Miss Kaya claims to the first licensed robo–advisor in Singapore (really true?), with Marvelstone Capital as its fund management company. Currently available to high net worth individuals, the plan is to be accessible to retail investors in the near term. (more…)
People of fintech
By Shai Oster and Selina Wang for Bloomberg
Women launch more than half of all new Internet companies in China.
Renaud Laplanche, the LendingClub Corp. founder who stepped down as chief executive officer in a May shakeup, is selling stock in the company valued at $20.1 million.
Laplanche disclosed a plan to execute options for 4.63 million shares of the San Francisco-based company in a filing dated June 29. Calls to Laplanche and LendingClub weren’t immediately returned.
Laplanche, 45, resigned as chairman and CEO in May, setting off a slide in LendingClub’s stock. The company, which matches consumers seeking loans with investors willing to fund them, said the exit was prompted by two incidents: Staff had altered application dates on some loans before their sale, and Laplanche failed to disclose his interests in a fund that LendingClub was considering investing in.
It’s hard to deny the brain drain to the FinTech industry occurring nowadays. And this is no surprise – the industry has been showing rapid growth recently. The overall investment in the sector reached millions of dollars and financial technology startups inconspicuously turned into red hot investments.