Tagged: online lending

July 30, 2024 @ 5:20 pm By JD Alois  |  

Digital bank LendingClub (NYSE: LC) has released Q2 earnings which are being described as an “inflection point” for the Fintech. Net income increased to $14.9 million from $12.3 million in Q1 2024. LendingClub CEO Scott Sanborn, LendingClub CEO said their product innovations enabled them to… Read More

July 24, 2024 @ 9:30 am By JD Alois  |  

Peer-to-peer lender FOLK2FOLK has topped £700 million in lending, according to a note from the firm. The company claims to be the largest P2P lender to small businesses in the UK. Launched in 2013, FOLK2FOLK is one of the few remaining P2P lenders. The unique model combines… Read More

July 24, 2024 @ 9:22 am By Omar Faridi  |  

LendInvest Mortgages, the UK’s platform for mortgages, announces the launch of a streamlined range of residential mortgage products, delivering simpler and faster options for homeowners. This enhancement follows the “introduction of improved criteria in June and includes significant rate reductions, making LendInvest’s mortgage offerings more… Read More

July 22, 2024 @ 9:19 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) recently took action to make sure that consumers can dispute charges and obtain refunds on BNPL products and services, making BNPL lenders follow similar rules as credit card companies. So, what does this mean for banks and Fintechs? As… Read More

July 16, 2024 @ 7:20 pm By JD Alois  |  

Faes & Co. has announced a partnership with UK investment manager Triple Point. The company reports that Triple Point holds more than $4.7 billion in funds under management. The arrangement will see Triple Point provide Faes & Co. with funding to support its lending activities… Read More

July 13, 2024 @ 6:29 am By Michael Wong  |  

Bangladesh’s BRAC Bank has achieved a significant milestone in digital lending in the country by providing over 12,000 digital instant loans, amounting to more than BDT 1 billion (100 crore), within a year of its soft launch. The bank’s Digital Instant Loan facility, recognized as… Read More

July 9, 2024 @ 2:14 pm By Omar Faridi  |  

Fairlo, a consumer credit Fintech, recently announced that it has received B Corp certification, joining a global movement of businesses dedicated to fostering “an inclusive, transparent, and sustainable economy.” Jimmy Hanna, CEO and founder of Fairlo, said: “The entire process has taken almost a year… Read More

July 8, 2024 @ 3:49 pm By JD Alois  |  

SoLo Funds, a peer to peer lender, has settled allegations brought by the Attorney General of Pennsylvania. In a public statement, the AG claimed that Solo Funds “deceptively led borrowers to belive they were receiving interest free loans.” Allegedly, the loans actually incorporated “outrageously inflated… Read More

June 22, 2024 @ 10:32 pm By Omar Faridi  |  

Brankas and Global Finteq announced a partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines. Established banks, rural banks, and even non-traditional financial institutions are “now able to lend at scale as existing loan products can now exist outside of the… Read More

June 22, 2024 @ 6:58 pm By Tony Zerucha  |  

This week, Amount, a digital origination and decisioning SaaS platform powering account opening, loan origination, and financing, unveiled a partnership with Liberty Bank to modernize its technology infrastructure to originate personal loans from within the bank for the first time. Based in Middletown, Conn., Liberty… Read More

June 19, 2024 @ 7:49 am By Omar Faridi  |  

FOLK2FOLK has recently announced “record” turnover and investor returns. Folk2Folk is reporting continued growth and positive impact “on regional UK economies with £15m paid out in interest to investors.” FOLK2FOLK, the UK’s peer-to-peer lending platform for businesses, says that it “returned a record £15.78m in… Read More

June 13, 2024 @ 8:29 am By Omar Faridi  |  

In May, HeavyFinance says that it saw the investor community allocate “a total of €1.04M across 37 agricultural projects” using the European platform. As of the end of May 2024, HeavyFinance reveals that a significant sum of €55.92M was “issued in loans since the inception… Read More

June 9, 2024 @ 5:44 pm By Michael Wong  |  

Asialink Finance Corp, a provider of financial solutions to small and medium enterprises (SMEs) in the Philippines, has announced secured P4 billion (about $71 million) from Malaysian private equity firm Creador. This strategic infusion of funds will see Creador acquiring an 18% stake in Asialink,… Read More

June 8, 2024 @ 6:34 pm By Michael Wong  |  

Filipinos’ reliance on digital financial services intensified in 2023, with users spending a cumulative 1.3 billion seconds, or 42 years, on digital lending applications, marking a 37-percent surge from the previous year, a report by consumer credit service Digido revealed. According to the study, personal… Read More

June 4, 2024 @ 12:31 pm By JD Alois  |  

Abrigo has announced a commercial loan origination tool for SME lending. Abrigo Small Business Lending is said to leverage AI to help banks and credit unions boost their small business loan portfolios. The automated loan processing is said to provide a transparent, AI-powered loan scoring… Read More

May 31, 2024 @ 4:30 pm By Suki Gao  |  

To the surprise of nobody, female-led SMEs often face significant hurdles in the hyper-competitive global marketplace, primarily due to systemic biases and gender disparities entrenched within financial systems. Studies have consistently shown that women entrepreneurs encounter more challenges in securing financing compared to their male… Read More

May 28, 2024 @ 8:44 am By JD Alois  |  

Linked Finance, an online lender serving Irish SMEs, says it has topped €300 million in loans since its launch. The funding has supported over 4200 smaller firms. For 2024, Linked Finance predicts that it will lend, on average, €115,000 per borrower hitting over £80 million… Read More

May 20, 2024 @ 3:54 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) has sued the online lending platform SoLo Funds for claims the Fintech deceived borrowers about the total cost of loans. The CFPB notes that SoLo markets itself “as a consumer-friendly alternative to high-cost, short-term loans.” Solo is a Fintech… Read More

May 14, 2024 @ 10:27 pm By Omar Faridi  |  

OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided an initial £25m loan to Blue Shield Capital, a property lending firm committed to simplifying bridge lending. Launched in 2020, by co-founders Gil Ulrich and Jonathan Hitter, Blue Shield primarily underwrites senior bridging loans “backed… Read More

May 11, 2024 @ 7:20 pm By Michael Wong  |  

Mongolia’s first digitally focused bank M bank has secured $30 million in financing from the International Finance Corporation (IFC) provide digital lending to women and small and medium enterprises (SMEs). In a collaborative effort to bolster the Mongolian financial sector, IFC and M bank are… Read More