China culls almost 6,000 P2P lenders in industry crackdown
A two-year programme has left only 29 firms in the country.
Lending
John Legend-backed challenger Cred.ai runs beta in US
The fintech has built its own underwriting which it intends to outsource.
Nationwide Building Society deploys Mortgage Brain’s Lendex
The system allows advisors to submit a mortgage application through the back office.
Mortgage fintech Habito lands £35m Series C, becomes B Corp
The round attracted new investors Augmentum Fintech, SBI Group and mojo.capital.
UK challenger bank Chetwood quietly lands another £10m
“If it wasn’t for COVID-19, we’d be well on our way to turning a profit.”
OakNorth’s UK bank has approved £600m in loans since March
Some £220 million of the £600 million came from government schemes.
Banks adapting to post-COVID-19 world overlook power of data
Banks can use data to stand out from the competition and fortify their position.
American Express looks to buy US fintech lender Kabbage
Kabbage was last valued at more than $1 billion.
ICE agrees $11bn Ellie Mae acquisition
Exchange operator aims to boost its nascent mortgage business.
Aussie BNPL Splitit lands $71.5m for US and UK expansion
Woodson Capital has become a substantial shareholder.
GoBear and UnionBank launch new lending service in the Philippines
Partnership claims to be first of its kind in the country.
FCA posts concerns over repeat lending by credit firms
UK watchdog highlights issue with letting users borrow again and again.
Fintech funding rebounds in Q2 but deal numbers continue to fall
VC-backed fintech deals dived from 452 in Q1 to 397 in Q2.
Responsible subprime auto lending through AI
This math is at the root of a very basic truth: opportunity is not distributed equally in America.
Affirm eyes IPO with up to $10bn valuation
PoS lender is working with Goldman Sachs in early-stage discussions of a potential listing.
Iwoca calls on banks and UK government to extend CBILS
The fintech has raised £100m in debt financing to extend its own support.
Enova International acquires struggling lender OnDeck in $90m deal
OnDeck has suffered in the wake of the COVID-19 pandemic.
India’s large FIs “don’t believe in their youngsters” says Slice CEO
“All the banks see is risk,” Slice’s CEO Rajan Bajaj tells FinTech Futures.
Deutsche Bank buys minority stake in Traxpay
Deutsche wants more European banks to invest in the platform.
Revolut loses banking veteran CEO after one year to upstart Allica Bank
Davies says his departure is on good terms.
Kenyan central bank plans digital lender clampdown
New legislation the latest attempt to stop unregulated lending.
Applications for FCA’s sixth regulatory sandbox drop more than 30%
Last year, the sandbox recieved a record 99 applications.
Home-backed loan provider Selina Finance lands £42m
Some £12 million of its Series A counts for equity, whilst the rest is debt.
Max Levchin’s Affirm lands Shopify buy now, pay later deal
Affirm will power instalment payments for ‘Shop Pay’.
Virgin Money launches beta of new home buying app
The app is part of Virgin Money’s wider digital transformation strategy.
Kenyan lender I&M to become majority owner of Uganda’s Orient Bank
Last year, Orient Bank reported a net loss equivalent to $284,374.
Study finds discrimination against Black small business loan applicants
Of the groups studied, Black women received worse treatment in 59% of cases.
How fintech is transforming financial management capabilities for small businesses
Most business-facing fintech tools have adopted usability conventions from consumer-facing apps.
Non-profit Fair for You lands £7.5m to take on credit sector
Seven social investors took part.
Banks must deploy AI with urgency to save SMEs
Projects that would normally take months need to be delivered in days.
Islamic P2P lender Qardus launches in UK for SMEs
The new P2P lender offers unsecured loans of up to £100,000.
US COVID-19 relief scheme deploys Wolters Kluwer tech
iLien for Main Street can aid banks offering support under the Main Street Lending Program.
US buy now, pay later fintech Sezzle in $60m raise on ASX
The start-up still needs to close $5 million.
HSBC glitch sends coronavirus bounce back loans in error
UK bank has processed £4.5bn in loans so far in 2020.
Tide freezes lending after funding falls through
The fintech said the BBLS “doesn’t meet the requirements” of prospective investors.
Estonian fintech Planet42 to tap South Africa’s alternative car finance market
The fintech landed €2.2 million in seed funding last month.
SoftBank splashes $130m in Indian insurtech PolicyBazaar
SoftBank now holds more than a 15% stake.
Lending Works acquired by Intriva Capital
Intriva has bought 100% of Lending Work’s equity for an undisclosed price.
Regional Australia Bank approves first Aussie open banking loan
The process took six minutes end-to-end, claims bank.
Elevate Credit ceases UK operations
It will no longer be operating its wholly-owned UK unit, ECIL, under the “Sunny” brand.
