Tuesday February 6 2018, Daily News Digest

paypal active customers

News Comments Today’s main news: Zopa reveals where the 3B GBP loanbook gets you. Revolut now operates in the Nordics. MatchMove, Rubique partner on loan payouts, disbursements. Behalf nabs $150M in debt capital. Today’s main analysis: PayPal has another solid quarter of growth. Today’s thought-provoking articles: Why SoFi wants to be a neobank. LendingClub wants to get customers off the […]

paypal active customers

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United States

What is a neobank, and why does SoFi want to be one? (Bankrate), Rated: AAA

The company, Social Finance (often shortened to SoFi), is set to launch its SoFi Money business in the next few months. With this new product line, the company adds its name to the growing list of so-called “neobanks,” alongside firms like Chime, Simple and Varo Money. If you’re interested, there’s a waiting list for SoFi Money.

However, up until now neobanks have tended to stick to narrowly focused product lines, offering only checking or savings accounts. They have also needed to partner with specialty banks to ensure deposits are covered by the Federal Deposit Insurance Corp. (FDIC).

Should you become a customer, your debit card would say SoFi Money and you’d use the SoFi app to check your balance and call customer service when you have a problem, but your money would be on deposit at WSFS Financial.

LendingClub: Getting Borrowers Off The Credit Hamster Wheel (PYMNTS), Rated: AAA

Allocca first observed the problem in the late 1990s, when he began to sense a disconnect between the bank’s stated vision and mission to help customers succeed financially — and the actual help and services that were being offered, from credit cards to overdraft fees.

An October 2017 study by PYMNTS and Unifund dubbed these consumers “financial invisibles,” having no (or little) access to further credit when they need it. These consumers live paycheck to paycheck, and the ends just aren’t meeting up. They feel like they could never set aside $300 a month to square away their credit card debt.

Allocca said they can — and they do — and if they get into the habit of setting aside those $300-a-month payments once the debt has been erased, the savings start to build up.

According to the Financial Invisibles Report, even 40 percent of the population that claims not to worry about money still lives paycheck to paycheck, and that’s true across demographics.

LendingClub (LC) Set to Announce Earnings on Monday (Week Herald), Rated: B

LendingClub (NYSE:LC) will be posting its quarterly earnings results after the market closes on Monday, February 12th.

PayPal sees another solid quarter of growth (Business Insider), Rated: AAA

PayPal, which Wednesday, had another quarter of strong growth across metrics.

  • Total payment volume: The firm’s total payment volume (TPV) increased to $131 billion in the quarter, up 29% from the $99 billion it posted in Q4 2016, and a 15% sequential increase. That volume 
    Source: Business Insider

    NYC-Based Behalf Secures $ 150 Million in Debt Capital (BusinessWire), Rated: AAA

    Behalf, a provider of working capital solutions for small and medium-sized businesses, announced today that it has secured $150 million in debt financing led by a private investment fund managed by Soros Fund Management LLC. Viola Credit also participated in the Debt Financing. An equity investment in Behalf was also made by Viola Credit and a private investment fund managed by Soros Fund Management LLC.

    Credit card issuers block bitcoin purchases (Bankrate), Rated: A

    Nearly all of the nation’s largest financial institutions have blocked consumers from being able to buy the volatile cryptocurrency with a credit cardJPMorgan Chase, Bank of America and Citigroup recently banned credit purchases of bitcoin and other cryptocurrencies, following Capital One and Discover.

    LendEDU, a student loan marketplace, surveyed nearly 700 bitcoin investors in December and asked how they paid for their investment.

    A third used a debit card, and another 19 percent set up an ACH transfer, which is what you’d expect—people tend to fund for their investment portfolio with cash.

    Another 18 percent, though, said they used a credit card. More than a fifth of those respondents said they carried credit card balance as a result of their purchase. Even more troubling, seven out of ten of those who went into debt believed the profit they’d earn from their bitcoin investment would compensate for interest payments.

    Hard Lessons From the Federal Student-Loan Program’s Coming $ 36 Billion Shortfall (WSJ), Rated: AAA

    U.S. officials have long maintained the federal government would make a profit on its $1.4 trillion student loan portfolio or at least break even, but two recent reports suggest just the opposite will be the case. Government lending to college and graduate students could soon become an immense drain on federal coffers, worsening an already deteriorating U.S. budget picture.

    The Education Department’s inspector general, an agency watchdog, in a reportreleased last week said the profitability of the U.S. federal student lending program is being squeezed because millions of Americans who borrowed heavily in recent years—including many graduate students—are flocking into a program to have substantial portions of their debts forgiven. Students who borrowed in the fiscal year ended Sep. 30, 2015, and enrolled in such “income-driven repayment” plans, for example, are expected to pay back $11.5 billion less than they took to pay tuition and other schooling costs.

    The prospect of taxpayer losses on student loans increases the chances that Congress will make major changes to the program, such as eliminating debt-forgiveness options or placing new dollar limits on how much individuals can borrow.

    REWIREMENT IS NOT AN ALTERNATIVE TO RETIREMENT, BUT A PHASE OF GLOBAL EXPLORATION THAT CAN HAPPEN AT ANY AGE (Ron Suber), Rated: AAA

    ON DAY 231-237,

    While hiking through a forest in Patagonia, wading over volcanic ash for miles, kayaking around fjords amongst glaciers and jumping off cliffs into roaring rapids I found the space to contemplate more on three of the most common topics of conversation.

    FEAR

    Few know that fear drove me to withdraw from the Prosper deal just days before we were going to invest with Sequoia in January of 2013.

    The fear of failure, fear of change, fear of losing, fear of the unknown; all drove me to say no to the Prosper opportunity that I wanted and had worked so hard on with my business partners.

    Overcoming that fear changed the trajectory of my life and helped shape my own investment philosophy (and the strategy of using an Investment Thesis).

    APPEARANCE

    Things aren’t always as they seem in nature, business, people and life. Keep staring, stay curious but remain open.

    ADAPTING

    Adapting is the ability to adjust and modify one’s self to new conditions and new circumstances, and it’s a proficiency we should nurture as our surroundings change ever more rapidly.

