- Today’s main news: Funding Circle debuts U.S. ABS platform for small biz loans. LendingClub to pursue national bank charter, reports Q2 losses. SoFi sues unnamed defendants over Consumer Loan Program 2015 Trust. DigiFi launches first open-source loan origination system. BlockFi raises $18.3M for crypto lending. Funding Circle posts higher revenues, bigger pre-tax losses. Klarna valued at $5.5B after $460 funding round.
- Today’s main analysis: International P2P lending volumes for July 2019.
- Today’s thought-provoking articles: PeerIQ on Fed rate cuts. Why employers are paying back employee student loans. Consumer Financial Protection Bureau’s update on first no-action letter. One man regrets retiring at 34.
- Funding Circle debuts small business loan ABS platform. We’ve been looking forward to this. Funding Circle launches four classes of notes on this $198.5 million deal.
- LendingClub to pursue national bank charter. LendingClub announced it is pursuing a national bank charter even as it discusses Q2 losses. But it’s not all bad news. Loan originations hit a record $3.1 billion.
- SoFi files against Jaime Daric and unnamed defendants. This lawsuit was filed on July 12 in the Superior Court of California for San Francisco County.
- PeerIQ on the Fed rate cuts. PeerIQ also has something to say about other recent news.
- DigiFi launches open-source loan origination system. The world’s first. This is huge, but I wonder why no one else has thought about this before.
- BlockFi raises $18.3 million for crypto lending. That’s not a huge raise, but it’s a decent raise for such a small market. I do expect the crypto lending market to grow, however. The battle lines are being drawn.
- If you want to hire millennials, employers must pay off student loans. And many of them are. Worth your time to read.
- CFPB’s update on credit access and its first no-action letter. This is a MUST-READ.
- Why one millionaire regrets retiring at 34. An interesting read.
- LendingClub envisions a marketplace bank. There is a lot of interesting news today. LendingClub’s news is top billing. More on why they want to be a national bank.
- LendingClub gets some digital banking love.
- LendingClub registers lower-than-expected losses.
- More on LendingClub’s losses.
- LendingClub increases credit access with Select Plus.
- LendingClub says Americans don’t need another credit card. Hear that Apple?
- Affirm, Verishop partner on buy now, pay later.
- Klarna offers installment payments to Toms, Asos customers.
- Lendio facilitates over $1.5 billion in small business loans.
- Behind the growth of PayPal’s SMB lending business.
- Earnin hit by security breach.
- Banks hit record high small biz loan approvals. Alt lenders decline.
- P2Binvestor’s struggles.
- Fox Corp. buys 67% stake in Credible Labs.
- Cross River provides banking as a service.
- Al Goldstein of Avant, Amount. Lend Academy interview.
- Mall landlords consider becoming lenders.
- How one woman paid of $10,000 in credit card debt.
- Don’t let artificial intelligence trigger a fair-lending violation.
- OppLoans review.
- Dharma pauses deposits, crypto loans.
- Galaxy Digital invests in DrawBridge Lending.
- DeFiner.org wins 2019 Detroit Fintech Challenge.
- Funding Circle adds U.S. ABS supply.
- Funding Circle posts higher revenues, bigger pre-tax losses.
- Starling, Tide ramp up competition.
- Young SMEs are prime targets for neobanks.
- 1 in 4 UK robo-advisors shuttered in two years.
- OakNorth appoints CTO, COO.
- Klarna valued at $5.5 billion, highest valued fintech in Europe. At a time when they begin their expansion in the U.S., which could turn out to be their largest market.
- What’s next for Klarna?
- Penta raises 8 million euros.
- Two issues in P2P lending.
- EstateGuru launches property-backed loans marketplace in Portugal.
- July 2019 P2P lending volumes. This chart is always worth a look at. Mintos jumps ahead of Zopa, RateSetter.
- Decentralized finance protocols on Ethereum.
- Global impact investing at $502 billion.
- Australia: CommBank invests $100 million in Klarna. Klarna will establish itself in the Australian market.
- New Zealand: Prospa to establish warehouse facility.
- China: Jiayin closes cases against 12,000 online debtors.
- India: Indifi raises $21 million.
- Australia: Judo raises $400 million.
- Singapore: 65% are interested in digital banking.
