FCA introduces new rules for P2P platforms
P2P platforms must implement changes by 9 December 2019, but the application of MCOB is immediate.
Lending
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SoFi confirms $500m investment led by Qatar
SoFi’s total capital now stands at $2.3 billion.
Allegacy FCU takes Fiserv core and other applications
The institution is understood to be replacing FIS’ old Miser system.
Why Iron Man is the ultimate mortgage broker
“Iron Man” – super-powered, not totally automated.
Finastra’s Fusion LenderComm on blockchain signs up three new big banks
BNP Paribas, Natixis and Societe Generale join NatWest.
Credit and payments app Twisto raises €14m
As it tries to expand throughout Central and Eastern Europe.
Royal Banks of Missouri adopts POPi/o video banking
Community bank is an early adopter of collaborative video banking.
BlueVine and GovQuote team up to fund SMEs
SLED agencies can take advantage of GovQuote’s technology to get quotes and a complete digital record for compliance.
CBANC acquires Lendwell
Terms of the transaction were not disclosed.
Klarna brings its alt payment options to retail shops
Bringing pay later to consumers in stores.
Top fintech stories this week – 3 May 2019
May issue is out!
Broadridge acquires Rockall for securities lending
Financial details were not disclosed.
Finitive gets $6m funding for alternative lending investments
Investors can now access non-bank lending sectors.
All tests are not created equal: choosing the right psychometric-based credit tool
Helping to navigate through the various vendors and products available in the alternative credit scoring space.
Equifax acquires PayNet to boost SME credit access
PayNet CEO says deal will support “Main Street American business”.
Avant settles FTC unfair loan servicing charges for $3.85m
The online lender faced multiple charges of “deceptive” practices.
SoFi could secure Qatar investment for $500m round
Details of the deal are yet to be finalised.
LendingClub shuts down SME lending arm
And redirects to alternative businesses.
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Mastercard acquires Vyze for point-of-sale financing
The ai Corporation has also implemented Mastercard’s Pay by Bank feature.
Finicity Partners accelerates Pulte Mortgage’s asset verification
Reducing the time-consuming, manual, and paper-intensive process “from weeks to minutes”.
Forward Financing to build on growth with $90m credit facility
Deal is described as “transformative” for the company.
Kabbage pulls in $700 million in debt funding
It claims to be the largest asset-backed securitization by a small business online lending platform to date.
Upstart raises $50m investment and lands new bank contracts
AI lending platform wants to expand its applications.
Affirm thrives with $300m Series F funding
The Californian firm offers point-of-sale financing.
OnDeck acquires Evolocity
Catering for small businesses in Canada.
StreetShares to launch credit cards for veteran-owned businesses
A new credit card for the 2.5 million veteran-owned small businesses in the US.
Canada Life moves to UK with Temenos’ tech support
The Multifonds Global Accounting platform will consolidate investment assets.
Synchrony picks Fundbox to provide B2B credit for merchants
Merchants can apply for up to $100,000 credit.
FCA seeks to address mortgage switch difficulties
To free mortgage prisoners from bad loan assessment processes.
Blue Sage integrates Capsilon’s tech to lending platform
The integration will help with document recognition and data extraction technology.
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Credijusto closes $100m credit facility with Goldman Sachs
The Mexican lendtech provides SMEs with credit.
Amount to power TD Bank’s digital lending platform
The first in a series of collaborative initiatives.
Apple announces digital credit card
To launch in summer, supported by Goldman Sachs.
Wolters Kluwer gets new credit union win in Florida
Grow Financial Credit Union is implementing lending and compliance solutions in 26 branches.
Temenos gains new business from Akcelerant-derived user base
Maps Credit Union, Hudson Heritage Federal Credit Union and Guardian Credit Union.
Client experience: hallmark of the digital credit and lending journey
What is the Holy Grail of credit and lending transformation?
CULedger teams up with IBM for blockchain network
A cooperative model designed for credit unions and SMEs.
