Thursday September 21 2017, Daily News Digest

RateSetter

News Comments Today’s main news: RateSetter surpasses $150M in loans. New York AG requests cybersecurity safeguards from Experian, TransUnion. Point72 Ventures leads AlphaFlow’s $4.1M seed round. Cross River appoints VP of Government Affairs to focus on regulatory framework. Clarity Money passes 500,000 user milestone. MarketInvoice’s losses doubled last year. Raisin expands into the UK with acquisition. Today’s main analysis: Millennial investors don’t […]

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United States

Real estate investment platform AlphaFlow picks up $ 4.1 mln seed (PE Hub Network), Rated: AAA

AlphaFlow, an automated alternative investment platform for real estate, announced today the closing of a $4.1 million seed round funding, led by Resolute Ventures and Point72 Ventures, the venture capital arm of Steve Cohen’s Point72 Asset Management. Other investment partners include Upside Partnership, Social Capital, Y Combinator, Clocktower Technology Ventures, an affiliate of Drobny Capital, Red Swan Ventures, and more.

AlphaFlow’s seed round comes two years after the company was established by CEO and former RealtyShares Co-Founder, Ray Sturm. AlphaFlow plans to use the funding to continue scaling successful partnerships with lenders and investors, both accredited individuals and investment managers.

AlphaFlow Optimized Portfolios are available for investment professionals such as endowments, pension funds, RIAs, and wealth managers, as well as by independent investors seeking uncorrelated returns through short‐term, higher‐yielding real estate loans backed by properties.

To date, AlphaFlow’s flagship product, AlphaFlow Optimized Portfolios, boasts broad diversification across hundreds of loans in 29 states, average LTV of 72%, and target net returns between 8 to 10%. With this seed round funding, AlphaFlow intends to continue to innovate in the application of sophisticated finance mechanisms to scale within the investment industry.

Another Study Confirms It – Millennial Investors Don’t Know What They Are Doing (ValueWalk), Rated: AAA

Millennial investors are woefully underprepared for the next financial crisis according to a survey conducted by online real estate crowdfunding service Fundrise.

The Fundrise survey suggests that 67.2% of millennial investors are not prepared for the next crisis, and 47.1% feel that there is nothing that they can do to prepare for it. With 83 million millennials in the US holding an average of $75,500 in assets, this means the largest generation is at risk of losing $3.1 trillion in the next financial crisis assuming a repeat of the 50% drawdown seen last time around.

According to an annual study by Charles Schwab, 56% of millennial investors say ETFs are their investment of choice, compared to only 23% of seniors.

77.8% of respondents said that they had no interest in investing outside of the stock market while 42% of millennials surveyed said that they did not know whether it was important to invest outside of the stock market.

Source: ValueWalk

Cross River Appoints VP of Government Affairs (PR Newswire), Rated: AAA

Cross River, the financial services organization that merges the established expertise of a bank with the innovation and product offering of a technology company, announced today the appointment of Phil Goldfeder as VP of Government Affairs. Goldfeder will lead a team at Cross River working with regulatory agencies and policy makers in Washington, D.C., as well as state governments across the U.S., to implement appropriate regulatory frameworks that will encourage innovation while ensuring consumer protection.

Clarity Money Passes 500,000 User Milestone (BusinessWire), Rated: AAA

Clarity Money, the personal finance app that acts as the “Champion of your Money,” today announced that it reached 500,000 users on September 4, 2017, less than seven months after launching on iOS.

This milestone builds upon Clarity Money’s tremendous momentum in 2017, which has included:

  • Two successful rounds of funding, from noted investors such as Citi Ventures and Soros Capital
  • A nomination for the 21st Annual Webby Awards in the financial and banking services categories for mobile apps
  • Being a featured personal finance app on the Apple App Store and debuting as Apple’s #1 app under “New Apps We Love” in the Apple Store days after launching

NY AG Wants To Know About TransUnion, Experian Cybersecurity (PYMNTS), Rated: AAA

TransUnion and Experian, two of The Big Three credit reporting companies, have received letters from New York Attorney General Eric Schneiderman inquring them about their cybersecurity safeguards in the wake of the massive data breach at rival Equifax.

According to a news report in The Associated Press, the attorney general wants the two companies to describe what security systems they have in place and what changes they are implementing since data on 143 million U.S. customers at Equifax was breached.

New York’s attorney general wants to know if the companies would waive fees for consumers that needed credit freezes because of the hack.

Equifax breach has banks tightening their defenses, counseling customers (Information Management), Rated: A

Asking bankers to comment on the Equifax data breach generally evokes a cone of silenceforged out of a combination of sympathy and fear — I’m not going to speak about it because it could happen to me.

A few, though, will acknowledge the toll the breach has taken on their customers and their security departments, which have scrambled to ensure they won’t share (or haven’t shared) Equifax’s fate.

Another banker, Jim Hanlon, the chief technology officer at Dedham Savings Bank in Boston, was astounded that Equifax did not catch its breach more quickly.

“We have 60,000 customers,” he said. “If somebody came into our network and was looking at 100 files, that would raise a flag with us. If somebody’s accessing millions of records, how is something not alerting them to that fact? That’s the concerning piece to me. The documentation said they take network security seriously. But there should have been a red flag somewhere.”

Equifax’s security team detected and blocked suspicious network traffic associated with its U.S. online dispute portal web application on July 29. But the company’s investigation found that hackers had access to certain files containing personal information from May 13 through July 30.

The Equifax Breach: What You Need to Do Now (Parade), Rated: A

While I don’t have all the answers, financial/debt attorney and author of Life & Debt Leslie H. Tayne of Tayne Law Group, P.C., has some great suggestions.

Q: What can consumers affected by the breach do now to protect their information?

A: For starters, sign up for credit monitoring so that future account fraud and identify theft attempts will be noted and immediately brought to your attention. Next, get in the habit of regularly monitoring your bank and credit cards on your end for any suspicious activity. While you’re online, update your account passwords using long, strong, unique passwords for every single account.

Q: Should you freeze your credit so that no one can use your information illegally?

A: There are pros and cons to freezing your credit. The biggest pro of freezing your credit is that no one can apply for credit in your name. But that no one includes yourself, meaning it could create delays and problems when credit is needed quickly in the case of applying for a loan, credit cards or jobs or if seeking insurance, looking to buy or rent a home or contracting with a utility company during the freeze period. Yes, you can unfreeze your credit at any time, but this is also time consuming and may involve having to pay a fee.

