Marketplace Lending News Roundup – August 3, 2019

News

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Fintech decacorn Nubank raises $400M led by TCV from TechCrunch – The most valuable digital bank (outside of China) is not in the U.S. or Europe, it is in Brazil. Nubank just closed a $400 million round led by TCV that values the company at more than $10 billion.

Iwoca doubles lending, turns first annual profit from AltFi – UK small business lender iwoca almost doubled loan originations in 2018 to £325 million while at the same time earning their first profit.

What’s next for OnDeck after breakup with JPMorgan? from American Banker – Monday was not a great day for OnDeck as investors sold the stock when it announced the loss of Chase as a client. American Banker looks at the aftermath and what is next for the company.

Elevate Credit CEO Resigns as Q2 Revenue Misses, Guidance Cut from Crowdfund Insider – The CEO of Elevate, Ken Rees, has resigned as the company releases a tepid second quarter earnings report.

Fintechs invited to enter £2m affordable credit challenge from Peer2Peer Finance News – I like this new £2m challenge in the UK to fintech companies to come up with better ways of providing affordable credit to consumers.

Inside the U.S. launch of Visa’s fintech Fast Track program from Tearsheet – Visa has launched their fintech Fast Track program to help startups get going. Tearsheet talks with Visa’s global head of fintech about this new program.

Europe’s startup banks are coming to America. Can they succeed? from CNN – Interesting look at the prospects of the European digital banks opening up in the US this year.

Digital banks are racking up users, but will they ever make money? from Quartz – This is the big question when it comes to digital banks. While traditional banks generate good profits the same cannot be said yet for the digital variety. Quartz looks at their pathway to profitability.

Families Go Deep in Debt to Stay in the Middle Class from The Wall Street Journal – Front page story in The Wall Street Journal today on debt in America with some case studies of young couples struggling with an increasing debt burden. Refinancing high cost debt is good but both lenders and borrowers need to focus on responsible lending.

Bad Times in Tech? Not if You’re a Start-Up Serving Other Start-Ups from The New York Times – One of the hottest fintech startups today is Brex, here is an interesting and in depth profile in the NY Times.

Nyca Partners raises $210M to invest in fintech startups from Techcrunch – Nyca Partners has closed its third and largest fund to date with $210 million to invest in early stage fintech companies.

  • Peter Renton is the chairman 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 he 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.