Marketplace Lending News Roundup – May 4, 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.

Mark Carney vows to reinvent Bank of England for ‘fourth industrial revolution’ from Yahoo Finance UK – At the start of UK fintech week the Governor of the Bank of England said that they need to reinvent the central bank to make it fit for the “new economy” of the “Fourth Industrial Revolution”.

College Students Abandon Student Loans, Offer Share Of Their Future Income Instead from deBanked – So far this year I have read more articles on income share agreements than ever before. Maybe the idea is finally getting traction. Certainly something needs to be done about the student loan crisis.

Exclusive: Digital banks have won over half of Brits, but women are being left behind from AltFi – Interesting survey out this week from AltFi showing the gender gap in fintech when it comes to brand awareness of the leading players.

Revolut says it’s cleaning up its act. Evidence suggests otherwise from Wired – Even though Revolut CEO Nikolay Storonsky has said his company is different today than it was 12-18 months ago the negative press keeps coming.

Chancellor of the Exchequer Philip Hammond: “The UK is the perfect location for Fintech to thrive, even as we leave the European Union” from Crowdfund Insider – I am in the UK this week for their fintech week and was at Innovate Finance yesterday to hear the chancellor’s support for the industry. Good summary from Crowdfund Insider. Would love to have similar support from the highest levels of government in the US.

How will UK FinTech fare in the future? from Chris Skinner’s Blog – Here is a good summary of a panel chaired by Chris Skinner on the future of UK fintech at Innovate Finance.

Inside Varo Money’s three-year quest for a bank charter from American Banker – Interesting look inside the long process of Varo’s bank charter application.

International P2P Lending Volumes April 2019 from P2P-Banking – The international p2p lending origination numbers for April are out with many platforms seeing good traction.

Apple Card doesn’t ‘reinvent the wheel,’ but it does cut friction from PaymentsSource – What is really new and different about the new Apple Card from Goldman Sachs.

Facebook Building Cryptocurrency-Based Payments System from The Wall Street Journal – This is the most innovative fintech initiative yet from the FAANG companies and could change the world of payments.

Fintechs want to become nationwide lenders, but they just hit a major roadblock from MarketWatch – In the worst news of the week for fintech a federal judge rules that the NYDFS lawsuit against the OCC on the fintech charter can proceed.

Unicorn Challenger Bank Chime CEO Chris Britt Chats Up Speedy Deposits from Crowdfund Insider – Chime CEO Chris Britt was on CNBC this week talking up how Chime customers get their payday two days earlier than anyone else.

From the Lend Academy Forum

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

STRATA Public Unsecured Notes balance not equal LC balance – An investor shares an issue related to closing out a LendingClub IRA.

LC Bot Performance Info – A forum member shares information about a bot they run that is purchasing loans on LendingClub’s secondary market.

Cash Parking – A popular thread on where the best places are to park cash.

  • 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.