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.
Goldman Sachs paid price for expansion into consumer banking from American Banker – Digging in to Goldman Sachs earnings reveals that the company has suffered $1.3 billion in losses in its consumer facing business (Marcus) along with a new transaction banking platform that is designed for corporate customers.
Ping An-backed Lufax to ditch P2P lending on regulatory woes from Reuters – The Chinese p2p lending market just lost one of its biggest players. Lufax is exiting P2P due to the regulatory hurdles. They will still offer consumer financing, just not P2P, and will continue to focus on their wealth management products.
Consumer lender Oportun lays groundwork for IPO from American Banker – Looks like the next online lender to go public will be Oportun. They filed a registration statement with the SEC this past Wednesday, they plan to trade on Nasdaq under the symbol OPRT.
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.