The Wall Street Journal reports a new fundraising round led by DST Global will value the company at more than $5bn; the last valuation was about $1.3bn in 2017; popularity in the app has since jumped when it expanded to include cryptocurrencies bitcoin, ethereum and litecoin; since launching they have reached more than 4 million users and the new valuation will put them in the top 15 of highest valued private tech companies in the U.S. Source.
The Federal Reserve Bank of Philadelphia has published a paper titled, Central Bank Digital Currency: Central Banking for All?; in...
2019 might prove to be a turning point for challenger banks as they turn towards the next decade with the...
The securitization portfolio will include private consumer loans from the SoFi platform; associated parties on the deal include PwC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC; according to Finsight, the securitization is SoFi's ninth this year with the last being a $500 million transaction that took place in June. Source
The Wall Street Journal reviewed documents for 1,450 digital coin offerings and found a litany of problems; they found 271...
In March the Securities and Exchange Commission denied approval for a Bitcoin ETF by the Winklevoss twins because they said too many bitcoin markets were unregulated; with recent futures markets at the CBOE and CME starting there is new hope for ETF approvals; previous filings for ETFs are now being refilled and newer ETFs are being filed as recently as late last week; there has been similar products in Canada and Switzerland with both trading at premiums. Source.
Both banks and online lenders are responding to the recent events with most already communicating with their customers detailing the...
Google, Amazon, Facebook and Apple (GAFA) have significant market share and a massive influence; given the needs and demands of consumers it seems likely their services will more broadly integrate fintech offerings in the near future; all four companies have taken some steps to offer financial services and industry analysts are watching them closely for new announcements. Source
PwC is out with new research saying alternative asset volumes will double by 2025; alternatives will make up about 15 percent of global assets under management by 2025 because investors are looking for diversification and reduced volatility; Rob Mellor, PwC asset management partner, tells AltFi, “We have seen the rise of the multi-strategy alternative manager and an increasing trend for traditional active managers looking to add alternative strategies to their product range.” Source.
The American Bankers Association (ABA) has endorsed Akouba as its marketplace lending partner; Akouba offers cloud-based white label technology for online business lending; the firm was chosen by evaluation from Aditya Khurjekar, CEO of Let's Talk Payments, and oversight from the ABA's Endorsed Solutions Banker Advisory Council. Source