Thursday March 7 2019, Weekly News Digest

chinese p2p lenders

News Comments Today’s main news: Funding Circle US small biz loan portfolio surpasses $2B. JPMorgan Chase to compete with Affirm, Klarna on POS financing. Funding Circle expands into Canada. Funding Circle financial highlights. Revolut fights new allegations. Dianrong lays off 2,000. Today’s main analysis: U.S. credit card debt hits record $870B IN 2018. International P2P lending volumes for February 2019. Today’s thought-provoking […]

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chinese p2p lenders

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United States

Funding Circle US Small Business Loan Portfolio Surpasses Most Banks with $ 2 Billion Lent Through Platform (PR Newswire), Rated: AAA

Funding Circle, the global small business loans platform, today announced that investors have lent more than $2 billion through its platform to small businesses in the United States. With this milestone, Funding Circle now has more US small business loans outstanding than almost 98% of FDIC-insured banks1.

Funding Circle now has more than $1 billion of small business loans in its portfolio, which means that if it were a bank it would be among the 50 largest small business commercial & industrial loan portfolios in the United States, according to the latest FDIC data available1. However, unlike a bank, Funding Circle provides a single financial product. Its fully amortizing business loans, powered by sophisticated technology and proprietary credit models, enable business owners to access financing with speed and efficiency, allowing them to devote more time to delivering their product or service to the market and ultimately create more jobs and vitalize their communities.

JPMorgan Chase Enters A Hot Fintech Space: Point-Of-Sale (POS) Financing (Forbes), Rated: AAA

JPMorgan Chase announced that it is moving into the point-of-sale (POS) financing market.

POS financing certainly isn’t new. In 2016, merchants in nine different retail categories saw more than 160 million POS loan applications—only 53% of which were approved, however.

Source: Forbes

Filene Research Institute 

Source: CORNERSTONE ADVISORS

Shopping at Discount Stores Could Help Get You a Loan (WSJ), Rated: A

Discount-store shoppers may soon get an unexpected benefit: better odds when applying for personal loans from Discover Financial Services.

Discover, best known for its credit cards, plans to use artificial intelligence to assess hundreds of unusual characteristics about personal-loan applicants in an attempt to get its rising losses under control.

U.S. Credit Card Debt Closed 2018 at a Record $ 870 Billion (Bloomberg), Rated: AAA

U.S. credit card debt hit $870 billion — the largest amount ever — as of December 2018, according to the data from the Federal Reserve. Credit card balances rose by $26 billion from the prior quarter.

Source: New York Federal Reserve

Nearly 480 million credit cards are now in circulation — up by more than 100 million since hitting bottom after the recession a decade ago.

At the end of last year, credit cards were the fourth-largest portion of consumer debt in the U.S. after mortgage, student loan and auto debt. But the quarterly increase in credit card debt was faster than the other categories. Overall debt reached a record $13.5 trillion.

Source: New York Federal Reserve

LendingTree Compares Renting and Owning a Home in the 50 Largest Metropolitan Areas in the U.S. (LendingTree), Rated: AAA

Louisville, Milwaukee and Oklahoma City are the metros where median rents are cheapest when compared to median mortgages. In these areas, median rent costs are an average of $310 cheaper than median mortgage costs.

Source: LendingTree

Miami and Orlando, Fla.; and Virginia are the metros where rent payments are the most expensive when compared to mortgage payments. Median mortgage payments are an average of $215 cheaper than median rent payments in these metros.

Four of the top 10 metros where monthly rents are higher than monthly mortgage payments are in Florida. According to a recent housing study from Harvard University, low wages and too few rental units are key factors that have caused Florida’s rental affordability crisis to become the worst in the nation.

Source: LendingTree

‘Stop pitting misery against misery’: How TrueAccord is turning debt collections into a financial service (Tearsheet), Rated: AAA

Ohad Samet has spent his career working on lending analytics — first, at a firm called FraudSciences, which got bought by eBay. He ran analytics at Analyzd, which was acquired by Klarna. As the chief risk officer at the pay later lender, he became aware of how antiquated the debt collections industry was. Call centers, dialing for dollars, it just hadn’t kept pace with the front end of the business.