    Matt Hollender of NetCredit (Lend Academy), Rated: A

    In this podcast you will learn:

    • The history of Enova and how they have evolved over time.
    • What was appealing to Matt about taking the helm at NetCredit.
    • Where NetCredit fits in the overall picture at Enova.
    • Who the near prime consumer is they are targeting.
    • The range of loan terms that NetCredit offers.
    • While they don’t have a cutoff by FICO score for who they will serve.
    • How their underwriting process works.
    • The channels they use to find these customers.
    • How they are improving the financial lives of their customers.
    • How their unique bank partnership works and how it allows them to expand their reach.
    • The balance they strike between automation and human intervention in credit decisions.
    • How NetCredit differentiates themselves from their competitors.
    • How they are funding these loans.
    • The scale they are at today.
    • How their MyRightFit tool works during the loan application process.
    • The percentage of their customers that come to them on mobile.
    • What the future holds for NetCredit.

    How Millennial Shoppers Make Purchase Decisions Today (Free Biz Mag), Rated: A

    Millennials have become the most in-demand consumer group among online retailers. Experts estimate they already spend over $1 trillion annually. Savvy eCommerce executives are studying Millennials to understand how to better speak to (and sell to) this growing and highly influential audience. This article discusses:

    1. Actionable tips for improving relationships with Millennial customers
    2. Mistakes many companies make when speaking to Millennials
    3. Factors that make Millennials loyal to certain brands

    Pace of Small Business Investment Remains Strong (PayNet), Rated: A

    Small business investment continued to register gains at the end of 2017 as delinquencies and defaults remained at low levels according to the latest small business credit trends from PayNet, the leading provider of small business credit data and analysis. However, some warning signs in financial health are starting to emerge.

    The December 2017 Thomson Reuters/PayNet Small Business Lending Index (SBLI) decreased 1% to 136.5 from 138.5 (revised) in November 2017. Compared to December 2016, the SBLI increased 2%.

    Construction increased +7%, Transportation +13%, and Administrative and Waste Services +5% on a three-month rolling basis compared to three months ago.

    Weaknesses are primarily in the services sector with declines in Information Services (-8%), Professional Services (-3%), and Health Care (-2%) on a three-month rolling basis compared to three months ago.

    New Product Alleviates Mortgage Lending Compliance Risk and Worry (PR Newswire), Rated: A

    Financial institution executives in charge of mortgage lending compliance training now have a solution to stay ahead of employee training, certification and licensing requirements with the launch of Compliance Keeper 2.0 by OnCourse Learning Financial Services.

    The new product alleviates mortgage lending compliance issues regularly plaguing compliance officers, such as tracking loan officers’ completed pre-licensing and continuing education courses, compliance report generation, and assessing company risk and liability.

    Mortgage lending compliance made easy
    Compliance Keeper 2.0 empowers financial services compliance departments to administer, schedule, communicate, report and customize employee training programs to ensure compliance and success.

    Additional benefits of the new product are:

    • Mitigation of risk, and time and money savings on audit preparation.
    • Ability to meet state and national regulatory compliance requirements on time.
    • Automatic notifications that alert managers and employees to training and compliance deadlines.
    • Review of all company license information in one dashboard.
    • Actionable insight into employee certification needs.
    • Continuity of training across departments and/or branches.

    Fluz Fluz Blockchain Cashback Platform Aims to Enter and Reshape US Consumer Market (Insider Monkey), Rated: A

    However, one of the most important areas that blockchain technology can and will disrupt in the near future is financial services. Put simply, the technology represents a shared database that contains entries that are incorruptible and immovable and have to be confirmed in order to be added and each entry is logically linked to the previous one. This makes it perfectly suitable for international money transfers, so it’s unsurprising that 90% of major North American and European banks are exploring the use of this technology, according to an Accenture survey.

    According to a PwC report, 77% of financial institutions expect to adopt blockchain technology as soon as 2020.

    Fluz Fluz currently has over 40,000 active users in Colombia, where it launched in January 2017 built by the serial Ecommerce entrepreneurs Maurice Harary and Stefan Krautwald. The company sells instantly usable gift cards from over 200 merchants. Whenever a purchase is made using this card, network participants earn cashable rewards called Fluz, which are stored in mobile wallets. Fluz points can be exchanged for other cryptocurrencies or fiat money.

    Verifundr Moved to Next Phase Reports APT Systems (GlobeNewswire), Rated: A

    APT SYSTEMS, INC. (OTC Pink: APTY), a fully reporting public company in the Fintech sector, is pleased to announce that it has formally engaged the services of Difitek, Inc. to build the Verifundr escrow and payment platform. We look to Difitek to provide us with a modern framework, architecture and bank grade security features.

     

    The Worst Law Schools If You Ever Want To Pay Off Your Student Loans (Above the Law), Rated: B

    Worst Law School Salary-To-Debt Ratio
    School Avg Salary Avg Debt Salary-To-Debt Ratio
    Florida Coastal $84,664 $158,427 0.5x
    Charlotte School of Law $84,285 $154,802 0.5x
    Saint Thomas $96,356 $175,075 0.5x
    Barry University $86,908 $156,228 0.6x
    Appalachian School of Law $84,366  $143,724  0.6x
    Thomas Jefferson School of Law $101,173 $169,951  0.6x
    Roger Williams School of Law $94,557 $157,494  0.6x
    Elon University $87,680 $145,610  0.6x
    Texas A&M $90,665 $149,042  0.6x
    Arizona Summit f/k/a Phoenix School of Law $96,115  $155,697  0.6x
    United Kingdom

    Zopa reveals where a £3bn loanbook gets you (P2P Finance News), Rated: AAA

    ZOPA investors have funded enough car purchases to fill a traffic queue stretching from London to New Delhi, the platform claims.

    The peer-to-peer lender, which reached £3bn of loans last week, has been disclosing where the funds have ended up.

    Its loanbook has helped get 147,000 cars on the road, the platform revealed in a blog post on its website on Friday.

    Zorin Finance reaches £300m of lending (AltFi), Rated: A

    Zorin Finance, the alternative property lending specialist, has passed £300m of loans funded.

    Five UK FinTechs Leading The Charge In FinTech Fortnight (Forbes), Rated: A

    Today marks the start of FinTech Fortnight, a two-week celebration of the UK’s rapidly-growing FinTech sector.

    Revolut is a mobile-only digital banking app which launched its first UK current accounts in 2017.

    Founded in 2007, FreeAgent provides cloud-based accounting software, specifically for freelancers, micro businesses and accountancy practices.