Q: It doesn’t sound like freezing your credit is the best option right now.

A: With these types of drawbacks, a better avenue to consider may be signing up for a fraud alert.

Q: What else do consumers need to know or be on the lookout for going forward?

A: A key concern emerging from the Equifax security breach that consumers need to watch out for are cons and phishing scams. They need be wary of anyone who may approach them impersonating financial or government institutions or general companies who may come across offering support in resolving their data breach.

To Survival: Listen, Learn, Repeat (PYMNTS), Rated: AAA

While it may not be the oldest credit union around, the Boeing Employees Credit Union (BECU) of Tukwila, Washington, has been in business since the days of the Great Depression. Founded in 1935, BECU began as a credit union for employees of the Boeing Company aircraft manufacturing firm. Today, at 82 years old, BECU is looking pretty fit for its age. It currently holds more than $17.2 billion in assets and services more than 1 million members, placing it in among the top five U.S. credit unions for cash assets — and that’s without a steady diet of kale and spinach smoothies.

But, a common element with which older financial institutions must contend is new players arriving on the scene and throwing older players’ relevance into question.

Should older institutions treat these younger upstarts as rivals or as potential partners?

Doug Marshall, BECU’s senior vice president of retail, recently told PYMNTS that BECU has chosen the latter approach.

BECU has approached approximately 60 organizations in the FinTech space to explore opportunities for collaboration, Marshall said. Among the companies approached is Even, a supply-side marketplace lending company. An official partnership has not yet been established, but BECU turned to the company to explore innovations for the credit union’s own lending habits and to help members “smooth their cash flow.”

A few years ago, BECU launched an updated mobile app in partnership with MX, a technology solutions provider for financial services companies. Marshall said BECU was excited to see how members would embrace the newly-launched app. When it went live, however, it became clear they weren’t thrilled.

“We did quite [a lot] of research before we deployed,” Marshall said. “But, in some ways, we didn’t ask one of the most fundamental questions.”

According to Marshall, one of the important lessons that younger FinTechs can teach older credit unions about staying relevant is to not be afraid to fail.

“Lesson three is pivot quickly,” Marshall said. “That’s the magic of a FinTech partnership. We were able to respond and [quickly] deploy a fix.”

Morningstar CEO Kunal Kapoor tells advisers to embrace technology (Investment News), Rated: A

Imagine financial technology that can create personal portfolio indexes for individual investors or a computer program that can assign forward-looking performance ratings for mutual funds and ETFs.

That’s the way Morningstar CEO Kunal Kapoor thinks when he imagines where technology is heading, and why he believes financial advisers need to run toward technological innovation to avoid being left in the digital dust.

He compared the initial fear of robo-advice platforms to fears from the threat of online brokerage trading in the 1990s.

“The online trading platforms were supposed to put everyone out of business, but they were just absorbed into the mainstream,” he said.

Impact Housing REIT, LLC Launches $ 35 Million Equity Crowdfunding Opportunity Focused Housing Crisis in America (BusinessWire), Rated: A

Impact Housing REIT, LLC (ImpactHousing.com), a new apartment real estate investment trust led by Edward (“Eddie”) P. Lorin, a 30-year multifamily real estate veteran, is pleased to announce that its $35 million direct public offering under Regulation A+ has been qualified by the Securities and Exchange Commission (SEC) and is now open for investment. All investors – accredited and unaccredited, domestic and international – can invest directly in Impact Housing REIT Series A equity round for as little as $1,000.

Poor housing conditions due to a rising economy, extreme weather conditions, and poverty is effecting our health, quality of life, and country, as a whole. Impact Housing is the first REIT in the country using the new equity crowdfunding laws to focus on America’s housing crisis, specifically on creating affordable, livable, distinctive multifamily communities for America’s working people and their families.

Employing a strategy that Mr. Lorin has refined over decades, Impact Housing plans to buy neglected, poorly managed apartment buildings throughout the U.S., and transform them into thriving, healthy, family-oriented communities. Upgrades typically include new amenities, refreshed and upgraded interiors, resort style pools, playgrounds, state-of-the-art fitness centers, BBQs, dog parks, community gardens and open space social areas.

The technology enabling this online investment offering is backed by CrowdStreet, a leading provider of real estate fundraising and investor management solutions.

HOW AI APPS FOR BANKS ARE CHANGING THE FACE OF THE FINANCIAL SECTOR (TechGenix), Rated: A

Long before chatbots popped up as interesting business-use cases, long before mobile banking applications offered military-grade secure transactions, and much before focused analytics tools for banking made themselves known, AI apps for banks augmented by machine learning and deep learning began creating an impact in the world of banking.

The following factors make the financial sector a highly targeted market for all kinds of AI apps for banks:

  • Massive amounts of structured data from the past.
  • Consistency in data recording and archiving practices across financial institutions.
  • Quantitative nature of finance and banking business practices and operations.
  • Accuracy in data records.

AI apps for banks: Smart portfolio management for end users

These applications help banks build an online accessible tool that considers user preferences, personal demographic information, earning power, and wealth sources, and then matches these with their financial goals. In parallel, these systems take real-time market data and factor in parameters like a customer’s credit history, risk aversion, and lifestyle practices, creating a very robust portfolio of investment and saving instruments across asset classes.

Mobile banking applications like Moven and Simple leverage the idea of using algorithms that grow smarter with time. More precisely, they grow smarter by handling more data and measuring more results.

These AI-based applications can integrate with a user’s online bank accounts, debit and credit cards, and e-wallets to track their expenses, present advice on better expense management practices, and help them choose more suitable financial products that sit well with their financial habits, liquidity requirements, and short-term saving goals.

Automated hedge fund management

These models collate inputs from several sources of real-time financial information from the major financial markets of the world. Also, these models incorporate quantified inputs regarding sentiments in the financial markets.

Self-learning security systems for fraud detection

AI-based fraud detections tools of today leverage the principles of deep learning and machine learning, and are already beginning to incorporate the benefits of neural learning, and hence have tremendous potential in cybersecurity, particularly for the banking sector.

PeerStreet Named One of the Top Ten Startups to Work For in Los Angeles (Crowdfund Insider), Rated: B

Real estate crowdfunding platform PeerStreet announced on Tuesday it was named one of the Top Ten Startups to Work For in Los Angeles. The list was created by Zippia, an online startup career platform.

