Tagged: online lending

July 12, 2020 @ 3:02 pm By JD Alois  |  

Yesterday, Crowdfund Insider reported on layoffs at OnDeck (NYSE:ONDK) – an SME focused online lender. Like many online lenders, COVID-19 has hit this sector of Fintech hard. Looking for additional insight into the challenges the industry CI reached out to an industry insider for their perspective… Read More

July 11, 2020 @ 10:24 am By JD Alois  |  

OnDeck (NYSE:ONDK), an online lender serving SMEs, is said to be laying off employees in the midst of a challenging market due largely to the COVID-19 crisis. There have been multiple reports regarding OnDeck’s struggle to keep the Fintech afloat. Last June, OnDeck received a… Read More

July 10, 2020 @ 2:44 pm By Samantha Hurst  |  

Online lending platform Lendio announced on Friday the winners of a $200,000 grant program aimed at helping its small business customers recover from economic hardship caused to the global COVID-19 pandemic. Lendio reported that Through the program, 23 small business owners have been selected to… Read More

July 9, 2020 @ 12:50 pm By JD Alois  |  

Upgrade is a consumer online lender and emerging digital bank that recently announced a significant funding round that gave the Fintech a $1 billion valuation. Founded by Renaud Laplanche, this is the second Fintech he has founded that moved into the unicorn realm the first… Read More

July 9, 2020 @ 9:53 am By Samantha Hurst  |  

UK-based challenger bank Tide announced this week it has paused its bounce back loan lending and closed its waiting list. In April 2020, Chancellor Rishi Sunak announced the lending scheme, which added to the existing support of small businesses that are affected by the COVID-19… Read More

July 8, 2020 @ 9:42 am By JD Alois  |  

In a speech today entitled “Plan for Jobs” by the Chancellor of the Exchequer Rishi Sunak, he announced the elimination of the Stamp Duty at a certain threshold in a move to improve the UK housing market. The Chancellor explained: “… to catalyse the housing… Read More

July 8, 2020 @ 9:15 am By JD Alois  |  

Funding Circle (LSE:FCH) has posted an update on its participation and support of COVID-19 relief programs. Funding Circle is facilitating programs in both the US and UK. The SME online lender is participating in the British Business Bank’s (BBB) Coronavirus Business Interruption Loans Scheme (CBILS) and… Read More

July 6, 2020 @ 9:49 pm By JD Alois  |  

InstaReM, a payments Fintech that is part of Nium, has launched BizPay in Australia. The service is designed to assist SMEs by converting credit cards into working capital. The announcement comes soon after the same product launched in Singapore in June. InstaReM believes that SMEs… Read More

July 6, 2020 @ 11:51 am By JD Alois  |  

China’s crackdown of the peer to peer lending industry appears to be ongoing with a report today that Weidai, (NYSE:WEI) a P2P platform that raised $45 million in an initial public offering (IPO) on the New York Stock Exchange, is said to be under investigation…. Read More

July 3, 2020 @ 12:53 pm By Omar Faridi  |  

Nearly a third or 33% of UK residents say they were financially unprepared for the COVID-19 outbreak and resulting challenges. Around 38% of UK residents responding to a survey conducted by Fintech Zopa said they’re now preparing their savings for another potential emergency situation that… Read More

July 3, 2020 @ 8:13 am By Omar Faridi  |  

October, a leading European online lender, notes that it was launched after the global financial crisis of 2008-2009 with the goal of providing more financing options or alternatives to European SMEs. The October team wrote in a blog post published on July 1, 2020: “We… Read More

July 2, 2020 @ 11:32 pm By Omar Faridi  |  

The Indian government has been asking local banks to work cooperatively with SMEs by providing much-needed liquidity during the COVID-19 crisis. Several local digital lenders and non-bank finance companies (NBFCs) will be offering credit solutions to Indian businesses. U GRO Capital, a Bombay Stock Exchange… Read More

July 2, 2020 @ 4:32 pm By Omar Faridi  |  

An International Monetary Fund (IMF) official recently noted that China’s Fintech sector could be “instrumental” in assisting SMEs with acquiring reliable credit. The representative added that reliable loans and funding will play a key part in helping businesses get through the COVID-19 outbreak and resulting… Read More

July 2, 2020 @ 3:30 pm By Samantha Hurst  |  

Global financial service platform Kabbage announced on Wednesday it has approved more than 209,000 Paycheck Protection Program (PPP) applications for $5.8 billion. Kabbage claimed it is the third-largest PPP lender in the country by application volume.  As previously reported, the PPP is part of the… Read More

July 2, 2020 @ 3:20 pm By Samantha Hurst  |  

Online lending platform Lendio announced on Wednesday it has facilitated $8 billion in Paycheck Protection Program (PPP) loans for 100,000 small businesses to date. The lender reported that it has supported 300 SBA-approved financial institutions and fintech lenders across the country, as well as helped… Read More

June 30, 2020 @ 9:00 am By JD Alois  |  

LendingClub Corporation (NYSE: LC), the largest marketplace lender in the US, is expanding its LCX platform to provide biding and pricing on loans prior to issuance. This marketplace is said to operate down to the individual loan level thus providing exceptional granularity, according to a… Read More

June 25, 2020 @ 5:27 pm By JD Alois  |  

LendingClub (NYSE:LC) has published a blog post and affiliated 8-K updating on platform performance during a challenging market pummeled by COVID-19. During the last earnings report, LendingClub reported loan originations down in April by a whopping 90%. Today’s missive is a bit more optimistic as… Read More

June 24, 2020 @ 10:41 pm By JD Alois  |  

Prospa, an online lender serving Australian SMEs, says it did a clean sweep of the MFAA State Excellence Fintech Lender Award for the third year running. According to the Fintech, the company has received the Fintech Lender Award for QLD at the fifth and final… Read More

June 24, 2020 @ 7:56 am By Samantha Hurst  |  

  Online lending platform Lendio announced on Tuesday it has formed a new partnership with Lendistry, an online lender that focuses on providing economic opportunities and progressive growth for minority small business owners and those in underserved communities. Lendio reported that through this partnership, it… Read More

June 18, 2020 @ 10:25 pm By Samantha Hurst  |  

Global financial service platform Kabbage announced on Thursday it will now and always recognize Juneteeth as a company holiday. Juneteeth is an official American holiday and an official Texas state holiday that celebrates annually on the 19th of June to commemorate Union army general, Gordon… Read More