    Bud is a London start-up that is trying to introduce “tailor-made banking”, by bundling a person’s various financial services, from a credit card with one bank, to a current account with another, into one platform.

    Funding Circle connects investors who wish to lend money directly to small and medium-sized enterprises via its peer-to-peer, alternative financing platform. Since its launch in 2010, investors on the platform have lent more than £3.2bn to UK firms, which has helped more than 33,000 companies access financing.

    Digital-only bank Monzo, began life as a start-up offering a pre-paid debit card.

    Current account customers slapped with an average of £152 in fees last year – here’s how to check what you paid (This is Money), Rated: A

    Plum has launched a Fee Fighter tool you can use to check how much you have handed over in fees yourself.

    Current account customers handed over an average of £152 each in banking fees last year, effectively putting an end to the myth of free banking.

    Given there are around 65 million active current accounts in the UK, this means the banks could have made nearly £10 billion in fees, according to the figures from savings app Plum.

    The research, which looked at 11,217 current accounts, showed that only 7 per cent (770 users) paid no bank fees at all.

    Over half (57 per cent) of the £152 average annual cost to current account customers came from using an overdraft and 56 per cent of account holders, or 6,276 people, used their overdraft, dipping in to the red at least once in the year.

    The next largest slice of the £152 average fee (at 27 per cent) was made up of monthly account charges or unspecified fees – which can include the cost of payments made or bounced by the bank that take you beyond your limit that are are commonly known as paid and unpaid item or transaction fees.

    These payments typically cost between £5 and £10 each.

    Source: This is Money

    R5-SHCH Connect goes live with eight Chinese banks (Finextra), Rated: A

    Theresa May today announced the launch of R5-SHCH Connect, a new service which links banks in China with London’s foreign exchange (FX) market.

    Using R5-SHCH Connect domestic banks in China now have access to the London FX market, recognised as the leading centre for global FX trading. The new service is a partnership between London’s R5 and the Shanghai Clearing House, announced by UK Chancellor Philip Hammond in December as part of the 9th UK China Economic Dialogue.

    European Union

    Red-hot fintech startup Revolut is taking on the Nordics (Business Insider), Rated: AAA

    Stockholm’s hot fintech scene is about to get hotter as Revolut – one of recent years’ biggest fintech sensations – arrives in the Swedish capital to launch its Nordic expansion.

    Since 2015, the startup has acquired some 1,3 million users around the world, making it one of the world’s fastest-growing fintech startups.

    The company, which recently added all the Scandinavian currencies among its basket of 130 global currencies, is now officially live in all the Nordic countries.

    Dutch fintech firm Ohpen raises €25 million to expand into new markets (Tech.eu), Rated: A

    SaaS-based core banking software Ohpen has raised €25 million in a Series C round led by private equity firm Amerborgh.

    Amsterdam’s Ohpen develops software tools used in the financial sector to digitalise services and for moving customers to the cloud. The new funds will be invested in growth and expanding into new markets.

    Finance chiefs warn on Big Tech’s shift to banking (Financial Times), Rated: A

    Europe’s introduction this year of “open banking” regulation, which forces lenders to provide access to accounts of customers who authorise it, has left senior bankers worrying that tech groups will cherry-pick the best parts of their business.

    Francisco González, executive chairman of Spanish bank BBVA, has warned that groups such as Facebook and Amazon in the US, and Alibaba and Tencent in China will “replace many banks”. He called on a global body such as the G20 to take action, saying “authorities [need] to bring order to this massive change” that could “pose risks to financial stability”.

    France regulator AMF clarifies its expectations for crowdfunding (LeapRate), Rated: B

    The crowdfunding regulatory framework, which was established in 2014 and updated in 2016, set up different statuses for intermediaries in relation to the marketed products:

    • crowdfunding investment advisors for investments in equity, bonds and “minibons” (interest-bearing notes). They are supervised by the AMF;
    • crowdlending intermediaries for donations or loans – with or without interest. These professionals fall under the jurisdiction of the ACPR.

     

    International

    16 Fintech Startups Deliver $ 12 Billion Financing to Consumers and SMEs in 32 countries (Crowdfund Insider), Rated: A

    The conference gathered more than 2,500 delegates from more than 50 countries from the five continents at the old French stock exchange in Paris, France. Alternative finance was one of the many topics addressed – the event spans Fintech and Insurtech and topics ranging from cryptocurrencies and blockchain to Artificial Intelligence and to Regtech.

    • They’re young: The 16 firms are on average 5.5 years old (with the oldest being 12 years old, the youngest not even 2),
    • Very international: They serve on average 4 different countries and together, with much overlap, cover 32 countries on the five continents.
    • Getting big: They have helped finance nearly €9.5 billion ($12 billion) worth of loans, bonds, and private equity for consumers and SMEs.
    • Well-funded: They raised on average $30 million in private equity for themselves

    Panelists Davis Barons, CEO of Creamfinance, Poland; Boris Batin, CEO of ID Finance, Spain; and Mark Ruddock, CEO of 4finance, Latvia, may be the best-kept secrets of global alternative finance. Founded respectively in 2012, 2012, and 2008, these companies have originated loan volumes measured in the €100s of million, and even, in the case of 4Finance, in billions of euros.

    Revolutionize Your Finance Industry Business With FinTech Mobile Apps (Finextra), Rated: A

    With the increased use of mobiles and digital revolution, every business has been disrupted, and financial services are no exception to this. There has been a drastic change in the way people are now accessing financial products and services. Customers are now looking out for FinServes that offer mobile apps and wearable technology to uninsured millennials. Insurance companies associating with FinTechs is on a rise and FinServes are increasingly leveraging new technologies to enhance customer experience. All insurance related process platforms ranging from claims, underwriting, distribution, and brokerage are being automated in innovative ways.

    According to a survey, FinTech is expected to be customer-focus by nearly 75% respondents out the 432 respondents surveyed. About 84% respondents expect that in the next five years, FinTech mobile applications will show the largest growth in usage.

    • Accept the changing market scenario 
    • Invest in technology: You need to implement innovative technology by investing in ventures to sideline your competitors in the FinServe industry.
    • Work in partnership: You need to collaborate with partners beyond the FinServe industry who have experience and can come up with new ways to generate value.
    • Analyse your success goals: So, plan your goals for the future by cautiously investing in digital technologies that are easy to implement and considering the opportunities available for improving business models.