LendUp Appoints Jotaka Eaddy As New VP of Policy, Strategic Engagement & Impact (Crowdfund Insider), Rated: B

LendUp, a socially responsible online lender on a mission to redefine financial services for the emerging middle class, announced on Wednesday it has appointed Jotaka Eaddy as its new Vice President of Policy, Strategic Engagement, and Impact. Eaddy previously served as LendUp’s Head of Government Affairs.

LendUp has now saved borrowers nearly $135 million in interest and fees. The lender expects to surpass $200 million by the end of the year.

Need Money Fast? 4 Options for Small Business Owners (Entrepreneur), Rated: B

There’s an extremely fine line you have to walk when scaling. If you expand too quickly, hire too many employees, and order excess inventory, you could deplete your financial resources and crash. But if you don’t take any chances or prepare your business for growth, you won’t be able to respond in an efficient manner when you finally get the big break you’ve been waiting for.

So, what, exactly, can you do when you are ready and need money to expand? Here are four options.

1. Online lenders

If you need a sizable loan, you’ll still need to go through a traditional bank or lender. However, if you need only a modest amount of cash, online lending msy be the way to go.

2. Personal installment loans

If you’re really in a bind and need some quick cash, a personal installment loan might be the way to go. A lender simply checks your credit score and processes your request.

3. Line-of-credit loans

With a line of credit, your business gets approved for a certain amount of money for a specified period of time — typically one year.

4. Receivable financing (factoring)

The factor advances a portion of the receivables — likely 75 to 90 percent of the value — and then holds on to the remaining portion. It’s a good solution for businesses that have orders coming in, but don’t have the money to fill those orders.

United Kingdom

MarketInvoice’s losses doubled in 2016 (P2P Finance News), Rated: AAA

MARKETINVOICE saw its losses double during 2016, as the peer-to-peer invoice finance platform continues to use funds to scale up.

Its latest accounts on Companies House for 2016 showed a loss before taxation of £6m, increasing from £3.1m in 2015.

This is despite turnover increasing from £4.1m to £4.4m and an increasing number of invoices getting funded, at £442m, compared with £328m a year before.

Deposit marketplace fintech enters UK via acquisition (AltFi), Rated: AAA

A leading European deposit marketplace has acquired Manchester-based fintech PBF Solutions as part of its entry into the UK market. Raisin will target UK savers with its marketplace of savings accounts, while also offering an end-to-end deposit raising solution for UK banks and other firms.

Founded in Berlin in 2013, Raisin is already partnered with 40 banks and financial institutions across Europe. In the past four years the firm has also attracted over €4.3bn in what it calls “marketplace deposits”.

PBF will become Raisin UK, and will significantly increase the size of its UK-based operations over the coming months. CEO Kevin Mountford will take charge of Raisin’s UK expansion.

Lendable: the next generation lending platform that can give borrowers a small loan within two hours (Independent), Rated: A

By taking advantage of the large amount of data available in the UK at a time when consumer lending was evolving fast, Kissinger and his team conceived of a new kind of online lending that they claim is faster and more efficient than larger peer-to-peer lenders Zopa and Ratesetter.

Since 2014, they have built the third largest unsecured consumer lending platform in the UK by 2016 volume, even though – at 4.6 per cent – their market share is still small. So far it has lent a comparatively small £80m to around 20,000 borrowers. Zopa, by comparison, has approved £2.62bn in loans since 2005.

But with a growth rate of 430 per cent in the last year, Lendable is expanding quickly. It aims to be the fastest lender to decide on applications and transfer cash in the market, getting funds of between £1,000 and £15,000 in the borrower’s account in as little as two hours.

Power to the people: Meet the P2P lender that uses a centuries-old way of lending (City A.M.), Rated: A

But for many rural businesses, Folk2Folk has been a saving grace. The peer-to-peer (P2P) lending platform has helped struggling companies in a time of need, and in some cases prevented an entire community from caving in on itself.

“We don’t exist as a platform that wants to talk solely about interest rates,” says Giles Cross, the company’s chief marketing officer. “Rather, our purpose is to sustain local and rural communities around the UK – where people want to club together to make a difference.”

A large proportion of the businesses that use Folk2Folk are startups that have been starved of funding, largely because they don’t have a long-standing track record.

The House Crowd Says Investor Confidence at Record High (Crowdfund Insider), Rated: B

The House Crowd, a UK property crowdfunding platform, is reporting “record levels of investor confidence”. According to the platform, the House Crowd is experiencing high demand for its property-backed peer-to-peer lending products, with over 1,270 people having invested in one. The House Crowd states that 66% of its investors now repeatedly reinvesting their capital through the business.

FCA’s Bailey calls for govt action on debt crisis (FT Adviser), Rated: B

Higher UK interest rates could spark a consumer debt crisis unless the government intervenes, according to Andrew Bailey, chief executive of the Financial Conduct Authority (FCA).

More than 8.3m adults in the UK are struggling under the burden of debt – a higher proportion of the population than in 2016, according to figures from the Money Advice Service.

Its data revealed 15.9 per cent of the UK population is living with a debt problem, up from 15.4 per cent in 2016.

China

Social Media Giant Tencent Gets Into Old-School Finance (Bloomberg), Rated: AAA

Tencent Holdings Ltd., China’s largest social media firm, is entering the traditional finance industry by investing in CICC International Capital Corp., a move that may help the investment bank’s expansion in wealth management.

Shares of CICC jumped by a record after it said Tencent is paying HK$2.9 billion ($372 million) for roughly 5 percent of China’s oldest investment bank. The companies will team up on marketing and data analysis, according to an exchange filing.

Source: Bloomberg Technology

Ping An Securities deploys Finastra technology to boost revenue and enter new markets (The Asset), Rated: A

Ping An Securities has implemented FusionCapital from Finastra throughout its operations in Greater China.

The business, part of China’s Ping An Group, is now using the flexible Finastra platform to help extend its securities brokerage capabilities on a global scale – meaning it can boost revenues as it enters new markets.

Ping An Bank launched intelligent investment services (01Caijing), Rated: A

China Ping An “simple life” conference held in Shanghai. Ping An Bank mobile banking business – “safe pocket bank” launched a smart investment service (referred to as “safe intellectual investment”), the first open to ordinary investors to use. The service uses the Black-Litterman model (BL model) and the quantitative asset allocation method, which are widely used by overseas investment bankers, and develop personalized investment plan according to the customer’s risk appetite.