So, in 2013, he left and with two co-founders started TrueAccord, which is essentially a nearly-automated marketing and sales campaign for debt collection. Based on consumer data and data from the lender, it can determine who to call, what time to call, what communications channel — phone, text, email, chat — and what message to use. It purports to be a much better experience for consumers.

KBRA Assigns Preliminary Ratings to Kabbage Asset Securitization LLC, Series 2019-1 (BusinessWire), Rated: A

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes (the “Notes”) issued by Kabbage Asset Securitization LLC, Series 2019-1 (“Kabbage 2019-1”).

This transaction is Kabbage, Inc.’s (“Kabbage” or the “Company”) third securitization and it is expected that the proceeds of the sale of the Notes will be used to refinance the Company’s existing $610 million outstanding Kabbage Asset Securitization LLC Series 2017-1 Notes and provide extra funding capacity for Kabbage.

Notes Preliminary Rating Initial Principal Balance
Class A AA (sf) $421,221,000
Class B A (sf) $59,715,000
Class C BBB (sf) $69,348,000
Class D BB (sf) $35,316,000
Class E B (sf) $24,400,000

Peer to Peer Lending Platform Beehive Raises $ 4 Million (Crowdfund Insider), Rated: A

Beehive, a peer to peer lending platform servicing SMEs in the MENA region, has closed on $4 million Series B funding round, according to a release from the platform. This most recent funding brings the Fintech’s total raised to $15.5 million since platform launch.

Loan officers cast serious doubt on latest loanDepot, Chase mortgage promises (HousingWire), Rated: A

In recent LendingLife news, loanDepot announced its new digital mortgage, which it says can identify significant time and cost-savings for borrowers in seven minutes.

AI Foundry Unveils Next-Generation Artificial Intelligence Platform and Mortgage Automation Solution (PR Newswire), Rated: A

AI Foundry, an artificial intelligence (AI) platform company, today announced the launch of its next-generation Cognitive Business Automation Platform along with a new Agile Mortgages solution. This patent-pending technology incorporates the latest in AI, machine learning and machine vision to deliver a higher level of problem solving and decision making for enterprises. The new Agile Mortgages solution, which is built on top of the platform, automates manual, labor-intensive mortgage processes, enabling lenders to dramatically accelerate the lending lifecycle.

Could A Selfie Put An End To False Identities? (Forbes), Rated: A

Earlier this year, 

Auto Loan Statistics (LendingTree), Rated: A

Key facts

  • Americans originated a record 2.5 million auto loans in July 2018, the most recent month for which data is available.
  • Americans owed more than $1.14 trillion in auto loans as of September 2018, 23% more than 2013.
  • Outstanding auto loan balances are rising about 3.1% a year in dollar amounts.
  • Auto loans accounted for about 8% of outstanding consumer debt in 2018, including mortgages, about 2 percentage points higher than a decade earlier.
  • Gen Xers carry the highest auto loan balances with a median of $18,741 and are the most likely of other age groups to have a car loan.
  • The average new car loan originated by a finance company is $29,921.27, an increase of more than $5,000 from 10 years earlier.
  • Average monthly payments are rising, too:
    • $530 for new vehicles, up 5% year over year
    • $381 for used vehicles, up 4%
    • $430 for a new vehicle lease, up 4%

For many Americans, car loans are their largest debt burden, a weight which threatens to become overwhelming as they stretch loan terms to buy increasingly expensive vehicles — new and used. To get the full picture of auto loan debt in the U.S., we looked at auto loan originations, prices and term lengths. Here are the numbers.

Online bank Chime now valued at $ 1.5 billion after new funding round (CNBC), Rated: A

Digital bank Chime has tripled its valuation, officially passing the $1 billion-mark this week.

The San Francisco-based company announced a $200 million Series D financing round that brings its new valuation to $1.5 billion. Investors were led by DST Global, which also participated in earlier fundraising rounds, and new investors Coatue, General Atlantic, Iconiq Capital and Dragoneer Investment Group, Chime said Tuesday.