    Challenges faced by InsurTech

    • IT security concerns: The security challenges of the IT industry make it a challenge for customers to enter the FinTech environment with complete reliability.
    • Frictions in customer journey: With the introduction of FinTech, customer expectations have reached a whole new level. However, they still experience a lot of friction throughout their journey as their very high expectations are still not met.
    • New and different business models: As the traditional insurance industry remained unchanged for over a century, the change in business models is not easily acceptable. Failure to meet user’s rapidly changing needs with time creates a challenge for FinTech adoption.
    Australia

    Why property buyers need to know about tax deductions (Domain), Rated: AAA

    According to a recent survey by online lender State Custodians, 61 per cent of respondents don’t know that mortgage interest payments on an investment property are tax deductible.

    A property is said to be negatively geared when expenses exceed rental income, and this net loss can be applied against other income, including salary or business income, to reduce your tax bill.

    Only 23 per cent of people under 35 know interest repayments are tax deductible compared with 44 percent of people aged 35 and over.

    The Australian Tax Office explains what expenses are deductible, but crunching the numbers based on a hypothetical property purchase can help put it into perspective.

    Source: Domain.com.au
    India

    Startup CXOs welcome boost to digital infra, ask for redressal of angel tax (money control), Rated: A

    Even as the government failed to address the issues of angel tax and crowdfunding of startups in Budget 2018, India’s young ventures have welcomed the move to encourage financial-tech sector and healthcare.

    Bhavin Patel, Founder & CEO, LenDenClub: 

    “The government’s step of introducing LTCG tax of 10 percent on capital gains over Rs. 1 lakh could push investors to go to other fixed income avenues like P2P Lending. The policy will encourage investors to consider P2P lending as an alternate platform to invest and earn profitable returns. The reduction in the Corporate tax to 25 percent also appears as some relief to MSMEs like us.

    The efforts towards creating the right environment for Fintech companies to grow in India will bring in promising growth prospects for P2P lending platforms.”

    Satyam Kumar- CEO and CO-Founder, Loantap: 

    “We are happy that Finance Minister has acknowledged voice from Fintech Industry seeking soft touch approach to regulation and making a strong case for Fintech participation in supporting SME/ MSME growth. Fintech as a segment has been signalled out in this budget with a very clear objective of credit push to the last mile. We see it as strong government backing for the way fintech industry is shaping in India.”

    Asia

    MatchMove and Rubique to Disrupt Loan Payouts and Disbursements (Payments Journal), Rated: AAA

    MatchMove India today announced its partnership with Rubique, India’s leading marketplace for financial services, to transform the current way of paying and disbursing funds to multiple recipients. Rubique’s platform provides a wide range of loan products and end-to-end loan fulfilments to individuals and Small and Medium Enterprises (or SMEs) through its wide network of retailers and distributors.

    The globally proven MatchMove Bank Wallet Operating System enables Rubique to pay commissions, incentives and cashbacks to its retailers and distributors securely with just one click.

    India’s lending market is expected to be valued at US$3 trillion by 2026 and this presents a huge opportunity for Rubique.

    To date, Rubique has processed approximately 100,000 applications, disbursed US$345 million worth of loans and signed up about 65,000 cards across 80 financial institutions. Rubique’s business has seen a fourfold increase year-on-year and it plans to increase its footprint from 27 to 100 cities next year.​

    Cayman

    FINTECH POISED TO TRANSFORM FINANCIAL SERVICES INDUSTRY (Cayman27), Rated: AAA

    Traditional financial services accounts for around 55% of Cayman’s economy, but emerging technologies – blockchain being one example – are poised to change the industry forever.

    Fintech, a mash-up of finance and technology, is a word we are likely to hear more often in years to come. In the not-so-distant past, Fintech referred to the back-end computer technology used by banks or trading firms. Over the last decade Fintech has evolved to describe a broad variety of technological interventions into personal and commercial finance, and it’s garnering a lot of investment.

    Authors:

    George Popescu
    Allen Taylor

Friday October 20 2017, Daily News Digest

Chinese IPOs

News Comments Today’s main news: Betterment achieves private unicorn status. Venmo available at 2 million retailers. PayPal sees profits rise after targeting mobile payments growth. Finova secures $102.5M in equity, credit facility. Lendy investors see 100M GBP in returns. PayKey raises $10M for Asian expansion. Lendex.io plans ICO. Today’s main analysis: Qudian’s IPO underlines China’s fintech appetite. Mind the GAP in the […]

Chinese IPOs

News Comments

United States

United Kingdom

China

European Union

Australia/New Zealand

India

Asia

MENA

Canada

News Summary

United States

Betterment is now valued at $ 1 billion in private market trading (Business Insider), Rated: AAA

Betterment, a roboadviser with $11 billion under management, is considered a unicorn in the private markets.

Preferred shares of Betterment are being offered at a price of $11 on EquityZen, an online marketsite for shares of private companies, according to a list of investment opportunities seen by Business Insider. That gives Betterment an implied valuation of over $1 billion.

EquityZen, a four-year-old New York-based company, provides a platform on which private company investors can sell their shares to accredited investors. It serves 20,000 investors and has secured $6.5 million in funding.

Venmo users can now pay at over 2 million retailers (Business Insider), Rated: AAA

PayPal is giving over 2 million retailers in the US the ability to accept Venmo payments, marking the firm’s most aggressive move yet to 

PayPal tops profit estimates, lifts target on mobile payments growth (Reuters), Rated: AAA

Sharp growth in mobile payments led PayPal Holdings Inc (PYPL.O) to report a better-than-expected third-quarter profit on Thursday and lift its guidance for earnings through the rest of the year.

The San Jose, California-based payments company has been working hard in recent years to expand its reach to new customers through partnerships and acquisitions, particularly in mobile payments. Those deals are clearly starting to bear fruit, analysts said.

PayPal shares were up 3.9 percent at $69.89 in after-hours trading following the results.

The company’s adjusted profit rose 32 percent during the third quarter to $560 million, or 46 cents per share, beating the average analyst estimate of 43 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 21.4 percent to $3.24 billion.

Its mobile payments volume jumped 54 percent during the third quarter compared with the year-ago period, to about $40 billion. Total payments volume rose 31 percent to $114 billion.

Florida Fintech Finova Financial Secures $ 102.5 Million In Equity & Credit Facility Funding (Crowfund Insider), Rated: AAA

Florida fintech firm Finova Financial announced on Tuesday it has secured $102.5 million in equity and credit facility funding. The financing was led by CoVenture with participation from existing investors.