- United States
- Funding Circle debuts ABS platform for U.S. small-business loans (Asset Securitization Report), Rated: AAA
- LendingClub Discusses National Bank Charter, GreenSky Exploring Sale (Lend Academy), Rated: AAA
- LendingClub envisions a ‘marketplace bank,’ seeks charter (Bank Innovation), Rated: A
- Digital Banking: LendingClub Gets Some Fintech Love as it Pursues National Bank Charter (Crowdfund Insider), Rated: A
- LendingClub Logs Lower-Than-Expected Losses (PYMNTS), Rated: A
- LendingClub posts smaller-than-expected loss on loan originations (Nasdaq), Rated: A
- P2P lender LendingClub increases credit access with Select Plus Platform (Verdict), Rated: B
- LendingClub: America Does Not Need Another Credit Card, Apple Card Spells Disaster for Consumers (Crowdfund Insider), Rated: A
- Court activity on July 12: Sofi Lending Corp. vs Jaime Daric (Northern California Record), Rated: AAA
- Rate cuts (PeerIQ), Rated: AAA
- DigiFi Launches the World’s First Open-Source Loan Origination System (Markets Insider), Rated: AAA
- Bitcoin and Ether Lender BlockFi Raises $ 18.3 Million Series A (CoinDesk), Rated: AAA
- Want to Hire Millennials? Better Help Repay Student Debt (Bloomberg), Rated: AAA
- Verishop and Affirm Partner to Enable Customers to Shop Now and Pay Over Time (Yahoo! Finance), Rated: A
- Klarna offers payment installments to Toms, Asos US customers (Retail Dive), Rated: B
- Lendio Surpasses $ 1.5 Billion in Small Business Loans Facilitated (Lendio), Rated: A
- Behind the growth of PayPal’s SMB lending business (Tearsheet), Rated: A
- Online lender backed by Nas says it was hit by security breach (New York Post), Rated: A
- Small Business Loan Approvals at Banks Hit Record Highs (GlobeNewswire), Rated: A
- What business does a crowdfunding fintech have with banks? (American Banker), Rated: A
- Fox Corp. Buys 67% Stake In Consumer Loan Marketplace Credible Labs (Stock News Press), Rated: A
- Cross River — A Regional Bank Providing Specialized BaaS Services (Tearsheet), Rated: A
- Al Goldstein of Avant and Amount (Lend Academy), Rated: A
- Mall landlords weigh becoming lenders to blunt retail crash (American Banker), Rated: A
- This woman paid off $10,000 in credit-card debt with a personal loan, but her first attempt landed her in the red again (MarketWatch), Rated: A
- An update on credit access and the Bureau’s first No-Action Letter (CFPB), Rated: AAA
- Don’t let AI trigger a fair-lending violation (American Banker), Rated: A
- Peer-to-peer crypto lending startup Dharma pauses new deposits and loans (The Block Crypto), Rated: A
- I quit my job at 34 with $ 3 million—here are my 5 biggest regrets about early retirement (CNBC), Rated: AAA
- OppLoans Review: Installment Loans for Borrowers with Bad Credit (Money Check), Rated: A
- Galaxy Digital Makes Its Next Move in Crypto Lending Markets (Bitcoin Magazine), Rated: B
- Minneapolis-based Digital Finance Startup DeFiner.org Wins 2019 Detroit Fintech Challenge (Yahoo! Finance), Rated: B
- United Kingdom
- Funding Circle adds to August ABS supply with first US deal (GlobalCapital), Rated: AAA
- Funding Circle posts higher revenues but pre-tax losses widen (P2P Finance News), Rated: AAA
- Tide, Starling Ramp Up Rivalry Over SMB Customers (PYMNTS), Rated: A
- Young SMEs and companies that have recently switched banks are prime UK neobank targets (Business Insider), Rated: A
- 1 in 4 UK robo-advisors shuttered in two years (AltFi), Rated: A
- OakNorth strengthening leadership team with appointment of Jackson Hull as CTO and COO (Fintech Finance), Rated: B
- Jiayin Closes Cases Against 12,000 Debtors Online (CapitalWatch), Rated: AAA
- European Union
- Swedish fintech Klarna valued at $ 5.5 billion in funding round (Reuters), Rated: AAA
- Video: What’s next for Klarna, the most valuable EU fintech (Yahoo! Finance), Rated: A
- Penta, the German business banking startup, raises €8M additional funding (TechCrunch), Rated: A
- Two Issues Currently Evolving on P2P Lending Marketplaces (P2P-Banking), Rated: A
- EstateGuru, a Marketplace for Short-Term, Property Backed Loans, Launches in Portugal (Crowdfund Insider), Rated: A
- International P2P Lending Volumes July 2019 (P2P-Banking), Rated: AAA
- Ethereum’s Latest Milestone — 200,000 Smart Contracts (Crypto.IQ), Rated: A
- Crowdfunding: alternative ways to find a community of impact investors (Specialist Banking), Rated: B
- Australia/New Zealand
- CommBank Invests US$ 100 Million In Fintech Klarna As Digital Transactions Continue To Grow (Which-50), Rated: AAA
- Prospa Establish NZ Warehouse Facility, Shares Rise on ASX (Crowdfund Insider), Rated: AAA
- Judo bank breaks Aussie record with $ 400m round (Fintech Futures), Rated: A
- India’s Indifi raises $ 21M to expand its online lending platform (TechCrunch), Rated: AAA
- 65% of Singapore Customers Interested in Digital Banking (Crowdfund Insider), Rated: AAA
Funding Circle debuts ABS platform for U.S. small-business loans (Asset Securitization Report), Rated: AAA
Funding Circle is securitizing its first pool of U.S.-based small business loans.