Jason Gross of Petal (Lend Academy), Rated: A

In this podcast you will learn:

  • The personal experience that led to the founding of Petal.
  • Their core product and how it is different to what else is out there.
  • A profile of their typical customer.
  • How they are approaching underwriting.
  • The typical APRs and credit limits they offer on their card.
  • How they are protecting their company against fraud.
  • How Petal is getting the word out about their credit card.
  • The large waiting list they had when they launched last year.
  • The early signals they are seeing with credit performance.
  • How they are generating income.
  • The primary funding sources they use in providing the credit lines.
  • What they mean on their website when they say “a credit card with a conscience”.
  • Their biggest challenge as they grow their company today.
  • The goals the Petal team has for 2019.

FINRA Approves Circle’s Acquisition of SeedInvest, Continues Mission of Tokenization (Crowdfund Insider), Rated: A

FINRA has given their stamp of approval to the acquisition of SeedInvest by Circle. The crypto focused company announced the purchase of SeedInvest in October of 2018.  The acquisition of a regulated securities crowdfunding platform by the blockchain based Circle represented a seminal turning point in the crypto industry.

Virginians say online lender uses tribal immunity to get around state laws (Pilot Online), Rated: A

Virginians are taking a lead attacking what they say is a legal loophole that has left thousands of people stuck with debt they can’t escape.

The case involves loans at interest rates approaching 650 percent from an online lender, Big Picture Loans, associated with a small Indian tribe on Michigan’s Upper Peninsula.

Lula Williams of Richmond, the lead plaintiff in one case, still owes $1,100 on the $1,600 she borrowed from Big Picture Loans — debt that she’s already paid $1,930 to retire. One of her loan documents reports the annual percentage rate for her debt at 649.8 percent, calling for her to pay $6,200 on an $800 debt. Her first three installments on that loan, each for $400, would have yielded Big Picture a 50 percent profit on the loan after just three months, court records suggest.

How to Invest in Real Estate without Buying Property (Realty Biz News), Rated: B

Lastly if you love jumping on the latest trends, then jumping on one of these companies services that how recently cropped up will help you get involved in real estate investing. You are able to invest in commercial and residential real estate investments and receive cash flow distributions in return, and just like the other options on this list, someone else is doing the heavy lifting whilst you reap the rewards.

Whilst there is no one standout company that we can confidently recommend, since they all havent been around long enough for us to make a property judgement, Fundrise returned an average of 11.4% on the invested dollars in 2017 and a further 9.11% in 2019.

The best part is you don’t even need to be an accredited investor to open an account, meaning if you’re new to the market, then this is your chance to get in on something thats shiny and new and that could potentially give you a place to invest your cash and reap the rewards of owning physical property.

Elevate Appoints Kathleen Vanderkolk as Head of Enterprise Risk Management (BusinessWire), Rated: B

Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced that it has promoted Kathleen Vanderkolk to Chief Risk Officer.

Vemanti Group Engages With Securitize And DSLG To Launch Digital Security Offering For eLoan, JSC (GlobeNewswire), Rated: B

Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has engaged with Securitize, Inc. (“Securitize”) and Digital Securities Law Group (“DSLG”) to launch a Digital Security Offering (“DSO”) to fund and propel the business objectives for eLoan, JSC (“eLoan”), its portfolio company. The Company recently announced that it has completed its investment in eLoan, a fintech company based in Vietnam.

The offering will be conducted by the Company on behalf of Fvndit, Inc. (“Fvndit” – formerly Directus Holdings, Inc.), eLoan’s US-based parent company, as the issuer. The issuance will be managed by Securitize’s platform and DS Protocol. Details of the offering will be announced at a later date.

United Kingdom

Funding Circle Announces Expansion to Canada (PR Newswire), Rated: AAA

Funding Circle, the leading small business loans platform in the UK, US, Germany and the Netherlands, today announced its plans to enter the Canadian market and expand access to fast, affordable and transparent financing for Canadian small businesses.

Funding Circle will establish operations in Canada in the second half of 2019 with an office located in Toronto. The business will be led by Tom Eilon, who previously led the commercial strategy for Funding Circle in the United Kingdom.