Finova’s current digital products include its Car Equity Line of Credit (CLOC) and Automobile-Secured Prepaid Card. Its services are available in Florida, California, Tennessee, New Mexico, South Carolina, Oregon and Arizona.

Fundrise Growth eREIT Files to Raise $ 45.7 Million (Crowdfund Insider), Rated: A

The Fundrise Equity REIT, or Growth eREIT, has filed with the SEC to raise up to $45,730,440 under Reg A+.  The amount includes $11.8 million from a previous offering circular.

The Growth eREIT most recently paid an 8% dividend.

The first Growth eREIT sold out at the maximum amount under Reg A+ of $50 million.

Investors may purchase shares in the eREIT with at a minimum $1000. Under Reg A+, both accredited and non-accredited investors may participate.

LILY Partners with Affirm to Offer Drone Buyers Pay Over Time Options  (PR Newswire), Rated: A

Mota Group’s LILY® division today announced a new flexible time-payment option, partnering with Affirm to offer shoppers in the United States the flexibility of buying now and making simple monthly payments for their purchases.

This new option is in addition to LILY’s existing payment methods of credit and debit cards, Bitcoin, and PayPal, making LILY the only consumer drone company to offer all five methods of payment.

LILY customers may select Affirm at checkout and view their monthly payments up front before making their purchase. More information and purchasing options are available at www.lily.camera/affirm.

Clearbanc, Michele Romanow work with Facebook for easy small business financing (Financial Post), Rated: A

“The number one thing that prevents entrepreneurs from growing big businesses is access to capital,” says tech entrepreneur and CBC Dragon Michele Romanow. She’s looking to change that for e-commerce businesses.

Today, Romanow’s Clearbanc, which provides revenue-based financing to online businesses, announced a new program with Facebook that will give the social media giant’s five million online merchants across Canada and the U.S. access to up to $500,000 in financing without having to give up any equity or fill out any paperwork or even undergo a credit check.

Facebook advertisers that have been operating for more than six months and are looking for money to grow, and have positive economics on ad spends — meaning when they buy an ad they are making a positive margin on selling that product — can apply online through Clearbanc’s Chrged program, which provides tools to help businesses scale, and connecting their Facebook Ad Account and payment processor.

Perspectives from Around the Industry on CFPB’s Small Dollar Rule (Lend Academy), Rated: A

Sasha Orloff, CEO and Co-Founder of LendUp:

As a socially-responsible lender on a mission to improve credit access for underserved consumers, LendUp shares the CFPB’s goal of reforming the troubled payday lending market. Since our founding, we’ve been a strong advocate for eliminating the predatory practices that have defined the short-term lending market and are pleased that many of these reforms are included in the rule.

At a time when more than half of Americans are unable to access traditional banking products, it is critical that we offer consumers as many safe credit options as possible.

Ken Rees, CEO of Elevate Credit:

We believe the CFPB got it exactly right with the rule.

The rule will dramatically change the landscape of non-bank, non-prime lending in this country. In addition to reducing the number of payday lenders and title lenders, the requirements for advanced underwriting and reporting will push most of the mom-and-pop, primarily brick-and-mortar lenders out of existence.  We believe that the growing need for non-prime consumer credit will be filled by more sophisticated technology-enabled online lenders.

Lisa McGreevy, President & CEO, Online Lenders Alliance (full response here):

The biggest problem with the rule is the very prescriptive nature for a product that is $500 or less. There is no room for any new products or innovation in this space.

APR is an irrelevant measure for very short term loans like this. The CFPB quotes that more than 80% of these loans are rolled over for another loan within the month. That is unacceptable.

CFPB Consumer Advisory Board to meet Nov. 2 (National Law Review), Rated: B

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017.

Presumably, the loan discussion will focus on the CFPB’s final payday loan rule.

Climb Credit Enters Into $ 130 Million Loan Purchase Agreements (PR Newswire), Rated: A

Climb Credit, a student lending company that expands access to quality education for the new economy, today announced that it has entered into agreements with investors to purchase $130 million of student loans originated by Climb Credit.

The transaction will enable Climb Credit to continue expanding its student loan programs beyond its current network of software development, UI/UX design, robotics, welding, nursing, and other skills-based programs in additional high-earning fields. Climb Credit’s focus is to transform the higher education paradigm by providing better access and affordable funding to students to attend schools that consistently demonstrate a strong return on investment (ROI) for their students.

Roostify Unveils New Decision Builder to Improve Pre-Application Consumer Experience and Drive Leads (PR Newswire), Rated: A

Roostify, a provider of automated mortgage transaction technology, today announced the upcoming release of Decision Builder, a new tool that will enable lenders to easily provide their prospective applicants with a clear, easily-digestible view of their loan options, based on the lender’s actual product and pricing system. The company will be offering live demonstrations of Decision Builder for the first time at the upcoming MBA Annual Convention.

The Decision Builder tool can be placed on a lender’s existing website, and features a handful of dropdown questions, such as the desired loan amount, the expected down payment, and the ZIP code of the house to be purchased. With that information, Decision Builder will generate a series of loan options based on the lender’s product and pricing system, showing the consumer what products and rates they would qualify for. Each option is presented in a visual, easy-to-understand interface with clear explanation of the benefit of the loan product – for example, a lower monthly payment or low total interest. From there, the consumer can more easily evaluate which loan product is right for them.

With accurate, realistic loan information from the lender’s website, the consumer can carefully consider their options on their own time, without the pressure of having to decide within the limited window of an appointment with a loan officer. When they’ve made a decision, the interface includes a convenient option to move forward on their chosen loan with the click of a button.

How consumer banking leaders are embracing AI (American Banker), Rated: A

Artificial intelligence is becoming a competitive advantage that will force institutions to incorporate it, according to participants at the BankAI conference this week.

“People will have to adopt artificial intelligence,” said Brian Pearce, senior vice president of artificial intelligence at Wells Fargo. “It will have to become part of everyone’s set of tools.”

What banks are doing

Wells Fargo is piloting several chatbot technologies, though it has yet to suggest a launch date for any of them.

The bank has a team dedicated to bereavement — they take these phone calls and help executors manage the estates of the newly deceased.