International

Japan wants to roll back regulations for financial technology startups — here’s why it could be bad for the US (Business Insider), Rated: AAA

Japan’s push to attract innovative financial technology startups to the country could spell trouble for the US.

On Wednesday at the New York Stock Exchange, Japanese Prime Minister Shinzo Abe said the government was moving forward with a plan to roll back regulations on some fintech startups to help spur the development of emerging technology and drive growth in the country.

As such, Abe is pushing for a regulatory sandbox program that would allow fintechs, startups looking to automate or digitize aspects of financial services, to operate and scale without meeting existing regulations.

While such an environment is understood to exist in Silicon Valley more broadly, Berenguer said, those hoping to break through specifically in the financial industry in the US are often required to subscribe to the same regulations as their much larger peers.

That often means paying lawyers to ensure compliance, costs that can force entrepreneurs to put off investing in their product and team. This creates a sort of Catch-22 for some startups. Venture-capital backers are less likely to give entrepreneurs money without a product, but it’s more difficult to create a product with less money when also paying legal costs. Berenguer says this has made financial technology harder to break into relative to the overall tech industry.

Singapore, UK sandbox

Some companies, he said, are seeking greener pastures in Singapore and the UK, where a sandbox program has existed for some time.

Where the huge SoftBank-Saudi tech fund is investing (Money), Rated: AAA

The Softbank Vision Fund was unveiled less than a year ago, backed by Saudi Arabia and Japan’s SoftBank (SFTBF). By May it had raised $93 billion, out of a planned $100 billion, to spend on technology businesses of the future.

Saudi Arabia is the biggest Vision Fund investor, followed by SoftBank. Other investors include Apple (AAPLTech30), Qualcomm (QCOMTech30), Foxconn, Shar (SHCAY)p and Mubadala, the sovereign wealth fund of the United Arab Emirates.

It’s already invested in 10 firms, leading funding rounds worth at least $7.7 billion.

Here’s what it has backed so far this year:

  • Slack
  • OYO
  • Fanatics
  • WeWork
  • Roivant
  • Guardant Health
  • Nvidia
  • Flipkart
  • Brain Corp
  • Plenty
Australia

P2P lender surpasses $ 150m in loans (Broker News), Rated: AAA

Peer-to-peer lender RateSetter has now reached the $150m mark in loans facilitated thanks to a rapid influx of lenders into the platform.

Millennial investors have helped to drive this growth, especially in RateSetter’s one-month market where these younger demographics make up 72% of the lender’s investors since the firm launched in 2014. This is followed by the one-year market where Millennials make up 40% of all investors.

Investment in the platform has risen by 50% over the last five months alone after RateSetter hit the $100m loan milestone in March. There are now more than 7,700 investors registered with the platform, making RateSetter the largest P2P lender in Australia.

For the one-month market, the average amount invested has increased from $3,777 two years ago to $11,483 today.

Source: Broker News
India

In Game Of Loans, RBI Arms A New Player (Bloomberg), Rated: AAA

Amit Parker, 26, needed money for his father’s heart surgery. Banks refused to lend as he had delayed repayments on a motorcycle loan three years ago. The travel firm executive tried his luck at Lenden Club (Lenden is Hindi for give-and-take), an online portal that connects individual borrowers with lenders. He managed to get Rs 70,000.

Most of these are small-ticket transactions, and the market is small. A few hundred such loans are disbursed a month with only the young with poor credit record or the tech-savvy borrowing, Rajiv Raj, co-founder of credit-scoring platform CreditVidya, told BloombergQuint. Adoption could improve once the central bank comes out with guidelines.

The Reserve Bank of India on Wednesday provided that clarity, bringing P2P lending platforms on a par with non-bank finance companies. And the opportunity is huge. More than 30 such startups have come up in the last four years, including Faircent, i2ifunding, Lenden Club and Billionloans.

Yet, since it involves lending to people with poor credit scores, interest rates can go as high as 28 percent. That didn’t deter Parker from taking another Rs 1.5-lakh loan on Lenden Club. He wishes to continue borrowing on the platform.

Millennials are the most active lenders and borrowers, Rajat Gandhi, co-founder of Faircent, said over the phone. About 60 percent of its 18,000 members are below 35 years. For its Mumbai-based rival Lenden Club, more than two-thirds of its users are 30-40 years old.

They largely borrow to improve lifestyle.

Loan marketplace Rubique targetting 250 pct growth in disbursement, 300 pct in revenue (Financial Express), Rated: A

Does the launch of your mobile app mean that you are shifting your focus to individual borrowers from SMEs?

From day one, we have maintained that our take on the opportunity in the financial space is not focused on retail or SME. The Indian financial sector is largely influencer-driven. Whenever, someone wants a loan, they go through an influencer, whether a chartered accountant or a financial advisor.

How much have you disbursed through your platform so far in FY18?

Last year, we did Rs 1,000 crore in disbursements, of which 60% was in the SME category and 40% in the retail category. This year, as a company, in the first four months (April-July), we did Rs 500 crore worth of disbursements and we have been clocking very healthy revenue. This month, we are touching around Rs 3 crore in revenue. We had been going at a monthly average of about Rs 2 crore in revenues so far. This year, we are targeting almost 250% growth over last year (in disbursements) and a healthy revenue growth. Last year, the revenue was Rs 15.5 crore. This year, we are targeting an almost 300% jump and we expect to cross `45 crore.

Buying a car this festive season? Consider these factors when comparing car loans (India Times), Rated: A

Many people wait for the festival season to make big-ticket purchases like buying a car. That is because banks and non-banking finances companies (NBFCs) usually lower their lending rates on car loans and even have offers such as writing off processing fees.

Source: India Times

“The only benefit of availing a car loan through the dealer is the slight convenience. Dealers tend to push the customer towards their captive finance arms or towards banks where they get higher commissions. So, when a customer compares the offer from the dealer with more banks or at online marketplaces, they will typically find lower interest rates and better terms than those offered by the car dealer,” says Gaurav Gupta, CEO, MyLoanCare.in, an online loans marketplace.

Source: India Times

Remittance firms should consider fintech start-ups as partners rather than competitors (The National), Rated: A

A recent Statista report estimates that fintech will be worth around US$20 billion by 2017.