According to Kroll Bond Rating Agency, the online business-loan lender is marketing $198.45 million in notes backed by loans made to small- and medium-sized businesses in the U.S. Funding Circle has previously issued notes for asset-backed pools of small-business loans in its native UK.
The transaction consists of four classes of notes, including a $142.8 million Class A tranche with an initial A- rating from Kroll, and benefiting from 32.5% credit enhancement.
LendingClub Discusses National Bank Charter, GreenSky Exploring Sale (Lend Academy), Rated: AAA
A topic that has been coming up more often is the potential of a national bank charter. Last week we learned that small business lender OnDeck was pursuing a charter and LendingClub is doing the same.
Today LendingClub reported their Q2 2019 earnings. Highlights include record loan originations of $3.1 billion, up 11% from the prior year period and record net revenue of $190.8 million, up 8% year over year.
GreenSky Q2 2019 Earnings
David Zalik, GreenSky Chairman and CEO included this statement in the press release:
Notwithstanding the Company’s solid operating results, in light of the complexity of the Company’s operating model, we do not believe that the Company’s current market value is reflective of the Company’s strong record of cash flow generation and intrinsic value. Accordingly, GreenSky’s Board of Directors, working together with its senior management team and legal and financial advisors, has commenced a process to explore, review and evaluate a range of potential strategic alternatives focused on maximizing stockholder value. In connection with this review, GreenSky has retained FTP Securities LLC (“FT Partners”) and J.P. Morgan Securities LLC as its financial advisors, and Cravath, Swaine & Moore LLP and Troutman Sanders LLP as its legal advisors.
The news sparked Christopher Donat, an analyst Sandler O’Neill to speculate that Square or Goldman Sachs could be potential buyers according to this article in American Banker.
LendingClub envisions a ‘marketplace bank,’ seeks charter (Bank Innovation), Rated: A
Peer-to-peer lending platform LendingClub is exploring the possibility of obtaining a national bank charter as it adjusts its strategy following a $10.6 million loss in the second quarter.
Digital Banking: LendingClub Gets Some Fintech Love as it Pursues National Bank Charter (Crowdfund Insider), Rated: A
Shares in LendingClub (NYSE:LC) are rising during another down market day as the trade war with China has no end in sight and political tempers flare. Shares are currently trading over 10% higher following yesterday’s Q2 earnings report where LendingClub said it expected to finally report a positive net incoming in Q3 following years of losses.
Second, LendingClub has hardened its lending model with years of fine-tuning. Unlike some other digital-only banks, LendingClub has been providing credit to consumers for more than a decade having originated over $50 billion in loans.
LendingClub Logs Lower-Than-Expected Losses (PYMNTS), Rated: A
By the numbers, net loss came in at $10.66 million or $0.12 per share — a lower loss than last year when Lending Club reported a loss of $60.86 million or $0.72 per share. Adjusted loss per share narrowed to $0.01 from $0.08 a year earlier.
Net revenue increased 8 percent from year-ago revenues of $176.98 million in 2018 to $190.8 million in 2019, driven by the higher volume of loan originations Sanborn mentioned. Loan originations during the quarter were at $3.1 billion, up 11 percent year over year. While the revenue number is an improvement, it came in very, very slightly below analysts’ estimates.
