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“Fintech unicorn” WB21 faces securities fraud enforcement action from SEC

Michael Gastauer, CEO of WB21 digital bank, is facing a lawsuit for selling $165 million worth of fraudulent microcap stocks.

On October 2nd, the US Securities and Exchange Commission (SEC) revealed a lawsuit against Michael Gastauer and Roger Knox for “intentionally defrauding investors by secretly dumping large quantities of stock.”

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Banks, Fintech news, Hotnews

October 11, 2018

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Fintech and Customer Experience: Transformation and Adaptation

The service-customer relationship pattern has changed greatly over the years. Nowadays, the biggest percent of how customers form their opinion of the service is based on the feedback from other clients. The Fintech companies development is greatly responsible for this shift. The 2016 Edelman Trust Barometer Report observed an increased percent of trust from the customers being ready to buy and recommend the business to their friends and family. (more…)

Fintech news, Global trends, news

August 10, 2018

1325

How will marketplace lending become a mainstream investment asset class?

By Min Zhang for Techcrunch.com

A friend who recently started his own business couldn’t obtain a mortgage from three banks. I suggested he try marketplace lending platforms like SoFi to take advantage of the ongoing innovation in fintech. However, SoFi turned him down, as well, because it abides by the same underwriting rules as traditional banks. Like the banks, SoFi sells their mortgage loans to Fannie Mae. (more…)

Cashless, Fintech news, InspirAsia, p2p/online lending

May 23, 2016