For instance, 2016 GCC-wide figures by Statista showed that a full 57 per cent of banks and financial services providers saw fintech startups in their operational space as potential partners, while only 22 per cent saw them as competition.

Fintech start-ups tend to be technologically led. They harness mobile tech, social networks and a well-designed user interface to bring services directly to customers. But this technology-first model is most useful in the first and last mile fulfilment, ie, when a customer requests a transaction, or is notified of its completion. When it comes to actual transaction processing, fintech startups often lack the size, scale and well-developed treasury functions needed to fulfil global requests.

But mutually beneficial fintech partnerships can be a game changer. We are heading for what might be called a hybrid model – where a transaction is initiated in-app but is then handled by conventional partners through systems that are already compliant with regulations and have a robust track record of transaction fulfilment.

Asia

Used-car dealer taps fintech for one-stop ease (SGSME.sg), Rated: A

A USED-CAR dealership has tapped fintech to offer a paperless and hassle-free one-stop service to buyers, who can make an electronic deposit for a preferred model and submit an online car loan application, complete with insurance cover.

Orchard Credit, best known for its four decades in the vehicle financing business, recently set up a dedicated used-car showroom to provide the full range of car services to its customers.

Orchard Credit also pioneered the car loan aggregator. It is the only dealer which offers online car loans from nine banks and financial institutions – DBS, Hitachi Capital, HL Bank, Maybank, OCBC, Standard Chartered, Sing Investments and Finance, Tokyo Century and UOB.

INDONESIAN peer-to-peer (P2P) lending startup KoinWorks launches a new programme under its KoinPintar category of loans in collaboration with Binus Online Learning.

Benedicto says that KoinWorks will cover a maximum of 80% of the fees based an applicant’s finances. Loans with a flat interest rate between 9% to 12.5% will be offered to cover the rest.

How technology is changing equity trading (The Asset), Rated: A

The widespread use of algorithmic trading has lessened the need for interaction between the buyside and sellside, and brought with it increased reliability, faster speeds and lower costs. However, it also brings technology-related risks and a lack of transparency.

The widespread use of algorithmic trading – basically the process of using computers programmed to follow a defined set of instructions for placing a trade – means that it is no longer necessary for the buyside traders to speak to their counterparts every time they make a trade.

Authors:

George Popescu
Allen Taylor

Friday March 10 2017, Daily News Digest

delinquency rates in u.s.

News Comments Today’s main news: China’s tech giants are pouring billions into U.S. startups. Zopa puts investors on waiting list. RateSetter investors embrace provision fund rules. Latvia breaks RE dev crowdfunding record. Ping An Bank to provide third-party depository service to P2P lenders. Carilend to open first P2P lending platform in Caribbean. Today’s main analysis: Marketplace Lending 2.0. How Brexit could […]

delinquency rates in u.s.

News Comments

United States

United Kingdom

  • Zopa introduces investor waiting list. GP:” Perhaps another way of doing this would be to have a waiting dollar list, not a waiting investor list: each investor can invest $x per month, depending on platform needs. This way you don’t lose clients who see no activity for some time and you take a token of their participation to have them commit and stay committed. ” AT: “Regulated growth is the best kind of growth.”
  • RateSetter investors embrace new provision fund rules. GP:” A very interesting change. We should evaluate these changes in depth.”

European Union

  • How Brexit could help Berlin take London’s fintech crown. AT: “I have to say, though I’m a firm believer that it will take a lot of mojo to overtake the UK as the world’s leader in P2P lending and fintech, there is a compelling argument that Berlin’s growth could be fueld by U.S. and Asian companies choosing Germany over the UK to gain access to European markets post-Brexit. Howevr, they’ll still need a presence in the UK if they want access to the UK market. Whether business interests lean toward Berlin over London in the aggregate and over the long haul, however, remain to be seen.”
  • Latvia’s largest crowdfunded RE dev project.
  • Fellow Finance P2P lending review.

China

Asia

Caribbean

  • Bid to change loan services. AT: “Barbados need no longer be known only for good music and sunny beaches. Fintech has reached so many new shores.”

News Summary

 

United States

China’s tech giants are pouring billions into US start-ups (CNBC), Rated: AAA

Joe Chen, CEO of Chinese social networking service Renren, first met SoFi CEO Mike Cagney in Palo Alto in 2011 and, over coffee, decided to invest in the fast-growth, disruptive online finance start-up. That initial $4 million investment helped SoFi get its start and led to two more financings within three years, with Renren contributing a major chunk of some $230 million raised.

Similarly to Renren, China’s tech titans Baidu, Alibaba and Tencent are leading a surge of Chinese investment in cutting-edge U.S. technology start-ups with bold ambitions to expand their footprint, attract top talent and gain an edge in innovation.

Collectively known as the BAT, China’s giant technology companies that dominate search, e-commerce and mobile messaging in their home market are going global. The United States is their primary shopping place to diversify and build out their brands.

China’s four largest internet companies — the BAT plus e-commerce company JD.com — have invested $5.6 billion in 48 U.S. tech deals over the past two years, according to CBI Insights data.

Last year Chinese investors put a record $45.6 billion in U.S. companies, triple the amount for 2015, according to research group Rhodium Group in New York City.

Besides its groundbreaking investment in SoFi, Renren has invested in a series of U.S. fintech start-ups, leading a $31 million lead investment in crowdfunding real estate site Fundrise in 2014 and leading a $40 million investment in U.S.-based stock-trading outfit Motif in 2015.

For the founders of U.S. tech start-ups, getting cozy with Chinese acquirers and investors can make good business sense. With a Chinese investor, their business gains a competitive edge in the exceedingly difficult-to-penetrate China market. Getting funds from China’s leading tech companies can help U.S. companies gain an entry point to China, an immediate on-the-ground presence and strategic insights such as how to best customize products for the local Chinese market.

Why ‘challenger banks’ haven’t taken off in the US (Tradestreaming), Rated: AAA

Digital banks, big in the U.K., have a trust problem in the States.

That model hasn’t really caught on in the U.S., though, where startups are mostly building technology-based solutions for payments, investing and lending – anything that doesn’t require opening a bank account with an unknown entity. Building that type of business profitably is hard: the cost of customer acquisition is high and complying with complex financial regulations can be a big undertaking.

