The world banking and financial transactions have seen a sudden change in the way people make payments which are majorly due to the use of online payment gateway. This has become even more convenient with the use of Mobile apps. The e-commerce has laid a strong requirement along with many others which have made many people not just trust these apps but frequently use them. The online payments which required the use of credit card or debit card details are now replaced with these wallets which keep their own balance and directly make payments without having to look for additional information. (more…)
By Chris O’Brien for Venture Beat
The announcement just 10 days ago that Sweden’s iZettle was planning to go public provoked cheers among European tech boosters, but that excitement proved to be short-lived. Instead of celebrating the rise of an independent tech company, we’re watching yet another local startup be gobbled up by a U.S. tech giant. (more…)
LendingPoint, the company working to revolutionize access to consumer credit, today announced it has closed an up to $600 million, committed credit facility arranged by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners.
With this new deal, LendingPoint has secured up to $1.1 billion of senior credit financing in less than one year. In September 2017, the company announced it had secured an up to $500 million committed credit facility, also arranged by Guggenheim Securities.
“The sizes, advance rates and interest rates of our credit facilities are a testament to our portfolio’s outstanding performance to date,” said Tom Burnside, co-founder and CEO of LendingPoint.
“This blended interest rate on this most recent facility is exceptionally low — LIBOR plus 467 basis points – and the advance rate is 90%, underscoring that our lenders’ believe that our credit-first, balance-sheet business model works. When we started LendingPoint, we knew that by successfully solving lending for people with credit scores between 580 to 700 – those we call ‘NearPrime’ – we would maintain strong capital markets support. This new Guggenheim facility and its pricing confirms that we’re succeeding.”
LendingPoint uses dozens of APIs to gather thousands of data points on each applicant. It has developed proprietary risk models that allow the company to get a more complete financial picture of the customer and approve more people who otherwise may have been overlooked by traditional FICO results. While the company lends to individuals across the credit-score spectrum, from 580 to 850, it focuses on NearPrime borrowers. LendingPoint processed more than 850,000 applications arising from borrowers requesting more than $9.2 billion in loans during the first quarter of 2018.
The funding announced today is the latest development in LendingPoint’s business that signals its rapid growth, which this financing will continue to fuel. In January 2018, LendingPoint announced it had acquired a point-of-sale (POS) lender’s technology platform. This platform formed the basis of LendingPoint Merchant Solutions, which LendingPoint unveiled in March to provide retailers and service providers — from orthodontists to car mechanics – POS financing.
“Our goal is to make LendingPoint a win-win-win business, meaning we align the interests of all our stakeholders: our borrowers, our merchants and our investors,” said Burnside. “Our portfolio delivers consistent results, and we’re providing loan products to many deserving yet underserved Americans, setting them on a more successful financial path.”
In addition to serving as sole structuring advisor on this credit facility, Guggenheim Securities also served as sole bookrunner. CBIZ MHM is the Administrative Agent. U.S. Bank National Association is the Note Agent and Paying Agent.
LendingPoint’s direct to consumer online loans range from $2,000 to $26,500 with terms of 24 to 48 months. Its point-of-sale loans range from $500 to $15,000, with terms from 12 to 60 months. Since it issued its first loan in 2015, LendingPoint has originated more than 50,000 loans totaling in excess of $500 million.
Inadequate oversight can create industry crises — an effect we are starting to see in crypto. Over the last year, tokens have been at the centre of multiple global hacks and large-scale fraud – such as the theftof $400 million in Coincheck tokens, the Parity coding error that froze over 513,776 ETH, the PlexCoin ICO which saw the SEC freeze $15m worth of assets and jail the founder, and the Pincoin scam that left investors short by $660 million with the founders still at large. (more…)
A next-generation investment app providing users with free stock trading has today launched a Crowdcube campaign in a bid to raise over £1 million. (more…)
Sberbank and telco MTS have implemented the first Russian issue of commercial bonds via smart contracts utilising a blockchain platform developed by National Settlement Depository. (more…)
Payoneer, an innovative cross-border payments company transforming the way businesses send and receive funds globally, announced today new investment and support for US sellers and SMBs that address the unique needs of American businesses doing business globally. (more…)
Sending and requesting money is one of the most popular features among Revolut users, and we’ve just made it even better. (more…)
Morgan Stanley is to offer voice-powered market insights and investment ideas available to clients using all Alexa-enabled devices.
SeedInvest, one of the largest investment crowdfunding platforms in the US, has released a performance report on investor returns. SeedInvest has been in operation since 2013 following the creation of accredited crowdfunding under Title II of the JOBS Act (Reg D 506c). Since that date, SeedInvest has become a full stack crowdfunding platform offering investments in the three different crowdfunding exemptions to both accredited and non-accredited investors. (more…)
Prosper Announces First Quarter of 2018 Results: Loan Originations Up 27% Year-over-Year & More Than $2 Billion of Co-Sponsored...