Funding Circle Holdings plc (Funding Circle), Rated: AAA

Financial Highlights:

  • Strong Group performance delivering IPO guidance whilst continuing our strategy of investing for growth
  • Revenue of £141.9 million (2017: £94.5 million). Year-on-year growth of 55%1 (excluding property2) exceeding c.50% guidance stated at IPO
  • Segment adjusted EBITDA3 of £7.0 million (2017 loss: £3.9 million) with margin of 5% (2017: negative 4%)
  • Adjusted EBITDA4 loss of £28.5 million (2017 loss: £25.1 million) with margin improving to negative 20% (2017: negative 27%)
  • Basic loss per share of 18.2 pence (2017 loss: 14.0 pence)
  • Loss before tax £50.7 million (2017 loss: £36.3 million)
  • Free cash outflow5 of £42.0 million (2017 outflow: £35.3 million)
  • Cash of £333.0 million, £244.1 million higher than at the end of 2017 (£88.9 million), including IPO proceeds of £300.0 million, before expenses of £15.0 million

UK Peer to Peer Lending: Loans top £800 Million in Q4 as Industry Matures (Crowdfund Insider), Rated: AAA

The UK Peer-to-Peer Finance Association(P2PFA) has published fourth quarter numbers for member platforms. According to their data, cumulative lending now tops £9.5 billion with over £800 million originated during the period.

The P2PFA states that platforms facilitated loans worth nearly £3 billion during 2018.

In Q4, P2PFA platforms originnated £527 million to businesses and £282 million to almost a quarter-of-a-million consumers. Cumulative lending among P2PFA platforms has now exceeded £5.5 billion for business lending and £4 billion for consumer lending.

Revolut is fighting back after yet more allegations were made against the $ 1.7 billion fintech unicorn after a week from hell (Business Insider), Rated: AAA

The Financial Times on Tuesday alleged that the UK National Fraud Intelligence Bureau (NFIB) is examining a complaint from a customer, adding to Revolut’s issues after a difficult week for the fintech.

However, the allegations were denied by Revolut and the Financial Times article was subsequently taken down.

The FT, citing emails, reported on an incident in which £70,000 was incorrectly paid into a Revolut customer’s account.

Is the Innovative Finance Isa worth it? We look at the pros and cons (City A.M.), Rated: A

At barely three years old, the Innovative Finance Isa still has some proving to do. And for some savers, it’s a product that is deemed too risky. But how risky is it really?

Of course, the IFISA is merely a tax-free wrapper, so the risk actually depends on the underlying investments held within.

And while investments can vary wildly, most IFISAs are invested in the peer-to-peer (P2P) lending market, where lenders are grouped together to invest capital through an online platform which distributes funds to borrowers.

How savers can use an Innovative Finance Isa to reap the rewards from the property market (City A.M.), Rated: A

Investors can open one IFISA per tax year, and have an annual subscription allowance of £20,000, with substantial tax-free returns.

There are also several different opportunities available when it comes to property IFISAs, including buy-to-let and development.

Wealth management firm urges greater awareness in investments (Wealth Adviser), Rated: B

Last year, the National Trust was criticised for investing in a fund with holdings in fossil fuel companies, while the Church of England was shown to have ploughed funds into Wonga, despite having publicly criticised the payday lender.

Provident fights back in bitter £1.3bn bid battle as it accuses former boss of destroying shareholder value and failing to grasp modern technology (This is Money), Rated: B

A war of words has erupted between the doorstep lender Provident Financial and its former boss John van Kuffeler as he mounts a £1.3billion hostile takeover bid.

The Provvy has accused van Kuffeler of destroying shareholder value and failing to grasp modern technology.

China

Dianrong has laid off as many as 2,000 employees amid a regulatory crackdown (Business Insider), Rated: AAA

China-based peer-to-peer (P2P) lender Dianrong has laid off as many as 2,000 employees and will shut down 60 of its 90 brick-and-mortar outlets, which helped verify the identities and qualifications of users, according to Bloomberg, citing people familiar with the matter.

Additionally, the company has been accused of falling behind on wages and severance pay, per a Chinese media outlet cited by TechNode . The company reportedly started shrinking its business around 10 months ago, despite securinga $70 million funding round in January to expand its services, including SMB lending.

Source: Business Insider
European Union

How PSD2 Will Change Lending (PYMNTS), Rated: AAA

Merchants and customers are now transacting under PSD2 and GDPR in the European Union (EU) — regulations that allow a greater window into how customer data is being used. While these regulations are aimed at increasing consumer trust by allowing them more transparency, many consumers in the region are still adjusting.

French regulatory body, the Commission nationale de l’informatique et des libertés (CNIL), has fined Googlethe equivalent of $56 million for noncompliance with GDPR within the region, alleging that the information services company was using EU customer data for advertising purposes without obtaining clear consent from those customers.