LendingClub posts smaller-than-expected loss on loan originations (Nasdaq), Rated: A
LendingClub said it now expects smaller loss for the year than it had previously forecast. Adjusted net loss is expected to be between $5 million and $20 million, from $9 million to $29 million.
P2P lender LendingClub increases credit access with Select Plus Platform (Verdict), Rated: B
LendingClub, a US-based P2P lending platform, has introduced the Select Plus Platform to offer borrowers access to sophisticated investors.
LendingClub: America Does Not Need Another Credit Card, Apple Card Spells Disaster for Consumers (Crowdfund Insider), Rated: A
Apple Card, a “new kind of credit card” launched by Apple (NASDAQ:AAPL) in partnership with Goldman Sachs (NYSE:GS) is expected to be made available to the public within the next few days. In fact, it has been reported that invitation emails have already gone out to a small group of iPhone owners. More will follow during August.
One detractor is LendingClub.
Anuj Nayar: Americans don’t need another credit card. They need the right tools to help them build their financial futures and pay down debt without the opportunity to accumulate more at high-interest rates. Goldman Sachs tried to pursue building a helpful consumer tool with Marcus but now has slipped back into its old ways, looking to make money by getting consumers hooked on revolving, high-interest debt on Apple’s credit card.
Court activity on July 12: Sofi Lending Corp. vs Jaime Daric (Northern California Record), Rated: AAA
The Superior Court of California for San Francisco County reported the following activity in the suit brought by Sofi Lending Corp. against Jaime Daric and other unnamed defendants on July 12: ‘Declaration Of Non Service (transaction Id # 63543270) Filed By Plaintiff Sofi Lending Corp., As Attorney In Fact For Deutsche Bank National Trust Company, Trustee Of Sofi Consumer Loan Program 2015 Trust’
Rate cuts (PeerIQ), Rated: AAA
This week, we discuss the Fed rate cut to the 2 to 2.5% target range, and provide market color on OnDeck earnings.
Fun fact #1: It has been 3,878 days (10.5+ years) since the FOMC last cut rates.
This is the second longest streak on record behind the 4,115 days that passed between cuts in the discount rate since 1954. Markets are speculating on additional rate cuts before year-end although Fed Chair Powell positioned the rate cut as an “adjustment” rather than a change in trend.
DigiFi Launches the World’s First Open-Source Loan Origination System (Markets Insider), Rated: AAA
DigiFi, an enterprise SaaS company building the future of lending technology, announced today the launch of its open-source loan origination system (LOS). The free-to-use platform, which was built over 45,000+ development hours and has been operating in-market with top lenders since late 2018, provides an end-to-end suite of modular capabilities that can be used individually or together to drive digital transformation.
DigiFi’s open source release underscores the lending industry’s dissatisfaction with the closed-loop systems available from existing LOS providers, which force lenders into onerous long-term contracts for inflexible systems.
Bitcoin and Ether Lender BlockFi Raises $ 18.3 Million Series A (CoinDesk), Rated: AAA
Crypto lending startup BlockFi received $18.3 million in a Series A funding round led by Valar Ventures, the company announced Tuesday.
Valar, which was founded in part by PayPal co-founder Peter Thiel, was joined by Winklevoss Capital, Galaxy Digital, ConsenSys, Akuna Capital, Susquehanna, CMT Digital, Morgan Creek, Avon Ventures and PJC. Valar’s investment was its first in the cryptocurrency industry following prior investments in other fintech firms like Transferwise, a press release said.
Want to Hire Millennials? Better Help Repay Student Debt (Bloomberg), Rated: AAA
Like millions of her peers, Nicole Read graduated with thousands of dollars of debt. Unlike most of them, she’s getting direct help from her employer to pay it back.
Another study by business adviser Willis Towers Watson found that 32% of firms are considering introducing a similar benefit by 2021.
Verishop Inc. is excited to announce a partnership with financial technology company Affirm Inc., giving customers more choice at checkout to pay for their purchases over time.
To see if they qualify, customers only need to provide five simple pieces of information2 and a credit decision is made within seconds. Monthly payments are shown in real dollars instead of hard-to-calculate percentages so customers will know exactly what they owe with no hidden or late fees. Customers never pay a dollar more than they agree to at checkout. The pay-over-time option is available for purchases ranging from $50 to $17,500 with a 30-day payment deferral available for smaller amounts.