BankMobile, a rare U.S. success story, offers a compelling case study. With about 2 million accounts since its 2015 launch, it has grown so quickly Customers is selling it to Flagship Community Bank in Clearwater, Florida. (The Durbin Amendment of the Dodd-Frank Act requires companies with more than $10 billion in assets cap their interchange fees at 44 cents, and Customers’ asset size is just below that. BankMobile’s revenue comes mostly from interchange fees on debit cards.) The $175 million deal is expected to close before the end of the third quarter.

Luvleen Sidhu, president and chief strategy officer, said one of the main reasons BankMobile has been so successful is it is acquiring new customers at a low cost – about $10 per account, she specified, compared to the roughly $300 she said it generally costs to acquire a customer returns come out to “maybe $85 a year” in revenue.

U.S. startups are joining banks, not challenging them.

However, it will take more than a better customer experience enabled by technology to motivate customers to open an account or switch from their current bank, despite their general dissatisfaction with the current financial system, Khan said. These new experiences need to focus more on customer behavior – something banks get but startups need to work on more. What will ultimately make a digital bank stand out from legacy banks that are improving digitally is the way it handles data.

That’s why it’s important to remember a tech giant like Facebook or Amazon could get into banking services before a digital bank even takes off, Khan said. If it’s a competition for customer trust, the tech company could beat out all the banks.

Marketplace Lending 2.0 (Deloitte), Rated: AAA

But 12 months later, we see a picture that is much bigger in scope than just MPL-bank convergence. Marketplace lending is an integral piece of a larger fintech puzzle that is transforming the financial services industry.  We expect that asset classes such as small business, student, and unsecured consumer will move almost completely to digital platforms in the medium term, while other asset classes, such as residential mortgages and auto lending will get there more slowly.

Further out, we see a technology platform-enabled lending environment moving from a predictive to a prescriptive analytics stage.

Download the report here.

Six ways Goldman Sachs’ online lender, Marcus, strives for an edge (American Banker), Rated: AAA

  1. It’s tackling a pain point for consumers: credit card debt.
  2. It’s kicking it old school with direct mail.
  3. It’s borrowing culture and office design strategies from startups.
  4. It’s light on fees.
  5. It’s turned off automated voice response.
  6. It lets people defer payments. This isn’t for everyone necessarily, but those who make 12 consecutive payments on time earn a pass. They can contact the bank to defer one payment with no fees or extra interest, so a 32 -month loan becomes a 33-month loan.

What Crowdfunding and ‘Democratizing Capital’ Could Mean for Minority Entrepreneurs (Equities.com), Rated: A

The digital crowdfunding trend in America started in 2003 when ArtistShare launched as the world’s first donation crowdfunding platform for creative artists. Crowdfunding has surely stimulated the national and global economy over the years, but equity crowdfunding is a federally regulated tool with the ability to shift power from large, robust institutions to the individual entrepreneur and investor.

Equity crowdfunding acts as a catalyst for individuals to collectively combat institutional discrimination along with the very real wealth and unemployment disparity between races in the country. While organizing a crowdfunding campaign strategy is complex in nature, leaders across the country are working hard to make this crowdfunding easier and more accessible to everyone.

Below are a few leaders making a difference in the minority community:

  • Dar’shun Kendrick at Minority Access to Capital– Securities lawyer with a focus on helping minorities access capital the legal way.
  • Maureen L. Murat, Crowdie Advisors– Future lawyer with a passion for immigration and securities law helping entrepreneurs raise capital via equity crowdfunding.
  • Kendrick Nguyen and Paul Menchov at Republic– Equity crowdfunding platform highlighting minority, female, and impact investing offerings.
  • Devin Thorpe, Champion of Social Good– Journalist, author, and avid speaker on a mission to solve some of the world’s biggest problems before 2045 by championing the work of change agents who will do it.
  • Lynn Da, Buy The Block– Advocate for minority investment education and access to real estate crowdfunding investments. Platform set to launch April, 2017.
  • StartingFive Partners and General Catalyst Partners, FundLatinos – These two groups came together to develop this donation crowdfunding platform to bring together with the vision to build the tools, technology and partnerships needed to foster a trusted environment for Latinos to raise money for personal and community causes that matter.
  • Charlie Jackson, CEO at Texas Diversity Fund– Equity crowdfunding platform with a focus on encouraging diversity in entrepreneurship.

Backed Secures First Institutional Debt Capital (PR Newswire), Rated: A

Backed, the online lending platform that has digitized co-signing of personal loans, today announced it has finalized its debt financing deal with Israel’s largest financial institution, Harel Insurance and Finance. Harel has also participated in Backed’s extended seed round, and has become a lead equity investor. Backed and Harel are setting up an independent special purpose funding vehicle for financing its growing loan portfolio.

Backed was founded with the mission of helping individuals with thin or no credit history gain access to fair loans. Its unique co-signing mechanism is fully digitized, and allows the Backer (co-signer) to keep track of the loan progress and to step in to cover missing payments if necessary. Backing is designed to help borrowers and Backers avoid defaults, rather than impose added risk on the co-signers. Simultaneously, the co-signing model allows Backed to offer competitive returns to its investors, with reduced risk due to its co-signing mechanism.

LendingHome Launches One-Stop Online Mortgage for Digital Natives, by Digital Natives (VentureBeat), Rated: A

LendingHome’s online mortgage is the first to prioritize the customer experience by putting control over the process into the hands of the homebuyer. While the first wave of digital lenders brought the old-school paper mortgage application online, retrofitting it to be accessed via the Internet, much of the process is still controlled by the lender offline and is opaque and confusing for the homebuyer. In contrast, LendingHome has created the next-generation digital mortgage that gives homebuyers confidence and control over the process with a dynamic, interactive online experience. It also offers a faster, simpler, and more transparent mortgage process than the outdated paper-laden methods still used by many lenders.

It gives homebuyers confidence and control over the process with a range of loan options, innovative features, and trustworthy resources to choose from. It includes the ability to:

  • Select the right loan for your needs anywhere, anytime: Borrowers can select from a range of loan products at competitive rates. Using LendingHome’s Trade Points tool, they can configure the loan that’s best for their needs without wasting time going back and forth with a loan officer.
  • Lock your rate with the click of a button: Online rate lock allows borrowers to capture available rates in real time without the worry of missing out because the market moved.
  • Get guidance right when you need it: An educational hub offers advice on complex topics like debt-to-income and loan types. Extensive in-product tips and education are available exactly at the time they’re needed to help throughout the application process. While it’s easy to complete the mortgage process online, LendingHome has personalized loan specialists available to talk to borrowers via phone or chat when needed.
  • Know what to expect and do at every step: A personalized dashboard lets borrowers know exactly what documentation they’ll need to provide, without the headache of fielding last-minute piecemeal requests via email and phone. A Milestone Tracker lets them know exactly where they stand in the mortgage process and what comes next.
  • Stay on the same page with your real estate agent: A Loan Tracker tool enables borrowers to seamlessly share the progress of their loan with their real estate agent or partner.