For third-party providers, such as P2P lending and investment provider Zopa, PSD2’s data transparency rules provide an opportunity to “level the playing field” when it comes to gaining that consumer trust.

International

10 Fintechs Have Already Raised Monster Rounds in 2019 (Lend Academy), Rated: AAA

We came into 2019 after a strong year of fintech investments with about $40 billion invested globally according to CB Insights.

Acorns

  • $105 million round led by NBCUniversal and venture arm of its parent company Comcast. NBCUniversal is now their largest shareholder.

Better

  • $70 million Series C from American Express Ventures and the Healthcare of Ontario Pension Plan (HOOPP). The company originated $1.3B in mortgages in 2018.

Figure

  • The $65 million Series B round was led by RPM Ventures as CEO Mike Cagney continues to show his fundraising prowess. Their valuation is said to be $365 million today about double the valuation from last year. Read our coverage here.

International P2P Lending Volumes February 2019 (P2P-Banking), Rated: AAA

The total volume for the reported marketplaces in the table adds up to 531 million Euro.

This month I added Bondster (use Bondster Promotion Code 5506 to get 1% cashback).

Source: P2P-Banking

Omidyar Network spins out its fintech investment arm as Flourish, with up to $ 300 million (TechCrunch), Rated: A

After twelve years spent investing in impact-oriented financial services startups around the globe, the Omidyar Network,  which serves as the family investment office for eBay founder Pierre Omidyar, is spinning off its financial inclusion investment arm as Flourish Ventures.

Equipped with up to $300 million in capital for operations and investments, the new Flourish will continue to invest around the Network’s core mission of backing companies with a dual focus on making a social impact and achieving quality financial returns.

List of Multi-Crypto Wallets To Consider For Your Portfolio (Cryptomorrow), Rated: A

Everus

Everus is a multi crypto wallet that allows for payment of bills and for mobile top-ups in multiple crypto and management of multiple crypto. The wallet, which is part of an ecosystem featuring bill payment, marketplace, peer-to-peer lending and micro-finance; allows customers to send, receive, store and withdraw multiple cryptocurrencies (more than 50 currently).

Peer-to-peer lending will allow people to offer and accept microloans affordably, which will be more targeted to the un-banked.

Infinito Wallet

Other features to be added soon include crypto lending where users can lend crypto and earn profits, exchange integration to allow users to exchange crypto from the wallet, fiat gateway to let users purchase crypto with fiat, digital identity and KYC where users can register their digital identity and use it everywhere else without needing to create another one, news portal to furnish users with happenings in the crypto space, and App Square for browsing dApps.

Quppy Wallet

It links to other parts of the company’s product ecosystem including decentralized exchange to allow users to buy and sell crypto, a licensed crypto bank, Prepaid co-brand bank cards, a decentralized peer-to-peer lending for borrowers as well as merchants, individuals, corporate, financial and non-financial institutions as well as crypto-fiat payments for merchants and 100% legal fiat-crypto-fiat transactions regardless of region and legislation.

India

P2P lenders develop new ways to build trust (India Times), Rated: AAA

Monexo ensures less risk for lenders by keeping a lender’s contribution to a loan to only Rs 1,000. So if a Monexo customer lends Rs 1 lakh on the platform, it gets split across 100 loans.

Faircent also has a similar strategy. It does not allow lenders to lend more than 20% of a single borrower’s requirement. So for an average loan of Rs 1 lakh, there will be on average 43 lenders funding that. They also advice lenders not to lend beyond Rs 5,000-7,000 for one loan.

Scaling small businesses with alternative finance (India Times), Rated: A

Lack of access to finance is the most widely cited constraint by SMEs for growth and scaling up business. Generally commercial banks perceive SMEs fall in the category of high default risk due to limited collaterals, smaller in asset size and limited historical track record.

Asia

Tightened supervision needed for P2P lending services: Deputy PM (Nhan Dan), Rated: AAA

Deputy Prime Minister Vuong Dinh Hue has asked competent ministries and sector to enhance inspections, supervision and settlement of violations related to peer-to-peer (P2P) lending model which has been springing up in Vietnam in recent two years.