Klarna offers payment installments to Toms, Asos US customers (Retail Dive), Rated: B
Lendio Surpasses $ 1.5 Billion in Small Business Loans Facilitated (Lendio), Rated: A
Lendio today announced it has facilitated more than $1.5 billion in financing to small businesses across the U.S.
According to the Federal Reserve Banks’ 2019 Small Business Credit Survey, “applications to online lenders continued to trend upward” last year, with 32% of applicants turning to online lenders, up from 24% the previous year.
Lendio’s 15-minute online application gives business owners access to multiple lenders with offers suited to meet their capital and business needs.
Behind the growth of PayPal’s SMB lending business (Tearsheet), Rated: A
In just a few years, PayPal’s business financing solutions has serviced over 225,000 small businesses around the world with funding. Between PayPal Working Capital and PayPal Business Loans, the company has recently surpassed $10 billion of capital it’s leant out to SMBs
Online lender backed by Nas says it was hit by security breach (New York Post), Rated: A
Earnin, which is also backed by tech investor Andreesen Horowitz, discovered in February that a third-party security firm had accessed customers’ bank transactions — including all their debit card purchases and payment statements going back for months, the company confirmed to The Post.
Small Business Loan Approvals at Banks Hit Record Highs (GlobeNewswire), Rated: A
Approval rates for small business loan applications rose to another post-recession record (27.7%) at big banks ($10 billion+ in assets), while also climbing above 50% at small banks in July, according to the Biz2Credit Small Business Lending Index released today.
Small bank approvals of small business loan applications inched up one-tenth of a percent to 50.1% from 50% in June.
Small business loan approval rates among alternative lenders dropped three-tenths of a percent to 56.8% from 57.1% in June.
Funding Circle adds to August ABS supply with first US deal (GlobalCapital), Rated: AAA
UK-based marketplace lender Funding Circle is set to issue its first US securitization, a $198.45m deal backed by loans made to small and medium-sized enterprises (SMEs).
Funding Circle posts higher revenues but pre-tax losses widen (P2P Finance News), Rated: AAA
FUNDING Circle has increased its revenues but widened its pre-tax losses, according to a half-year report which echoed last month’s results preview.
The FTSE 250-quoted firm posted a 29 per cent jump in revenue to £81.4m but pre-tax losses widened to £30.8m from £27.1m in the first half of 2018.
Adjusted core earnings fell year-on-year to £1.2m from £3.3m.
Tide, Starling Ramp Up Rivalry Over SMB Customers (PYMNTS), Rated: A
Reports in The Telegraph on Monday (Aug. 5) said the companies continue to compete for the small business customer base. Tide has on-boarded 100,000 small business customers, described by the firm’s chief executive Oliver Prill as a “very significant milestone.”
Young SMEs and companies that have recently switched banks are prime UK neobank targets (Business Insider), Rated: A
1 in 4 UK robo-advisors shuttered in two years (AltFi), Rated: A
Digital wealth management, or robo advice as it used to be called, has been around for more than a decade and launched into the UK in 2011 with the arrival of Nutmeg. Things started to get really interesting around 2016 and 2017 when a flurry of companies were founded to attack the space dominated by traditional wealth management, an industry looking after £1trn of investors’ assets.
OakNorth strengthening leadership team with appointment of Jackson Hull as CTO and COO (Fintech Finance), Rated: B
OakNorth has today announced the appointment of Jackson Hull as its Chief Technology Officer (CTO) and Chief Operating Officer (COO). With over 15 year’s C-suite experience in London and San Francisco, Jackson is a leading expert in building high-volume eCommerce applications, global SaaS platforms, mobile and IoT platforms, as well as award-winning products and services in finance, fintech, travel, accommodation and retail.
Jiayin Closes Cases Against 12,000 Debtors Online (CapitalWatch), Rated: AAA
Jiayin Group Inc. (Nasdaq: JFIN), China’s online lending platform, announced it has solved more than 12,000 cases of overdue payments and attempts to escape debt as of May.
Shanghai-based Jiayin runs a peer-to-peer lending marketplace, known as Niwodai, which connects borrowers and investors. The company has established a tailored legal department for post-loan management to handle online arbitration. As it reported on its website, as of the end of May, it has closed more than 12,000 cases in more than 30 provinces in China.
