The report is titled “Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks”; the report used account-level data from LendingClub and other US Banks with assets over $50 billion; according to the paper’s abstract: “We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well.” Source
In a recent speech on the future of money Bank of England Governor Mark Carney said a ban on crypto would stifle the useful innovation with blockchain; Mr Carney tells the FT about payment systems needing to change, “These must now evolve to meet the demands of fully reliable, real-time, distributed transactions.”; he also talked about the community driven approach to the tech and the many use cases for it that increases efficiency and transparency around systems that are in need of an upgrade. Source.
LendingClub grew revenue and announced settlements in two class action lawsuits. Source
On March 30, banking investor Cross River announced a funding round of $620 million, co-led by Andressen Horowitz and Eldridge Capital.
Stablecoin outflows have been stemmed and outflows from ETFs have also stabilized, the report said.
The House passed an appropriations amendment which included $2mn for a postal banking pilot program; postal banking has gained momentum...
Late in 2021, Rohan Amin, Chase’s Chief Product Officer, shared some insights on the firm’s product operating model. This includes shortening the product development lifecycle to be able to deliver more value to customers more frequently.
For many players in this market, the new law brings greater legal certainty for investors and companies working with these crypto assets.
Stenn banks $50M for a platform to finance SMBs that trade internationally.
Rappi anunció que trabaja en México en un proyecto piloto para permitir a sus usuarios pagar a través de criptomonedas.