E-Money, P2P Lending The Hotspots (Fitch Solutions), Rated: A

  • The e-money and payments segment continues to show strong growth, and consolidation within the sector is positive to improve services and ease competitive pressures.
  • P2P lending is emerging as a bright spot, and regulation remains lax enough for lenders to thrive.
  • Cryptocurrencies show little potential for growth as the regulator remains apprehensive towards crypto-based assets.

FINTERRA Calls for All Thought Leaders and Regulators to Envision A Global Waqf Bank (Salaam Gateway), Rated: B

Malaysia has the potential to become the first nation in the world to set up a global “Waqf” bank using blockchain technology, expounded Hamid Rashid, the Founder of FINTERRA.

The platform is a blockchain-based solution to crowdfund Waqf charity, Islamic investments, and peer-to-peer lending.

Canada

Klarna And PayBright Partner To Give More Shoppers The Ability To Pay Over Time (PR Newswire), Rated: A

Today, Klarna, a global payment provider, announces a partnership with Canadian instant financing provider, PayBright. Klarna and PayBright are joining forces to give Klarna’s 100,000 global retailers the ability to turn on a consumer finance solution for their Canadian shoppers quickly and easily.

Authors:

George Popescu
Allen Taylor

The post Thursday March 7 2019, Weekly News Digest appeared first on Lending Times.

Wednesday August 23 2017, Daily News Digest

Delinquency rates

News Comments Today’s main news: Walmart, Affirm discussing loan offerings to retail customers. Funding Circle has created 80K new jobs. Zopa’s revenue jumped 60% last year. Indonesia fintech investment to hit record high. Today’s main analysis: Consumer debt’s new peak. 3 investments to make before the market collapses. Today’s thought-provoking articles: The rumors of P2P’s demise are greatly exaggerated. Why China […]

Delinquency rates

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United States

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United States

Walmart in Talks With Finance Startup Affirm to Offer Loans to Customers (TheStreet), Rated: AAA

Walmart Stores Inc (WMT) is in talks with financing startup Affirm Inc to use its services to offer installment loans to customers with limited credit histories, the Wall Street Journal reported.

The upstart is reportedly nearing a deal with Walmart that could have it offering installment loans to Walmart shoppers as early as this fall. The loans would be focused on costlier items such as tires and other purchases over $200, insiders said.

Consumer Debt Reaches New Peak: Will Losses Follow? (Forbes), Rated: AAA

This week, the Federal Reserve Bank of New York released its quarterly Household Debt and Credit Report.

  • Total consumer debt reached a record $12.8 trillion. The prior peak was $12.7 trillion in 2008.
  • Since the financial crisis, auto loans and student loans have soared. Auto loans are now at $1.2 trillion, up 70% since the depths of the recession in 2010. Student loans have reached an incredible $1.3 trillion.
  • Total credit card debt has reached $784 billion, the highest level since the fourth quarter of 2009. Credit card delinquencies have also started increasing from historic lows.
  • Mortgage debt is growing again, having reached $8.7 trillion. However, it remains below the 2008 peak of $9.3 trillion.
Source: Federal Reserve Bank of New York

Student and auto loan data is worrying. The growth rate of both products has been extraordinary. Credit card growth looks nominal (despite the recent press) compared to the continued surge in student and auto loans.

Source: Federal Reserve

These loss rates are driven by poor underwriting in both the student loan and subprime auto markets. But while interest rates on auto loans (especially subprime) are high (and priced for risk), student loan interest rates are typically in the low single digits – not enough to cover the implied loss rate.

Federal Reserve Bank of New York

Tech giants like Amazon and Facebook more disruptive to banks than fintech start-ups (CNBC), Rated: A

Banks are faced with more competitive disruption from tech behemoths than financial technology (fintech) start-ups, according to a report by the World Economic Forum (WEF).

Drawing on interviews with finance and tech industry experts, the report found that banks were significantly lagging behind tech giants in the development of technologies like cloud computing, artificial intelligence and big data analytics.

Lenders have instead been turning to tech corporations to provide these functions, the report said. It singled out AmazonGoogle and Facebook as three companies dominating the market in these areas of innovation.

One example the report referred to was Amazon Web Services, which has lured several financial institutions including Aon, Capital One and Nasdaq to Amazon’s cloud computing business.