Bank of America

Michelle Moore, head of digital banking at Bank of America, shared an update on the virtual assistant it announced a year ago, erica. It’s now in use by 300 employees. Sixty percent of the time, employees choose to interact with erica by voice, though they could also use chat, Moore said.

Ally Bank

Ally Bank was one of the first to launch an AI-based virtual assistant two years ago: Ally Assist, which is based on technology from Personetics.

Most people who commonly interact with Ally Assist are heavier transaction customers, Morais said.

The bank is also using AI in the back office. For instance, the bank used robotic process automation to streamline an exception process that had required back-office staff to navigate multiple screens and type hundreds of keystrokes. It now takes three clicks.

BBVA

Robert Sears, executive vice president and global head of product for new digital businesses at BBVA, said the bank is applying AI in credit decisions and focusing on explainability.

The Top 10 Most Affordable MBA Programs In The United States (BusinessBecause), Rated: A

For those studying abroad, organizations like Prodigy Finance—a borderless, peer-to-peer lending platform—provide international, post-graduate loans.

Student Loan Hero looked at 116 of the top American business schools to identify which programs are most financially affordable, taking into account the average debt of graduates, average starting salaries, and annual tuition fees.

Rank Business School Average Indebtedness Percentage of graduates with debt Annual tuition and fees Average starting compensation
1 Lehigh University $0 0 $19,350 $86,667
2 Oklahoma City University $11,331 9 $16,230 $101,090
3 University of Texas —​ Dallas $7,132 25 $19,048 $83,000
4 Missouri University of Science and Technology $11,386 19 $15,402 $66,667
5 Oklahoma State University (Spears) $18,728 22 $12,121 $70,700
6 University of Missouri (Trulaske) $20,495 20 $14,599 $64,252
7 Florida State University $14,379 31 $18,693 $67,308
8 West Virginia University $18,608 33 $9,450 $58,488
9 Louisiana State University—​Baton Rouge (Ourso) $17,900 27 $17,800 $62,429
10 West Texas A&M $18,500 54 $9,600 $93,625

Jay DesMarteau, head of commercial bank specialty segments at TD Bank, said early-stage businesses will often use their funds for operational necessities such as buying inventory and building products.

Isaac Rodriguez, CEO of Provident Loan Society, notes that as a not-for-profit collateral lender, most of his organization’s loans are made for short-term expenses such as meeting payroll.

David Reiling, CEO of Minnesota-based Sunrise Banks, confirmed this trend, noting that many of the bank’s small business customers now use their borrowed capital for technology purchases.

For example, according to a recent survey from TD Bank, 69 percent of small business owners either believe they do not have a business credit score or believe that business credit scores do not exist.

Of course, an alternative lender may be a better option if you want an even smaller loan or if you don’t qualify for a traditional bank loan.

Has Dating Become a Financial Audition? (24/7 Wall St.), Rated: A

Student loan marketplace and refinancing website LendEDU polled 1,000 Americans to discover their personal finance preferences when it comes to dating.

The big question, though, was this one: “Would you consider [annual income, student loan debt, or credit card debt] to be a critical factor when deciding to date someone?”

Just over 30% of respondents said that credit card debt was a critical factor in deciding whom to date, compared with just less than 19% who saw annual income as a critical factor and 12% who saw student loan debt as critical.

OCC’s Noreika: National Bank Charters Should Be an Option for Fintech Firms (ABA Banking Journal), Rated: B

Acting Comptroller of the Currency Keith Noreika today reiterated his view that companies providing financial products and services should be subject to the same regulations and examinations as traditional banks, while emphasizing that a path should exist for these companies to apply for a national bank charter.

Zoinks! 6 Ways Home Buyers Scare Off Sellers (Realtor.com), Rated: B

So, in case you want to make sure you aren’t doing anything that might send up red flags, here are some things buyers do that scare off sellers.

For instance, a new, fly-by-night online lender might give some sellers the heebie-jeebies. So make sure to ask your agent (and also the seller’s agent) whether there’s a certain lender they trust.

Online Lender OppLoans Appoints Data Everywhere Founder Andy Pruitt as New CTO (Crowdfund Insider), Rated: B

Online lender OppLoans announced on Thursday it has appointed Andy Pruitt to the role of CTO. Pruitt is a hands-on technologist who has helped start and grow three Chicago-area software companies. He isfounder of Data Anywhere, a data management company.

State rolls out refund program, checks on the way (KFOR), Rated: B

CashCall refunds are still on the way.

By the time Wanda took action she had already paid online lender, CashCall, $1800 dollars on an $800 dollar loan and she didn’t even get her loan through CashCall.

The agreement gives the state one million dollars to distribute to customers.

United Kingdom

Lendy has repaid £100m to investors this year (P2P Finance News), Rated: AAA

LENDY has announced that it has returned £100m to investors over the last year alone, as it celebrates its fifth birthday this week.

The peer-to-peer property platform said on Thursday that this was a 120 per cent year-on-year increase and that it has now repaid £183m to investors since launch.

Lendy recently announced the repayment of a £7.92m loan, one of the largest seen in the UK’s P2P sector to date. The facility had been repaid ahead of schedule and delivered annual returns of 12 per cent to investors.

First Associates Receives FCA Authorization to Service Loans in the United Kingdom (First Associates), Rated: A

First Associates Loan Servicing announced that they have received Financial Conduct Authority authorization to undertake debt administration and debt collection in the United Kingdom.

In addition to having a stellar reputation for their loan servicing support and being the only loan servicer in their class to earn Morningstar Credit Ratings’ highest operational assessment ranking1, First Associates also offers lending support solutions to their roster of industry-lending clients including:

  • Capital Markets Support
  • Pre-Funding Support
  • Post-Funding Support

IFISA investments ‘to take off’ in 2018 (P2P Finance News), Rated: A

2018 MAY be the year in which the Innovative Finance ISA (IFISA) finally takes off, an industry expert has suggested.

Neil Faulkner, chief executive and founder of peer-to-peer analysis firm 4th Way, noted that the small platforms that have already launched IFISAs have seen massive boosts to their lending volumes, and suggested that the amount of money in IFISAs “will go up many-fold” when the major platforms have their own accounts on offer.

Take-up of IFISAs has been relatively slow so far, with HMRC figures suggesting that just £17m was invested across 2,000 accounts in the 2016-17 tax year, though these have been queried by P2P firms.

