Market Loan News Summary – May 23, 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.

Lendit Fintech Digital – First Impressions by CrowdFund Insider – We launched LendIt Fintech Digital last week and Timothy Li gives his first impressions of our new initiative.

US Should Overhaul Small Business Assistance Program by The Wall Street Journal – The drama of the P3 loan program continues. According to the WSJ, it now seems likely that the government will change the rules around forgiveness, which is good news for the millions of businesses that have taken out loans.

Kabbage is revived by processing PPP loans by PYMNTS.com – Even though Kabbage didn’t really kick off their P3 loan program until Round 2, they have already helped 110,000 small businesses with a median loan of just $ 14,000. Well done to Rob Frohwein, Kathryn Petralia and the team.

Plaid launches API Exchange to accelerate Open Banking and digital transformation by Forbes – Today, Plaid launched Plaid Exchange, a new platform that provides banks with “API connectivity in a box”. Ron Shevlin has the truth about the new platform and what it means for banking and fintech.

SoFi has just cut 7% of its staff based on performance reviews and is eliminating a team by automating it. The measures come a month after fintech announced a $ 1.2 billion acquisition. by Business Insider – It looks like SoFi is the latest fintech company to downsize. They lay off 7% of their workforce, or just over 100 people.

Shopify launches POS debit and credit tools for merchants by PYMNTS.com – At their Reunite Virtual Conference today, Shopify announced the launch of a new business bank account and a Buy Now Pay Later product. It is becoming more of a FinTech company every day.

Monzo co-founder Tom Blomfield moves from UK CEO to chairman by TechCrunch – More great news from Monzo. Founder Tom Blomfield is stepping down as CEO and will assume the role of chairman while US CEO will become the new leader of UK digital banking.

Aspiration, Los Angeles-based fintech focused on conscious consumerism, raises $ 135 million by Techcrunch – Aspiration is a socially responsible digital bank with 1.5 million customers and now a big war chest after that $ 135 million increase.

Brian Brooks to become Acting Currency Controller by American Banker – On May 29, Joseph Otting will step down as head of the OCC, to be replaced by Brian Brooks, who came from Coinbase and was also an advisor to Avant and Spring Labs. So he knows fintech.

Troy M. Hoffman