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·Aug. 7, 2017

Moneyfarm Reports GBP260mn in AUM

The European robo adviser has gained 10,000 customers and reported GBP260 million ($339.25 million) in assets under management; customers include Italian and UK consumers; source provides other data from the company's earnings results reporting a loss of GBP6.3 million ($8.22 million) from revenue of GBP167,628 ($218,721) for 2016; company says it is forecasting profitability by 2019; currently partnering with Allianz and another firm in Italy on two new servicing deals; also focused on launching a pension product this year. Source

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Asia/Pac Fintech News Roundup

·Aug. 7, 2017

Tencent Launches Credit Scoring Service to Compete with Ant’s Sesame Score

Tencent has launched its credit scoring service, Tencent Credit Score, Tencent's counterpart to Ant Financial's Sesame Credit; for now, only QQ Vips can have access to their score (QQ is a social network tool developed by Tencent, popular among teenagers); credit scores range from 300 to 850; the score measures a person on five different aspects including credit history, security, wealth, consuming habits and social network. Source (Chinese)

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Asia/Pac Fintech News Roundup

·Aug. 7, 2017

Lend Academy Podcast: Jeffrey Chen of ZhongAn Insurance

Lend Academy talks with Jeffrey Chen, CEO of ZhongAn Insurance; firm has seen great success in insurtech in China, issuing billions of small dollar value insurance policies through the internet; Chen talks about the insurance products offered through the platform, how they have scaled the business, some of the innovative technologies they are using and their goals for the future. Source

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Fintech News Roundup USA

·Aug. 4, 2017

Lend Academy Article: Goldman Sachs Is Going Big on Lending

Goldman Sachs has been offering more products to a wider range of consumers; this started with the acquisition of the online deposit platform of GE Capital; the firm is competing aggressively on their deposit rates to grow this base; in 2016 they launched Marcus, their online lending platform, and now have a new lending product called GS Select; product offers loans backed by investment portfolios for individuals that have a Fidelity financial adviser. Source

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Fintech News Roundup USA

·Aug. 4, 2017

LendIt Webinar: Blockchain Technology: Helping to Transform Wealth Management & Insurance

Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source

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Europe News Roundup Online Lending

·Aug. 7, 2017

Fellow Finance to Offer Invoice Finance

Fellow Finance is a Finnish P2P lender; the new offering will allow businesses to turn trade receivables into cash; invoices will be placed on the marketplace for investors; the loans will be offered in addition to traditional business loans; Jouni Hintikka, CEO of Fellow Finance, stated: "Financing a trade receivable is one of the easiest and most reasonable ways for companies to acquire working capital. By financing an invoice, a firm immediately receives its money, which accelerates money circulation and supports the growth of the business. The invoice finance service by Fellow Finance is technologically a forerunner compared to traditional services and operators in Europe." Source

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Asia/Pac Fintech News Roundup

·Aug. 7, 2017

Hong Kong-Based TNG FinTech Group Inc. Closing $60mn Funding Deal

TNG FinTech Group Inc. is close to closing a Series A funding deal that will add $60 million in new capital for the firm and bring its valuation to $500 million; the firm offers global money transfers, foreign-exchange transactions and bill payments; following the funding round it will be one of the highest valued fintechs in Hong Kong; it plans to use the funding to expand its business internationally through acquisition of companies with remittance licenses in Singapore, Japan, the Philippines, Indonesia and the UK. Source

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Asia/Pac Fintech News Roundup

·Aug. 7, 2017

China Disrupted – How Fintech is Changing the Way That 1.5 Billion People Bank

At LendIt USA 2017, Lang Di CEO Gabriel Hai hosted a panel themed how fintechs are changing the way that Chinese people bank; one approach is to use big data technology to reach the individual credit market; panelists agree that China's fintech platforms are more willing to cooperate with traditional banks, as the banks have a more friendly regulatory environment and sufficient cheap money, whilst platforms are at advantages of bringing new technologies to the cooperation; however, Zhou Xinming, CEO of Hexindai, pointed out that China's fintech companies' customer base is more of individual investors rather than institutional investors, and the former are still not financially sophisticated. Source

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Fintech News Roundup USA

·Aug. 4, 2017

SoFi’s 2Q17 Results and Earnings Comments

SoFi reported record earnings and loan volume in the second quarter with revenue of $134 million, adjusted EBITDA of $61.6 million and loan volume of $3.1 billion; in earnings comments, SoFi's CEO, Mike Cagney, was more optimistic about a public offering, mentioning it as a part of a long term plan involved with the search for a new CFO; Cagney also discussed options for offering banking products and said he was optimistic about the approval of the company's application for an industrial loan charter. Source

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Fintech News Roundup USA

·Aug. 4, 2017

WSFS Financial Moves into Private Student Lending

WSFS Financial, which is the parent company of WSFS Bank, announced a Private Student Lending Solutions offering; the new offering will expand their current consumer business and they believe this will help bridge the gap created in the student lending space; WSFS is partnering with leading technology provider LendKey to leverage their application, disbursement and servicing of the loans; Rick Wright, WSFS executive vice president and chief retail banking officer, said, "We want to be that valued resource that customers turn to when they start the difficult process of figuring out how to fund college." Source

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