Othera ​announces ​new ​contract ​with ​U.K.’s ​Lendhaus (LendIt), Rated: A

Announced ​at ​Lendit ​in ​London, ​Othera, ​a ​blockchain ​software ​provider ​for ​the ​financial ​services industry ​has ​just ​signed ​to ​their ​proprietary ​blockchain ​platform, ​Lendhaus, ​a ​London- ​based ​loan originator ​providing ​syndicated ​lending ​for ​the ​commercial ​real ​estate ​sector.

HSBC launches integrated financial offering through Bud and first direct (IBS Intelligence), Rated: A

HSBC UK has announced a partnership with Bud through first direct to offer an integrated offering  of financial services products and tools across the market.

This first direct trial kicks off in December and it includes proprietary algorithms – Market+ – to suggest the most suitable financial and non-financial products and services based on individual needs.

Britain’s fintech BOOMS: Record levels of global investment ploughed into sector (Express), Rated: A

More than £825million has been pumped into the UK fintech since January – double the amount raised in the same period in 2016 – proving the vote to leave the European Union (EU) has not turned investors off Britain.

In fact, since the EU referendum vote, UK fintech companies have raised more than £1billion, according to research by London & Partners.

The capital has been the major winner from investment, receiving around 90 per cent of all venture capital investment.

London-based firms Funding Circle, Revolut and Receipt Bank each raised tens of millions of pounds of investment this year.

3 Ways You Can Use Social Media to Get a Business Loan (NetNewsLedger), Rated: B

There are several online lenders available to offer you loans; they use your social media data to take a decision. Kabbage is the most popular loan landers working online. Kabbage offers the loan to the small businesses and keeps the cash flow in the different businesses. Before giving you the loan, they will ask you to get the access to your social media accounts.

Mark Arnold – a branding expert advises the credit unions and banks check a business credibility and see how effectively they are grabbing the market through social media. These businesses primarily look at different business especially at LinkedIn pages to determine the loan eligibility.

Use some crowdfunding websites to raise money for your business-like GoFundMe, Kickstarter, and Indiegogo.Share links to your crowdfunding webpages on your social networks on Twitter and Facebook and motivate people to share on their social networks.

China

Qudian’s New York IPO underlines appetite for China’s fintech (Financial Times), Rated: AAA

Qudian, one of China’s largest online lenders, had a debut to remember on the New York Stock Exchange this week. Its shares closed up 22 per cent, making a multi-millionaire of founder and chief executive Min Luo.

The company, which raised $900m in the share sale, is the latest to underline investors’ appetite for the collision of lending and technology that has given rise to the Chinese fintech sector. Two days before Qudian’s debut on Wednesday, Chinese peer-to-peer lender Ppdai announced plans to raise $350m in New York, and at least a dozen similar issuers are preparing flotations.

About 40 per cent of consumers in China make payments online, and 14 per cent have gone on the web to borrow money, according to DBS.

Qudian’s IPO — the fourth-biggest in the US this year — comes on the heels of Chinese online insurer ZhongAn’s hotly received $1.5bn IPO last month in Hong Kong. ZhongAn’s stock is up 34 per cent from its debut.

Source: Financial Times

Wary of online lending, regulators have strictly limited online financial products such as high interest “payday loans” and microloans by capping interest rates at 36 per cent. Last May, new restrictions wiped out scores of P2P lending networks in China, after worries that it was fuelling real estate speculation and subprime lending.

Source: Financial Times

A rash of bankruptcies hits Chinese lenders backed by state firms (The Economist), Rated: AAA

In the past two months at least seven online lenders backed by SOEs have collapsed. It was a business none should have been in, far removed from the industries they were supposed to focus on. The money potentially lost is trivial—roughly 1bn yuan ($150m), compared with government assets worth more than 100trn yuan. Still, these cases highlight how hard it is for the party to stamp its authority on the vast state sector.

The troubled SOEs include distant subsidiaries of the national nuclear company, an aviation company and a big energy company in Shanxi, a northern province. They had acquired stakes, from as little as 20% up to 100%, in online peer-to-peer (P2P) lending platforms.

They were “marriages of convenience”, says Joe Zhang, chairman of China Smartpay, a financial-services company.

Source: The Economist

Supply chain finance tipped to become US$ 2.27tn market for Chinese internet firms by 2020 (SCMP), Rated: A

China’s supply chain finance sector is now being tipped to be worth a whopping 15 trillion yuan (US$2.27 trillion) by 2020, and the mainland’s booming internet-based businesses are lining up to grab their own share of it.

And despite the reverberations from the recent peer-to-peer (P2P) lending crisis, a marriage between information technology and financial services is continuing to play a vital role in transforming Chinese business.

That 15 trillion yuan figure was calculated by Forward Business, a Shenzhen-based consultancy focusing on studies of IT and other emerging industries, which also suggests mainland banks granted a combined 12.65 trillion yuan in new loans to the budding sector.

But the grim reality remains, that the larger commercial lenders remain belligerently reluctant to grant small loans to businesses and individuals, who present anything like a risk.

Established in 2013, Tiandihui is an online platform where cargo and trucks are matched.

It s network stretches across 50 mainland cities and it handled some 64 billion yuan worth of transactions last year. The company, which charges fees for its matchmaking, has yet to break even.

European Union

Israeli fintech startup PayKey raises $ 10 million to expand in Asia (Tech.eu), Rated: AAA

Israeli fintech startup PayKey has raised $10 million in its Series B round led by MizMaa with participation from SBI Group, Digital Ventures, SixThirty, Fintech71, and The FinLab.

The new funds will be invested in global expansion, namely in the Asian market. Several of the investors in this round are Asian based while the startup graduated from the Singaporean FinLab accelerator.

Mind the GAP in the Lending GAP (AltFi), Rated: AAA

The Lending Gap has been one of the most quoted negative consequences of the financial crisis. Many political efforts have been conducted to stimulate the economy. New business models (e.g., private debt, direct lending, alternative finance, peer to peer) were born with the explicit aim and mission to “fill the gap”.

Where are we today, 10 years after the crisis?  Are borrowers still suffering? What investment opportunities are out there, if any?

  • FACT #1. The lending gap has been reduced, and the drivers have changed.
  • FACT #2. New alternative lending opportunities have opened up.
  • FACT #3. Banks are in better shape today, but exposed to the digital revolution and various structural challenges.
Source: AltFi
  • FACT #4. Credit expansion has resumed since YE 2014.