Swedish fintech Klarna valued at $ 5.5 billion in funding round (Reuters), Rated: AAA
Online payments firm Klarna, which has attracted a growing following with its “buy now, pay later” service for shoppers, said on Tuesday it had raised $460 million in a funding round that makes it Europe’s most valuable fintech startup.
Investors led by San Francisco-based Dragoneer Investment Group put new money into the Swedish company, giving it a valuation of $5.5 billion and additional financial firepower to expand in the United States.
Video: What’s next for Klarna, the most valuable EU fintech (Yahoo! Finance), Rated: A
Yahoo Finance’s Adam Shapiro, Julie Hyman, Rick Newman, and Scott Gamm join Klarna Co-Founder and CEO Sebastian Siemiatkowski.
Penta, the German business banking startup, raises €8M additional funding (TechCrunch), Rated: A
The startup raised a €7 million Series A round in late 2018, and is thought to have had more than €18 million investment since being founded in 2016.
Two Issues Currently Evolving on P2P Lending Marketplaces (P2P-Banking), Rated: A
Update 14:02: Apparently Mintos has now suspended trading of Aforti loans on the secondary market.
EstateGuru, a Marketplace for Short-Term, Property Backed Loans, Launches in Portugal (Crowdfund Insider), Rated: A
EstateGuru, an online marketplace for secured, short term loans, has launched in Portugal, according to a note from the company. EstateGuru is now providing crowdfunding services in six different countries including Estonia, Latvia, Lithuania, Finland, and Spain. EstateGuru said by opening in the Portuguese market the company had achieved its next milestone in its long term strategy.
International P2P Lending Volumes July 2019 (P2P-Banking), Rated: AAA
Ethereum’s Latest Milestone — 200,000 Smart Contracts (Crypto.IQ), Rated: A
DeFi protocols such as Compound, Dharma, and Uniswap are among the most advanced tools of Ethereum-based P2P lending solutions. Another interesting use case built on Ethereum is the decentralized prediction market platform Augur (REP).
Crowdfunding: alternative ways to find a community of impact investors (Specialist Banking), Rated: B
At the same time, there’s been a remarkable increase in the impact investment market — investments made with the intention to generate positive social and environmental impact alongside a financial return — with the Global Impact Investing Network valuing the global market at $502bn.
CommBank Invests US$ 100 Million In Fintech Klarna As Digital Transactions Continue To Grow (Which-50), Rated: AAA
Commonwealth Bank has invested in Klarna, a Swedish rival to Afterpay, and will bring the European buy now, pay later provider to Australia. The deal accompanies the bank’s continued investment in its digital capabilities.
CommBank invested US$100 million in the fintech’s US$460 million funding round, announced yesterday, which values the company at $5.5 billion. The bank will also become Klarna’s exclusive partner in Australia and New Zealand.
Prospa Establish NZ Warehouse Facility, Shares Rise on ASX (Crowdfund Insider), Rated: AAA
Online lender Prospa Group Limited (ASX: PGL) has established its first warehouse facility specifically to fund New Zealand small business loans. According to a note from Prospa, the 3-year facility has an initial capacity of NZ $45 million.
Judo bank breaks Aussie record with $ 400m round (Fintech Futures), Rated: A
Australian challenger, Judo Bank, has completed the biggest single funding round in the country’s history by raising $400 million, writes Jane Connolly.
StartupSmart reports that the finance – which is double Judo’s original target for the round – came from new institutional investors, including Bain Capital Credit and Tikehau Capital, along with existing investors.
India’s Indifi raises $ 21M to expand its online lending platform (TechCrunch), Rated: AAA
Indifi, a Gurgaon-based startup that offers loans to small and medium-sized businesses and also operates an online lending marketplace, has raised 1,450 million Indian rupees ($21 million) in a new financing round to expand its business in the country.
Indifi, which has raised about $34 million in venture capital to date, has also relied on debt to grow and finance loans on its platform. Currently, it’s in about $21 million in debt, Alok Mittal, co-founder and managing director of Indifi, told TechCrunch in an interview.
A typical loan processed by Indifi is of about $7,000 in size. Overall, the startup offers between $1,400 to $70,000 in capital to businesses.
65% of Singapore Customers Interested in Digital Banking (Crowdfund Insider), Rated: AAA
According to a recent survey, in Singapore digital banking has some pent up demand. JD Power has published a brief retail banking satisfaction study and, according to their numbers, 65% of consumers are interested in opening digital bank accounts. This is an increase from the year prior where 52% of surveyed individuals expressed similar digital banking interest.