LendingHome’s home financing solution is available at www.lendinghome.com/home-loans to homebuyers in Arizona, California, Colorado, Florida, Georgia, Nevada, Oregon, Texas, and Washington, with more states to be added in the coming months.

There are 15.8 million homebuyers — many of whom are tech savvy — expected to enter the market from 2015 to 2025, according to research from the book. Today, forty-seven percent of homebuyers are first-time buyers, and half (50 percent) are under the age of 36. They have a median age of 33 and nearly six in 10 are Millennials (56 percent) per a recent survey by Zillow Group. Per the same survey, the majority of homebuyers, 87 percent, use online resources to search, shop and purchase their home.

Fueled by Rocket Mortgage, Detroit-Based Quicken Loans Achieves Record-Breaking Year (PR Newswire), Rated: A

One year after Quicken Loans’ Rocket Mortgage Super Bowl ad ignited a nationwide conversation about the power of the American homebuyer, the largest FinTech lender funded $7 billion of its record $96 billion in total closed loan volume in 2016 through Rocket Mortgage. In just 11 months Rocket Mortgage’s closed volume alone would already rank as a top-30 national mortgage lender, among the nearly 50,000 banks, credit unions, brokers and mortgage companies in the United States.

Monroe Capital Corporation BDC Announces Fourth Quarter Financial Results (NASDAQ), Rated: A

Monroe Capital Corporation (Nasdaq:MRCC) (“Monroe”) today announced its financial results for the fourth quarter and full year ended December 31, 2016.  The Board of Directors of Monroe also declared its first quarter dividend of $0.35 per share, payable on March 31, 2017 to stockholders of record on March 17, 2017.

Fourth Quarter 2016 Financial Highlights

  • Net investment income of $5.4 million, or $0.32 per share
  • Adjusted Net Investment Income (a non-GAAP measure described below) of $5.8 million, or $0.35 per share
  • Net increase in net assets resulting from operations of $7.5 million, or $0.45 per share
  • Net asset value (“NAV”) of $240.9 million, or $14.52 per share
  • Paid quarterly dividend of $0.35 per share on December 31, 2016

5 female founders shaping the future of fintech (Built in NYC), Rated: A

Alexa Van Tobel launched LearnVest in 2009 with the mission of making financial planning affordable and accessible.

Sallie Krawcheck, a former titan of finance at companies like Citigroup and Bank of America, launched Ellevest in 2016 with the mission of closing the gender investment gap. The robo-advisor works to help women secure their financial futures by taking women’s unique life attributes — such as longer lifespans, different salary curves and more frequent career breaks — into consideration.

A former McKinsey consultant, Jennifer Fitzgerald cofounded PolicyGenius to fill a  gap in the insurance industry.

Vicki Zhou, who previously held roles at Citigroup, SFC Associates and Archipelago Capital Management, launched the company in 2013 with Herbert Moore. WiseBanyan’s platform provides users with tailor-made financial plans by recommending and managing an assortment of bonds and stocks, which users can then track, add to or withdraw from.

Orchard Platform is a marketplace lending platform that helps institutional investors, investment managers and loan originators connect and transact. Angela Ceresnie co-founded the company in 2013 with Matt Burton, David Snitkof, Jonathan Kelfer and Phill Rosen.

Want to start a mortgage company? loanDepot CEO updates thoughts on barriers to entry (Housingwire), Rated: B

Hsieh said last year that regulation was a barrier to entry into the business. People are eye-balling entering the mortgage industry because of $9 billion of untapped potential market share, Hsieh said at the time.

Now a year later, Hsieh added to it, stating technology is now a new barrier to entry — no longer just capital and regulatory obstacles.

And there’s data to back his claim. The Mortgage Bankers Association forecasts$1.63 trillion in total mortgage originations in 2017. So it’s true that more people want in, but greater investment in technology is becoming an ever-increasing necessity.

Citi names Piazza permanent head of fintech unit (American Banker), Rated: B

Citigroup on Thursday announced that Yolande Piazza will serve as the permanent head of its fintech unit.

Piazza had been serving in that role on an interim basis since August, when the previous chief executive of Citi FinTech, Heather Cox, left for a role with USAA.

Kabbage, Arcadia price pair of MPL deals (Global Capital), Rated: B

Sole lead Guggenheim increased the deal size of the Kabbage offering from $500m to $525m before pricing on Wednesday.

The $388.8m ‘A’ notes were priced at 275bp over swaps, while the $83.3m ‘B’ notes were priced at 400bp over swaps. The $27.7m ‘C’ notes and the $25m ‘D’ …

East Bay real estate investor crowdfunds purchase of San Jose tech park (Biz Journals), Rated: B

The Hellyer Oaks Technology Park in San Jose has been acquired by Walnut Creek-based Vertical Ventures, but the sale was funded partially by a real estate crowdfunding tool called CrowdStreet.

United Kingdom

UK’s biggest peer-to-peer lender introduces investor waiting list (AltFi), Rated: AAA

Zopa, the oldest and largest peer-to-peer lending platform in the UK, has introduced a waiting list for new investors on the platform. The new setup applies to both institutional and individual investors, and follows on from the “platform limit” which was introduced in December.

The newly introduced waiting list is an attempt to place a greater weight of emphasis on existing investors, by moderating the on-boarding of new customers. Zopa doesn’t yet know how long the waiting list will be, but says that it will try to manage it such that it’s never too long.

Of course, this wouldn’t be an issue at all if originations were outstripping investments. It would appear that Zopa is overweight investment at the moment.

RateSetter’s investors embrace new provision fund rules (P2P Finance News), Rated: AAA

RATESETTER’S investors have widely endorsed changes introduced to the provision fund, as hardly any of them have used the one-month window to withdraw their funds without an exit fee.

The peer-to-peer finance firm updated its lender terms in early February, one month ahead of changes to its provision fund to address concerns that it was “too binary”.

The average amount invested has now ticked up to over £22,000 – a 0.6 per cent month-on-month increase that also confirms investors feel comfortable with the platform’s strategy.