P2P auto-lending is risking investor ethics and returns (P2P Finance News), Rated: A

THE MOVE towards auto-lending among some peer-to-peer platforms may limit interest rates and be a stumbling block for investors worried about the type of businesses they lend to, a European automated P2P firm has said.

Despite being automated itself, Latvia-based Robo.cash has claimed lenders may be missing out on higher interest rates with a passive investment strategy.

As an example, Funding Circle recently moved from manual to auto-lending,now offering a conservation option at 4.8 per cent or a balanced approach at 7.5 per cent.

Australia/New Zealand

Australian marketplace MyDeal.com.au launches fintech loan offering for retailers (Australian Anthill), Rated: AAA

Online retail marketplace MyDeal.com.au has launched business loan offering MyDeal Marketplace Loans to accelerate the growth of their listed retailers.

Retailers who list their products through the MyDeal Marketplace can now apply for a business loan of up to $250,000 directly through their supplier management system and in many cases receive the funding in under 24 hours.

This offering is in partnership with fintech business Prospa, Australia’s leading online lender for small business.

Robo-Advice Decision Will Improve Kiwis’ Financial Fortunes (Scoop), Rated: A

“We’ve long seen the potential for technology to deliver better personalised financial advice to Kiwis,” said Ramesh Naran, Senior Manager, Digital and Innovation at Kiwi Wealth. “With this decision by the FMA, we can go through the application process and turn Future You into the powerful, personalised tool we’ve always wanted it to be. It’s already on its way to becoming the platform that’ll set the industry standard.”

Mr Naran said the FMA’s approach recognises the ability of technology to improve financial understanding and outcomes for New Zealanders.

India

What do RBI regulations mean for peer-to-peer industry (Financial Express), Rated: A

In a much-awaited move, RBI issued guidelines to govern peer-to-peer lending or P2P. This is a landmark decision that will go the distance in achieving the objective of financial inclusion.

For the time being, RBI has advised NBFC P2Ps not to offer or arrange any credit enhancement or credit guarantee. Against this backdrop, the principal protection fund, which has been an exclusive offering of i2iFunding so far, may need some tweaking. At present, we are neither guaranteeing any compensation from the third-party nor are we making a claim of apportioning our capital for the purpose. Therefore, we will approach the regulator to get more clarity on this and would do our best in the interest of members of the platform. Existing investors need not hit the panic button.

Why State Bank of India is afraid of small but nimble fintech companies (ET Markets), Rated: B

More than 24,000 branches and 42 crore customers make the State Bank of IndiaBSE 0.00 % the goliath of all banks by sheer size and physical presence but its new chairman Rajnish Kumar is worried about the competition from nimble fintech companies.

“Today, the risk is the disruption that is caused by the technology ,“ Rajnish Kumar, chairman, State Bank of India told ET in an interview. “We have to be very alert to this challenge. Protecting the turf and meeting the challenges from all the new fintech companies is the priority .“

Wallets and other payment mechanisms have become the preferred mode of payments as people walking into branches have dwindled.

Asia

Kazakhstan’s Lendex.io plans ICO in early 2018 (Blockchain News), Rated: AAA

Founded and developed in Kazakhstan, the biggest economy of Central Asia, FinTech startup Lendex has announced plans for ICO crowdsale to finance the launch of a cross-border P2P (peer-to-peer) lending platform for underbanked consumers in Central and South East Asia.

MENA

Transitioning to a digital future in the Middle East (TXF News), Rated: AAA

Global fintech investment has risen phenomenally in recent years – from $3 billion in 2013 to $24.7 billion in 2016.

Although less than 0.1% of fintech investment originates in the Middle East, growing influence from a soaring millennial population, and increasing expectations for digital solutions, are giving rise to a burgeoning number of fintech initiatives throughout the region. In fact, the number of fintech companies in the Middle East and North Africa (MENA) region is expected to surge – from 105 at the start of 2016 to 250 by 2020. And fintech investment is predicted to grow by 270% in the Middle East this year, indicating the huge potential for digital change –and a strengthening drive to deliver it.

Payments

The majority of fintech innovation so far has been in the payments sector. Although fintech has already made a mark in the retail payments space – with new companies such as the UAE’s Beehive, an online marketplace for peer to peer lending, and Telr, an online payment gateway for emerging markets – effecting change in the corporate sector is more challenging. This is primarily due to the often more complex, cross-border nature of corporate payments and the accompanying regulations and security requirements.

SWIFT gpi already has the backing of over 110 banks across the globe – including BNY Mellon – which represents over 75% of SWIFT’s global payments traffic. The UAE’s Mashreq Bank was the first Middle Eastern bank to join SWIFT gpi earlier this year.

Trade finance and fintech development

AI, for instance, offers solutions to improve documentation flow and cut the need for time consuming processes. Two types of AI that could benefit trade finance are optimal character recognition (OCR) and intelligent character recognition (ICR). OCR converts images of paper documents into machine-encoded text, enabling documents used in trade transactions to be verified automatically; while ICR is able to learn and identify patterns of behaviour embedded in trade documentation. These capabilities would both help to improve efficiency and reduce costs in the supply chain.

Canada

They launched their Toronto-based venture, MagneTree Books, in the spring of 2015 with the help of a Kickstarter campaign for presales of their inaugural book.

Neither Josie, who was at the end of a maternity leave, nor Ronny, who worked for a humanitarian aid organization, had much savings to fund their startup or the first run of books, which together rang in at more than $65,000. A bank loan wasn’t an option; neither entrepreneur was in a position to cover the debt if something went awry.

Online sales have been slow – just 15 per cent of their books are sold on the web. But corporate gifting and wholesaling has proven fertile. Still, the company has yet to break even. Profit on a run of books rings up at about $7,000.

But they have a big problem: no cash to fund the second book’s production and marketing. Neither sibling is able to personally lend the company money, and they have begun crowdfunding once more.

Expert advice

Mr. Zakharia notes that the amount of money the siblings need to fund their second book is relatively small at between $7,000 and $10,000. Still, their inability to make a personal loan or secure a bank loan will make them unattractive to traditional lenders. “Banks are going to be very conservative,” Mr. Zakharia said.

One option the pair might consider is Lending Loop, a peer-to-peer lending marketplace that might be their fastest route to raising cash. “Because it’s such a small amount, I think it would be pretty easy to raise,” he said.

Authors:

George Popescu
Allen Taylor