Prosper, a peer-to-peer lending platform connecting borrowers and investors, reported earlier this week its financial results for the first quarter of 2018. The online lender revealed that loan originations increased 27% year-over-year to $744 million, driven by strong demand for the company’s personal loan product and stable funding. (more…)
Online deals become more and more popular now. There are almost 5 billion mobile device owners and a lot of them use virtual money. According to Deloitte, 31% of people from 18 to 24 years old use mobile payments frequently. It rises to 36% for the group from 25 to 34 years old, meaning that more than 2/3 of young population are familiar with online transactions! (more…)
By Accel Partners
Today we’re witnessing a breakout moment for Indian entrepreneurship and its rapidly expanding consumer technology and retail sectors. The news that Walmart will pay approximately $16 billion for an initial stake of approximately 77 percent in Flipkart is, to put it mildly, monumental. The investment is one of the largest-ever acquisitions of a private, venture-backed company, and it’s a remarkable testament to what the Flipkart team has accomplished. More broadly, it’s just the latest example of ground-breaking global technology companies emerging from around the world. (more…)
By Jon Evans for TechCrunch
Suppose, just for a moment, just for argument’s sake, that (some) cryptocurrencies are not a giant scam, and what’s more, they’re not just another kind of financial asset. Come on. Don’t look at me like that. Work with me here. Imagine, just for a moment, that there exist plausible futures in which they matter. (more…)
Venture capital funds from Goldman Sachs and BBVA have led a £13.6 million Series B financing round in UK digital mortgage broker Trussle. (more…)
A Crypto-Trading Uber Driver And A Billionaire’s Spat Over Candy – On The Importance Of Sticking To Your Strategy
By Tomasz Tunguz from Redpoint Ventures for his Blog
At Redpoint’s annual investor meeting earlier this year, I quipped, “The day-trading taxi drivers of the dotcom era have been replaced by crypto-trading Uber drivers.” But over the weekend, a grizzled Uber driver with a mane of grey hair and wind-and-sunburnt cheeks asked me about crypto. “Can you explain to me why public key/private key technology is important on the Blockchain?” He pointed out the Bitcoin ATM that charges 10% from his cigarette-infused Prius. “That’s for suckers; Coinbase charges only 2%,” he said as we whizzed past. (more…)
HIGHER fees, rebates, client bonuses and betting duty tax, coupled with listing costs and higher finance costs eroded results for newly-listed European fintech firm Ayondo for its first quarter. (more…)
By Tom Noda for FintechNews.sg
The plan to create a “fintech city” in the Philippines will be pushing through as rules and regulations have been issued by the Cagayan Economic Zone Authority (CEZA), a government-owned and-controlled corporation tasked to manage and supervise the Cagayan Special Economic Zone and Free Port (CSEZFP) development. (more…)
The Dash price has jumped recently, and investors are buying up the altcoin at a fast rate. Originally known as Darkcoin, Dash waded onto the crypto scene with the foundation of Bitcoin and enhanced features, such as faster transactions and increased privacy. Strongly focused towards the payment industry, Dash utilizes its added benefits over Bitcoin and other cryptos to consistently poll in the top 15 cryptos. (more…)
The Waves Platform was founded by Sasha Ivanov, a Russian physicist. Here is some further background on the founder:
Sasha Ivanov graduated from Moscow State University in 2001, having studied in the Theoretical Physics faculty. He undertook further study at Leipzig University in Germany, and took an early interest in electronic currencies. From 2008–09 he was involved in programming bots to trade on the international forex markets, making use of artificial neural networks, later working on trading operations and neural network trading systems for banks. (more…)
By Stefano Bernardi
Xconomy is reporting that Austin, Texas-based Student Loan Genius has raised $4.7 million in funding. The news was seconded by Austin Business Journal, which added that 11 investors have participated in the round. Both reports – as well as a third from AmericanInno, are based at least in part on a SEC Form D filing, which suggests that the $4.7 million was part of a larger $5.8 million fundraising initiative. As reported, the new capital more than doubles Student Loan Genius’ total equity funding to more than $7 million. (more…)
Not long ago, a poster at the Credit Karma Credit Advice forum wrote:
I’ve been seeing links to see if my personal data is on the “dark web.” Is this something Credit Karma can do?
A host of big-name VCs, including Bain Capital Ventures and Nyca Partners, are backing a new holding company planning to build up a stable of innovative payment firms. (more…)