Gellman is the firm's first chief marketing officer; he joins the firm from Esurance and also has experience at Wells Fargo; Credible is a personal finance marketplace that provides offers for student loans and personal loans; in July it also announced a credit card marketplace; Gellman will help the platform expand its business and continue to focus on supporting its customers. Source
Credible is a multi-lender focused on student loans; company announced the addition of the Massachusetts Educational Financing Authority (MEFA) to its platform which now includes six refinancing lenders; MEFA will provide student loan refinancing through its MEFA Education Refinancing Loan; the MEFA Education Refinancing Loan is available in all 50 states, has a minimum of $10,000 and includes both fixed and variable interest rate options with the majority of rates ranging from 3.31% to 6.85%. Source
Credible is one of the success stories in online lending today. The leading online exchange for student loans has just closed their $10 million Series B funding round that we have been told was "a significant up round." Australian fund manager Regal Funds Management led the round that also included Prosper President Ron Suber. Credible doesn't lend money itself. Instead, it has deep integrations with many of their lending partners (such as CommonBond and College Ave) allowing borrowers not only to compare interest rates but to only see those rates with a high likelihood of approval. Source
Credible has announced a new partnership with New Hampshire Higher Education Loan Corporation (NHHELCO); company is a multi-lender focused on loans and refinancing for higher education; the new partnership will add another student loan refinancing option to the site; with the addition of NHHELCO the platform now has seven refinancing lenders; NHHELCO will offer its EDvestinU Consolidation Loan product which allows for consolidation of federal and private loans with a fixed or variable-rate refinancing loan that includes repayment terms ranging from 5 to 20 years; the EDvestinU Consolidation Loan product offers variable-rate loans with interest rates from 2.47% to 6.07% APR and fixed-rate loans with interest rates from 3.94% to 7.54% APR. Source
Credibly has been chosen to service BizFi's $250 million portfolio; Credibly also announced it had crossed the $500 million mark in capital deployed to SMBs; this does not include the portfolio of loans being serviced from BizFi; Ryan Rosett, Credibly's founder and co-chief executive officer stated: "Acquiring the servicing rights of BizFi's portfolio is a testament to our data-driven approach and laser focus on the working capital needs of small businesses. We welcome our new customers and are committed to ensuring that their growth capital needs are met." Source
CredifX will add to the firm's data services which provide data on over two million US commercial properties and $13 trillion in loans; the CredifX platform will offer a marketplace for commercial loans, providing access to financing and investing for commercial real estate borrowers, brokers and lenders; the new commercial real estate loan platform is expected to increase market competition and pricing for loans. Source
Credit China Fintech plans to expand its investments in peer-to-peer lending and payment companies; it invests in companies in the fintech industry and has recently invested in Ping An Securities Group Holdings Ltd. and blockchain technology firm BitFury Group Ltd.; recent investments have caused some scrutiny from short seller Anonymous Analytics which negatively affected the stock price in December 2016; the firm's stock price has regained its value since then with a current market capitalization of approximately $3 billion; over the past three years the firm has raised HK$4.3 billion ($554 million) and it plans to acquire at least one more company in the first quarter of 2017. Source
New marketplace lending real estate platform Credit Peers has launched for investors with a minimum investment of 500 British pounds ($618.64); the firm is offering individual investors the opportunity to invest in commercial real estate properties; the platform elicits borrowers for commercial properties including multi-residential, office and retail buildings; it plans to focus on connecting individuals with investments in the commercial property market. Source
The Consumer Financial Protection Bureau (CFPB) has fined TransUnion and Equifax over $23.2 million for deceptively advertising services; the agencies reportedly advertised credit services costing customers over $200 as free and misled customers about the use of credit reports they obtained; according to the CFPB, TransUnion will pay $13.93 million to consumers and a $3 million fine while Equifax will pay $3.8 million to consumers and a $2.5 million fine. Source
Credit Suisse plans to reduce its workforce by 6,500 jobs; the Zurich-based lender has reported significant losses primarily the result of a $2 billion provision for a settlement with the US Department of Justice over mortgage portfolios; the firm has already cut 7,250 jobs in 2016 and is focused on a new strategy under CEO Tidjane Thiam who was appointed in 2015. Source