Market Loan News Summary – May 19

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.

LendingClub and OnDeck Gains, KABB 2017-1 Deep Dive from PeerIQ – The PeerIQ newsletter has revenue commentary from LendingClub and OnDeck and an in-depth dive into the 2017 Kabbage securitization additions.

Santander UK to launch digital finance platform for SMEs from BankingTech – Yet another great bank working on a new online lending platform. This time it’s Santander with a new small business lending platform in the works.

Banks Struggle to Tackle Cybercrime Bad Guys from the Financial Times – As the financial services industry advances in technology, so do cybercriminals. We must do better in this battle.

Goldman Sachs plans Marcus expansion in Germany from the Financial Times – Marcus’ expansion plan continues as Goldman Sachs plans to launch soon in the UK and Germany next year.

I paid $ 18,000 for a $ 24,000 student loan, and I still owe $ 24,000 de Bustle – Fascinating play putting a human face on the $ 1.4 trillion student loan crisis. Many of today’s graduates will be in debt for a very long time.

Former Citigroup CEO Vikram Pandit Invests $ 100 Million in Credit Card Startup from the Wall Street Journal – There are more credit cards available today to underserved borrowers than ever before. Fair Square Financial entered the fray with a $ 100 million investment from Vikram Pandit.

Consumers Avoid High Rate Automatic Payments More Than in Times of Crisis from Bloomberg – Auto subprime defaults have been on the rise for years. We now learn that defaults are higher today than at the worst of the financial crisis.

Citizens launch online banking purely for the purpose of increasing deposits American Banker – Another large bank, Citizens Bank, is launching an online initiative. The new online-only banking, called Citizens Access, will focus on collecting deposits.

Are banks wrong to launch “flanker” brands? from AltFi – Interesting article on banks launching new digital brands with thoughts from Samir Desai of Funding Circle UK.

Marketplace Lending Association announces nine new members from PR Newswire – Congratulations to Nathaniel Hoopes on all new members of the Marketplace Lending Association. It’s great to see so many industry leaders joining the fray.

Anthony Noto’s First Letter to Shareholders as CEO of SoFi Describes Company Values, Areas for Growth from CNBC – New SoFi CEO Anthony Noto has written his first letter to shareholders and Ari Levy shares his thoughts with us.

Why the credit card boom has just peaked from the Wall Street Journal – A combination of increasing loan losses and spending on credit card rewards is impacting card lending business.

Foundation seizes $ 120 million from SunTrust from PE HUB – Congratulations to the Foundation team who just closed a $ 120 million credit facility with SunTrust Bank. Another bank / fintech collaboration.

FinTech in brief from the Milken Institute – Jackson Mueller’s latest Fintech in Focus newsletter from the Milken Institute covers their recent conference and the latest fintech news from around the world.

SeedInvest publishes investor returns report and offers 17.4% IRR from Crowdfund Insider – Some pretty impressive return figures on SeedInvest, one of the largest equity crowdfunding platforms in the United States.

PayPal confirms it is buying payments startup iZettle for $ 2.2 billion in all-cash deal from TechCrunch – Looks like there won’t be iZettle IPO after all, as PayPal rushes in and buys the European fintech platform for $ 2.2 billion.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p loans. Here are some topics that were discussed this week.

Invest with Bondora – An investor shares a long review of Bondora, an Estonian p2p lending platform.

LC Securities Litigation Class Action Settlement – LendingClub shareholders received information by mail regarding a class action lawsuit against the company.

LC interest rate updated on 05/08/2018 – Investors discuss interest rates, loan mix and competition from banks.

Troy M. Hoffman