Monja shares a list of online lenders in the real estate space; discusses the pull back in construction financing by traditional banks and the continuing rise overall in the real estate construction sector. Source
In its annual banking report McKinsey & Co. said there is the potential for 40 percent of revenues that could be at risk by 2025 from firms like Amazon entering the space; Asheet Mehta, one of the authors of the McKinsey report, said in an interview reported by American Banker "E-commerce and tech giants are under pressure to keep increasing revenue, and financial services is a large pool they can go after. We're starting to see that." Source.
Jianpu Technology, a subsidiary of Rong360, has filed for a $200mn IPO in the US; Goldman Sachs, Morgan Stanley and JP Morgan are bookrunners for the deal; Jianpu is an open recommendation platform for loan and credit card applications; the company has seen revenue jump 112 percent from 2015 to 2016 and thus far in the first six months of 2017 revenue has jumped 170 percent year on year. Source.
Personal credit and financial management firm Credit Sesame raised $42mn in equity and venture debt; investors include Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital and SF Capital; the capital will be used for growth, hiring, customer acquisition and to build out their machine learning technologies. Source.
The latest securitization of Zopa loans priced tighter than last year’s; it was led by P2PGI and arranged by Deutsche Bank; the senior tranche was rated AA by Moody’s; Jaidev Janardana, Zopa’s CEO stated, “This is a further demonstration of investor and market confidence in our origination and underwriting capabilities. Our ability to originate high quality loans continues to make the Zopa investment asset a distinctive and attractive one to retail and institutional investors alike.” Source
- Finn.ai Raises $3 Million in Institutional Financing Round
- Digital bank for teenagers raises $5m in Series A investment round
- Italian peer-to-peer lender launches its own fund, targets €100m raise
- Templum Raises $2.7M in Seed Funding
- Canadian Lenders Association & Innovative Lending Platform Association Launch Smart Box in Canada
- Starqrmarq wins peer to peer lending brief
- State of Small Business Lending: 2017 Spotlight on Women Entrepreneurs
Lending Club has closed five of its investment funds under LC Advisors; the loans have been sold off to various buyers and the company has rebranded its investment management business to LendingClub Asset Management. Source
FT Alphaville takes a close look at some of the findings from the Financial Conduct Authority report on their regulatory sandbox; the positives include weeding out the more risky ideas and that 41 of 146 applicants were able to make it through the testing phase; the negatives include distributed ledger technology that shows some of the testing is on too small a scale to really understand whether or not it would actually work. Source.
Since launching BankMobile as a digital only bank in 2015 Customers Bancorp has seen the venture have some success but not yet reach profitability; after a deal with Flagship Community Bank for BankMobile fell through they are now looking to spin the business off; American Banker interviewed Luvleen Sidhu, BankMobiles’ President, about the spinoff deal and the future of the firm; topics discussed include why they chose a spinoff strategy, the future of the leadership, profitability and potential future ventures. Source.
The platform aims to provide a better process for both lenders and consumers; Fannie Mae is partnering with various fintechs including Yodlee, FormFree, and Plaid to help build out the platform’s features. Source