Market Lending News Roundup – May 9, 2020
During the week, I share the latest lending and fintech market news on Twitter as it happens. Then, every Saturday, I take the most interesting news and blog posts from the past week and share them here.
The Paycheck Protection Program Forgiveness Nightmare Looming By Forbes – Over the past month, most of us have been (rightly) focused on how to get PPP loans that small businesses badly needed. Ron Shevlin examines the other part of this process, loan forgiveness, and finds confusing rules and a lack of clarity.
Digital bank N26, backed by Peter Thiel, raises another $100 million, bracing for coronavirus uncertainty per CNBC July). Given uncertain times, it’s understandable that they want to inflate their balance sheet.
Revolut looking for acquisitions by Financial Times – Meanwhile, Revolut App has already closed its latest mega-round ($500 million) and is looking for struggling companies to acquire.
Banking bots have waged a secret war with outdated government technology to decide who will receive $670 billion in small business bailouts. Here’s the story inside. by Business Insider – Excellent in-depth article in Business Insider analyzing the difficulties of the SBA E-Tran system and the PPP loan program. “Looking at the SBA’s financial portal today is like looking into a fintech time capsule.”
Revolut is the most publicized fintech in Europe. Can he grow? by Financial Times – The Financial Times has published the most in-depth report on the Revolut app I have ever read. Fascinating to discover this leader in digital banking from the inside.
Real Estate: After a pause in lending funding, PeerStreet is now resuming with CrowdFund Insider’s new “Credit Box” product – Real estate platform PeerStreet is back to lending after taking a break a few weeks ago. They have a new credit box with stricter underwriting criteria than before.
Samsung will launch a Samsung Pay debit card this summer per The Verge – That’s a big deal for SoFi. Samsung Pay will release a tool for managing debit cards and mobile money this summer and they have chosen SoFi as their partner.
Small Business Loan Demand Cools By The Wall Street Journal – I admit I was wrong here. I thought the second round of the PPP would be in a day or two. And here we are almost two weeks later and there’s still plenty of money left. The WSJ explains why.
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Peter Renton is President and Co-Founder of LendIt Fintech, the world’s first and largest fintech-focused digital media and events company. Peter has been writing about fintech since 2010 and is the author and creator of the Fintech One-on-One Podcast, the first and longest running fintech interview series. Peter has been interviewed by The Wall Street Journal, Bloomberg, New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, Financial Times and dozens of other publications.