was on the hunt for additional investors for its ongoing seed funding round.
Mexican BNPL fintech Aplazo bags $70m in equity financing
Aplazo has now secured over $100 million in equity financing since its formation in 2020.
How UK building societies are finding balance amid the rise of digital
It’s estimated that the UK’s 43 active building societies serve approximately 26 million people.
Suffolk Building Society taps Finova to power mortgage offering
The mutual is to integrate Finova’s Apprivo mortgage originations banking platform.
Former Bank of America MD Mieko Shibata named new R&T Deposit Solutions CIO
Shibata has previously served as an MD at Morgan Stanley, JP Morgan, and Bank of America.
UK lender Abound secures £800m in mix of equity and debt financing
The London-based firm previously secured £500 million in equity and debt financing last year.
Ecology Building Society set for 2025 core banking overhaul with Monument Technology
Ecology Building Society says technology modernisation will help “attract future customers at pace and scale”.
Iwoca lands £270m debt funding package from Citibank and Barclays
The lender says it plans to use the funding to expand its operations in the UK and Germany.
Mambu to power Canada’s Brunswick Credit Union amid MV Solar UK launch
The credit union’s implementation of Mambu in Canada arrives in tandem with the UK launch of MV Solar.
FINRA fines SoFi $1.1m after consumer identification flaws led to multi-million dollar heist
SoFi Money – the unit targeted by fraudsters – was ultimately closed by the fintech in June 2022.
Digital challenger GoTyme Bank acquires salary lender fintech SAVii
GoTyme Bank’s acquisition claims to serve over 500,000 employees across 150 Philippine enterprises.
Libro Credit Union to transition to nCino’s cloud banking platform
The platform will support Libro with loan origination, customer onboarding and deposit account opening.
ICYMI fintech funding round-up: Backflip, Ansa, Salmon, Firenze and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Nottingham Building Society taps Nova Credit to expand mortgage range
Nova Credit’s tech enables foreign nationals in the UK to utilise their overseas credit history for mortgages.
Danish fintech Pleo bags €40m debt financing from HSBC Innovation Banking
The business spend management firm intends to expand its credit offering further across Europe.
Barclays reportedly leading the race to take over GM credit card programme from Goldman Sachs
Barclays was a bidder for the programme back in 2020 before Capital One eventually sold it to Goldman.
Digital lending platform Blend Labs bags $150m funding from Haveli Investments
Blend will use the cash to repay “all amounts payable” under its existing credit agreement.
State of play: the future of credit
Alternative data sources will be key to ensuring the future of credit is affordable, inclusive, and accessible.
Piraeus Bank and Natech prepare to launch neobank Snappi in Greece
The partners previously announced the development of the independent neobank in April 2022.