WSJ’s Greg Ip: US needs more Amazon disruption from CNBC.

RiverNorth: Executing on Providing Income for Investors in Marketplace Lending Loans (Crowdfund Insider), Rated: A

RiverNorth is out with an encouraging note on its fund that invests in marketplace lending platform loans. As of the end of July 2017, RiverNorth’s portfolio consisted of 10,173 loans, with an average loan size of $10,176. The RiverNorth Marketplace Lending (NASDAQ:RMPLX) is designed to provide a high degree of granularity and diversification, and holds a duration of 1.5 with a weighted average FICO score of 708 on the consumer portion of the portfolio. Consumer loans represent a 76% allocation as of July. The Fund’s “subsidized and unsubsidized SEC” net yield currently stands at 11.02% and 9.27%, respectively.

Cloud Lending Solutions Releases Software for Leasing and Asset Finance (BusinessWire), Rated: A

Cloud Lending Solutions, a leader in cloud-based leasing software, announced major advancements to its end-to-end leasing solution, CL Lease™ for Self-Financed Lessors, Externally Funded Leases and Captives. CL Lease™ is designed as a customer-centric, cloud-based lease servicing application enabling lessors to efficiently service equipment leases.

By automating operations, CL Lease effectively manages and tracks multiple assets in a schedule, and can manage your asset disposition process (repossessions, and returns). Its fully extendible integration platform works with collection agents, repossession agents, equipment resellers, and dealers. CL Lease can automatically apply fees, calculate taxes, and collect payments through ACH and credit cards.

Recent economic research into the Equipment Lease and Financing industry indicate that equipment and lease software investment is projected to grow by 3.6% in 2017. The investment outlook for most equipment verticals continues to improve with 2017 seeing long-term leasing volume increasing in 10 of 12 leasing verticals, and recent momentum in first-half 2017 has accelerated in 8 of 12 verticals.

A short list of advancements are:

  • Criteria Based Scorecards – Scorecard evaluations consisting of multiple parties with different legal entity types. Lessors will be able to assign different scorecards to different Legal Entity Type values and evaluate different scorecards for business versus individuals. Scorecard evaluations consisting of multiple parties with different collateral types. In this scenario, financial institutions will be able to assign different scorecards to different collateral type values.
  • Financial Statement Analysis – Enable lessors to be able to spread financials and store electronically, this includes balance sheets, income statements, and cash flow statements, as well as configure calculations and financial ratios to support financial analysis. CL Lease will enable financial institutions to customize financial statements with custom fields and generate financial statement information, such as cash flow, from configurable statement calculations and allow users to input, generate and analyze financial statements spanning multiple reporting periods.
  • Multi Company, Multi Currency – Support for being able to manage multiple companies in the same CL Lease implementation. Highly useful for companies operating in multiple countries or jurisdictions, CL Lease can support local regional specifications and manage leases across geographical country lines.
  • Credit Exposure Support – Enhanced to enable lessors to calculate direct exposure, direct proposed exposure, indirect exposure and indirect proposed exposure calculations for borrowing relationships, as well as get updates on the exposure for all borrowing relationships on a daily basis. CL Lease will also enable users to update exposure calculations on-demand.
  • Feature Updates – Additional updates include: Contract Restructuring, Debt Schedules, Delinquency Management, Asset Tracking, Financing of multiple equipment, Cash Management, Reporting and Dashboards.

Cloud Lending Solutions Releases Software for Commercial Bank Lenders (BusinessWire), Rated: A

Cloud Lending Solutions, a leader in cloud-based commercial lending and leasing software, announced upgrades to its end-to-end suite of products for its commercial lending clients using: CL Loan™, CL Lease™, CL Originate™, CL Collections™, and/or CL Marketplace ™ and released a new product in CL Portal™. These advancements to the Cloud Lending solution suite are designed to address fundamental challenges found across Global Banking, Community Banks, Credit Unions, Lending Societies, and Global Financial Institutions.

