Market Loan News Summary – May 16, 2020
During the week, I share the latest news on Market Lending and FinTech 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.
Fintechs for sale: Post-Covid is partner or perish for many startups. Here is a shopping list. by Forbes – This is a sobering article for fintech enthusiasts. There will likely be more losers than winners, as many of the former industry leaders will be forced to sell.
$ 1.9 billion fintech Marqeta on hiring wave, considering mergers and acquisitions as partners like Square, DoorDash and Instacart rely on issuing virtual cards by Business Insider – Then there are companies like Marqeta for whom this crisis has been a clear positive. They have a record volume of payments, continue to hire and seek acquisition targets.
BankThink Fed Should Tailor Business Loan Programs For Consumers by American Banker – An important editorial by Nat Hoopes, head of the Marketplace Lending Association, on the need for the Fed to include personal loans in an expansion of the TALF program. This will allow more credit to go to consumers.
Starling and Funding Circle to provide £ 300million in small business loans by CityA.M. – It’s great to see two big UK FinTech companies teaming up to help small businesses. Starling Bank partners with Funding Circle UK to provide £ 300million in loans under the CBILS program.
Outlook: COVID-19 Performance Report, Volume 4 by dv01 – The latest COVID-19 performance report from dv01 Inc has been released. It explores the latest origination volumes, the credit characteristics of loans issued since the epidemic, and credit box changes.
Affirm CEO Max Levchin on consumer loans during pandemic by CNBC – It’s always interesting to hear comments from Max Levchin. Here he is on CNBC yesterday talking about the impact of the pandemic on Affirm’s consumer lending business.
Monzo faces nearly 40% drop in valuation in latest fundraiser By The Financial Times – Monzo, Britain’s leading fintech bank, is set to agree to a financing deal that will value the company at £ 1.25bn, up from more than £ 2bn in its previous one last June cycle.
Beaten by the coronavirus crisis, online lenders must cope by American Banker – All major online lenders are struggling as the economic crisis continues to deepen, many have dramatically reduced departures and laid off workers, and their survival is certainly not guaranteed.
The Reality of the Struggle: What’s Really Going On? by LendIt Fintech Digital – I am delighted to join the sponsor of fintech himself, Ron Suber, on Monday for a virtual panel discussion as part of LendIt Fintech Digital. We will have an honest discussion of what is really going on in the market today. Please join us.
Peter Renton is the President and Co-Founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. 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, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, The Financial Times, and dozens of other publications.