European Union

How Brexit could help Berlin take London’s fintech crown (MarkeWatch), Rated: AAA

When it comes to Brexit’s winners and losers, Berlin looks set to snag a few victories — especially the city’s growing financial-technology sector.

A rolling billboard (“Keep calm and move to Berlin”) is one of the stunts that have ruffled British feathers.

But Berlin’s gains might not come from a Brexit-driven exodus — that is, from U.K.-based technology companies abandoning their homeland. Instead, its fintech scene will benefit from U.S. and Asian businesses actively choosing Berlin, and not London, as their EU base.

That at least is the prediction from Stefan Franzke, CEO at Berlin Partner, a business development agency. He estimates that Berlin is home to roughly 80 to 100 fintechs and expects that number to double by late 2018.

To be sure, Londoners have played down the Brexit threat to the U.K. capital’s fintech crown.

At the same time, Germany is already catching up, by some measures. Funding inflows for the country’s fintech sector totaled $421 million in last year’s first three quarters, topping the U.K.’s $375 million, as shown in the chart above from accounting giant EY.

But London’s fintech scene is going to be hard to overtake, given advantages like the U.K. capital being a top financial hub and the English language serving as the business world’s lingua franca nowadays.

Latvia’s largest crowdfunded RE dev project – 950,000 euros fully funded in less than 24 hours. (Crowdestate Email), Rated: AAA

A residential real estate project located at Saules Aleja 2A in Riga, Latvia was fully funded on Crowdestate.eu crowdfunding platform. This was the single largest crowdfunding campaign in Latvia for a real estate development. The project is managed by Crowdestate and advised by a leading Estonian residential developer Hepsor OÜ.

The development project will include the purchase of a land plot and the construction of a residential building next to a park and a beautiful pond in the highly sought after Agenskalns neighborhood. In less than 24 hours, 769 investors from 23 countries all over the world participated in funding this project, reaching the record breaking amount of 950 000 euros.

The investment opportunity offers an IRR of 20.46% per annum.

On crowdestate.eu platform anyone can be an investor, with the minimum investment starting from 100 euros. The largest amount invested into the Saules Aleja 2A project was 30 000 euros and the average investment per investor was 1 297 euros.

Fellow Finance P2P Lending – My Portfolio and Strategy (P2P-Banking), Rated: AAA

Fellow Finance is a p2p lending marketplace in Finland. It started 2013 with loans to Finnish consumers, and later added Polish consumer loans and loans to Finnish SME’s. Since launch more than 100 million EUR in loans were funded.

I currently invest only in Finnish consumer loans and concentrate on 3 and 4 star loans for which the market rates are currently 13% and 15%. The Finnish consumer loans are covered by a buyback guarantee of 70%, meaning in case they are 90 days overdue, they will be sold for 70% of outstanding principal to a collection agency.

The market rates do fluctate sometimes at +/- 1%, and I felt it necessary to tweak the rate of my allocator then to keep it bidding (at the best possible rate). Fellow Finance is one of the very few platforms, where investors can configure the autoinvest to buy on the secondary market, but I have not used that.

Overall the website – which is available in english language – is good, only sometimes a tad slow to respond.

 

China

WeiyangX Fintech Review (Crowdfund Insider), Rated: AAA

Last week, the National People’s Congress (NPC)and Chinese People’s Political Consultative Conference (CPPCC), the country’s top legislative and political advisory body, opened the 2017 sessions in Beijing.

And this year, “Fintech” was once again named as the top keywords of “Two Sessions”:

(15 Top Keywords of 2017: artificial intelligence, virtual reality, Internet+, sharing economy, blockchain, Fintech, content industry, Internet healthcare, automatic drive, platform era, innovation, institutional improvement for internet, information safety, digital economy and smart city)

Ping An Bank is planning to provide third party depository service for P2P online lending platforms.

Here are some main points of the measures:

  • Actual controllers of P2P online lending platforms must be government, large state-owned enterprises, main-board listed companies, small and medium enterprise board listed companies, or financial institutions with licenses from China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission or Ministry of Human Resources and Social Security;
  • Platforms must be in operation for more than a year without any negative press reports, and monthly turnover should exceed 100 million yuan;
  • Platforms should market their depository cooperation with Ping An Bank truly and objectively;

On March 2nd, Wanda Group and China UnionPay officially announced a strategic co-operation. The two sides will develop cutting-edge financial technology to promote the application of intelligent transaction and smart service in commercial scenarios.

On March 2nd, Fintech platform Xiaoying Financial secured 1 billion yuan in Series B funding. The new investors include Suzhou Goldmantis Group, the Industrial Fund of Jinke Entertainment, Shanghai Urban Real Estate Holdings Company, Bo Nian Kang Health Management Group and more.

On March 2nd, prepaid card company Jiangsu Ruixiang announced it had ceased cooperation with more than 50 Lotte Mart stores in Jiangsu provinces.

Asia

Dubai Regulator Signs FinTech Pact with Singapore’s Central Bank (Cryptocoins News), Rated: A

The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) have signed a cooperation agreement to develop and nurture Fintech innovations and entrepreneurs in both countries.
Dubai is certain to benefit from the agreement with Singapore, the latter arguably established as Asia’s and one of the world’s leading Fintech hubs.
Notably, the two authorities will also collaborate on projects that explore the possibility of technologies such as blockchain and distributed ledger technology (DLT), digital and mobile payments, big data and more.

P2P lending changes the finance game (Manila Bulletin), Rated: B

First to be introduced and gained traction in the United States and Europe, this method called peer-to-peer or ‘person-to-person’ (P2P) lending paves the way to democratize the lending while keeping it credible and very secure.

There are less requirements needed compared to the traditional money-lending process. What attracts the borrowers are the low interest rates and the minimal requirements, while the convenience and safety attracts the lenders.

Caribbean

Bid to change loan services (Nation News), Rated: AAA

Carilend Ltd officially launched its peer-to-peer (P2P) lending website last week, introducing a process that matches lenders (who can lend from $2 500 up in $25 increments) directly with borrowers (who can borrow from $2 500 to $50 000 in $25 increments, subject to credit referencing and scoring).

Carilend officials said theirs was the first P2P lending site in the Caribbean “aiming to bring together borrowers and lenders to give a better deal and a better experience to both”.

Authors:

George Popescu
Allen Taylor