Tagged: online lending

Honeycomb Credit Reports Topping $25 Million in Funds Raised for Small Businesses

Honeycomb Credit, a FINRA-regulated funding portal that provides online capital formation for small businesses, is reporting that it has surpassed $25 million in money raised for small businesses. Honeycomb can help SMEs sell securities online under the Reg CF (Regulation Crowdfunding) securities exemption. Firms may… Read More

Kenya Expands Digital Credit Market with 19 More Licenses

The Central Bank of Kenya (CBK) has significantly expanded its digital lending landscape by granting licenses to 19 new digital credit providers (DCPs), bringing the total to 51 licensed firms. This announcement marks the latest effort by the CBK to regulate the burgeoning fintech sector,… Read More

Philippines: Bank Lending Accelerates, Driven by Major Industries and Consumer Credit

Philippine bank lending in January 2024 surged by 7.8 percent compared to the same month the previous year, signaling a robust acceleration from the 7.1 percent growth recorded in December 2023, according to preliminary data released on March 8, 2024. This increase in lending by… Read More

Gofingo Group Reportedly Repaid PeerBerry Investors €200,000 in War-Affected Loans

Gofingo Group recently repaid PeerBerry investors EUR 200 000 in war-affected loans. These repayments are being processed on the PeerBerry platform “every month in the middle of the month.” Aventus Group’s war-affected long-term loans are repaid monthly “under the initial loan schedules.” In 24 months… Read More

Over €809.57M in Loans Funded by PeerBerry Investors

In 2023, PeerBerry investors funded €809.57 million of loans – 50% more than in 2022. Last year, PeerBerry investors were reportedly “paid €10.43 million in interest, which is 46% higher than the previous year.” 14,143 new investors joined the platform in 2023 – “on average,… Read More

Justin Wickett, CEO of InformedIQ Explains How AI and Machine Learning Are Transforming the Way Auto Lenders Use OCR Tech

Lenders are increasingly frustrated with OCR (optical character recognition) solutions that are designed to read data off paystubs, but they’re only pulling text from the documents. They also aren’t an end-to-end solution helping lenders comply with ECOA and Fair Lending. Many OCR tools also focus… Read More

Assetz Capital Introduces Planning Assistance Loan Product

Manchester headquartered specialist lender, Assetz Capital, has launched a new Planning Assistance Loan product, aimed at supporting the conversion of commercial buildings in to residential dwellings The new product solution is specifically designed “to help experienced property developers acquire commercial buildings, with the intent of… Read More

Tonik Digital Bank Introduces Multipurpose Loans for Consumers in the Philippines

Tonik Digital Bank, the Philippines’ first digital-only neobank, revamped the Big Loan, a multipurpose loan catering to a wider range of Filipinos’ financial needs. First launched in 2023, the Big Loan reportedly “offers borrowers up to P5 million with flexible, tailored repayment options, competitive interest… Read More

Linked Finance Partners with Strategic Banking Corporation of Ireland to Lend to Irish SMEs

Linked Finance has partnered with the Strategic Banking Corporation of Ireland (SBCI) to lend up to €50 million to Irish SMEs. The loans are said to be issued at a discounted rate. Linked Finance is a peer-to-peer (P2P) lending platform serving smaller firms in Ireland…. Read More

Hong Kong’s Credit Card Spending Surges in Q4 Amid Festive Season

In the latest credit card lending survey released by the Hong Kong Monetary Authority (HKMA), figures for the fourth quarter of 2023 showed a significant uptick in credit card usage among Hong Kong residents. Total card receivables soared by 8.5% to HK$160.1 billion at the… Read More

European Fintech iwoca Reports Decline in Recession Concerns as SMBs Seek Larger Loans

SME anxieties regarding a potential recession have eased by a third (32%) since Q4 2022, though inflation concerns remain, according to iwoca’s Q4 2023 SME Expert Index. Under half (49%) of SME finance brokers surveyed “report their SME clients having any recession fears––a significant drop… Read More

France: Online Lender October Has Sold its Lending Platform to Sopra, May Halt All Operations After Remaining Loans Run Down

October, once a top online lending platform and leading Fintech based in France, has sold its main asset, “October Connect,” to software firm Sopra. The terms of the asset sale were not immediately available. According to Les Echos, “it looks like the end” for the… Read More

EstateGuru Provides Update on 2023 Performance: €102 Million Invested on the Platform

EstateGuru, an online investment platform based in Estonia, has provided some insight into operations in 2023 According to the online lender, investors contributed €101.9 million to the marketplace. This can be segregated by €92.7 million from retail investors and  €9.2 million from institutional investors. The… Read More

Intercontinental Exchange (ICE) Announces Raymond James Bank to Use Encompass Digital Lending Platform

Intercontinental Exchange, Inc. (NYSE: ICE), a global provider of technology and data, today announced that Raymond James Bank (NYSE:RJF) will use the company’s Encompass® end-to-end digital lending platform “to support mortgage origination for high net-worth borrowers across both retail and delegated correspondent lending channels.” Raymond James… Read More

SellerFi to Provide Up To $10 Million in Credit for Sellers on Amazon

SellersFi (formerly SellersFunding) is reporting that it has inked a deal to provide credit on the Amazon (NASDAQ:AMZN) marketplace. According to the Fintech, eligible Amazon sellers will be able to tap into a credit line of up to $10 million via Amazon Lending. Ricardo Pero,… Read More

Philippines: Digital Banking Sector Eyes Growth Through Central Bank Collaboration

Digital banks are now seeking to engage with the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to establish multilateral relationships and foster an open banking ecosystem. This initiative aims to attract more borrowers and support the operation of digital banks in… Read More

ThinCats Receives More Funding from Fintex Capital

Online lender ThinCats has received more funding from Fintex Capital. This is financed by Fintex Specialty Finance UK, the firm’s flagship discretionary investment fund. According to a note from the firm, Fintex has added to an existing mezzanine facility with ThinCats. Fintex has added £5… Read More

India: DMI Group Acquires Goldman Sachs-backed BNPL Firm ZestMoney

India-based financial services platform DMI Group has announced its acquisition of the Goldman Sachs-backed ‘buy now pay later’ (BNPL) platform ZestMoney. This comes after the Bengaluru-based ZestMoney ceased operations following unsuccessful attempts to revive its business amid regulatory uncertainties. DMI, having raised over $1.5 billion… Read More

Remember Lufax? It is now trading at an all time low of Around $2 a Share

Once one of the largest peer-to-peer lenders in the world, China’s Lufax (NYSE:LU) has hit an all-time low trading on the NYSE. The bid-ask of shares is around $2.17. A year ago, it was trading at over $10 a share, thus delivering a spectacular collapse… Read More

UK’s ThinCats Reports Steady Increase in Lending Volume

UK’s ThinCats is reporting that lending is up more than 30% in 2023 to record levels. In total, ThinCats has now lent “more than £1.7bn to businesses across the UK while assets under management stand at £790 million.” Despite a challenging economic environment, ThinCats has… Read More