A partial listing of feature advancements:

  • Underwriting Scorecards: Enables FIs to define rate cards consisting of configurable pricing and terms and assign them to configurable risk ratings. They can also define their scorecards, consisting of evaluation criteria, scores, and weights, which can be executed for a specific loan opportunity based on configurable criteria. Results of the scorecard evaluation, pricing, and terms can then be automatically applied to the loan or presented to the user for selection.
  • Financial Statement Analysis/Financial Spreading: Enables FIs to configure and generate financial statements, financial ratios for business and individual borrowing entities associated with a loan opportunity. Further, lenders can leverage the resulting financial statement data and analysis during the loan underwriting process and configure the layout and format of each financial statement, as well as the calculations and formulas that derive the financial statement values and the resulting financial ratios.
  • Risk Assessment and Exposure Lenders can configure risk assessment templates, generate risk scores/grades for borrowing relationships, define risk assessment criteria in scorecards and the risk rating thresholds, and evaluate risk assessments for borrowing relationships automatically or on-demand.
  • CL Portal™ A configurable front-end portal that provides a differentiated borrowing experience for consumer, commercial and small business loans for borrowers, investors and stakeholders; integrates product workflows and document management to create a personalized and unique experience for loans ranging from fully automated consumer loans to multi-entity, collaborative commercial loans.
  • Loan Committee and Communications: Providing a completely virtual committee experience where members can view, discuss, and vote on loan opportunities via their computer and communicate lending communications between team members online with an audit trail. Improves meeting efficiency by automatically capturing meeting minutes and enforcing loan presentation time limits.
  • Advanced Loan Origination provides FIs an ability define each of the stages of their loan origination process for each loan product and each mandatory task(s) required at each stage. Easily define loan origination tasks driven by additional criteria such as risk rating or loan amount and automatically assign each task to loan team members based on their role. This ensures an efficient process by enforcing due dates for tasks and ensuring policy compliance by enforcing task completion at the applicable stage of the loan origination process.
  • Relationship Dashboard Provides a 360-degree view of the customer relationship allowing financial institutions to obtain a comprehensive view of the entire borrowing relationship. Users get a real-time view into relationship documents and document exceptions; monitor, and evaluate relationship covenants, view financial accounts and loan opportunities in progress, and assess relationship risk using risk assessment templates and credit exposure calculations. This is provided in addition to customer relationship management functionality provided by Salesforce.

Importance of digitally transforming credit risk management (Digital Journal), Rated: A

The analysis suggests that banks urgently need to digitize their credit processes. This comes down to economics since lending continues to be a major source of bank revenue, especially with retail banking. It is the retail banking sector that is facing the greatest threat from new digital services, such as credit lenders. An example of such a lender is Kuliza, which is on-line only and deploys artificial intelligence to assess customer loan requests. A different approach is provided by Fusion Bank which uses ‘crowdlending’ to secure loans. A crowdlending platform brings investors (the crowd) together with borrowers and allows the investors (or lenders) to lend small sums of money directly to hundreds or thousands or borrowers, in anticipated of a return on the loan.

An example of how a major bank can embrace what is happening in the market is provided by Premium Credit, which is a wholly owned subsidiary of Bank of America. To take on the challenge, Premium Credit worked with specialist technology company Arrk Group to create a digital customer acquisition platform. The success of this, for both bank and customer, was to reduce the time taken to process a loan from weeks to a matter of just minutes.

Federal Arbitration Rule Will Harm ‘Little Guys’ (CEI.org), Rated: A

Once again, the Consumer Financial Protection Bureau (CFPB) is putting forth a rule it presents as going after big banks, but will likely have its most devastating effects on small and startup financial institutions.

Other victims of the rule are likely to be credit unions, community banks, and sharing-economy innovations such as peer-to-peer lending.

As online commercial lending grows, some banks still prefer face-to-face meetings (Biz Journals), Rated: A

Many local banks that don’t already offer online commercial loan applications acknowledge that time may come, but for now in-face meetings still offer a lot advantages to potential borrowers.

Here’s a way for you to get a better handle on debt (MarketWatch), Rated: A

People tend to consider using borrowed funds in two contexts and depending on which context they’re in, people’s attitudes about what purchases they’re willing to borrow for drastically change.

Context 1: ‘How to pay’ decisions

One reason people might incur debt is to take advantage of attractive financing.

Context 2: ‘Whether to buy’ decisions

Another far more common reason people may use debt is because they cannot pay for their purchases with other means. Perhaps they are waiting for their next paycheck, or they have designated their savings to other things (expenses, other purchases, investments).

In a dataset from the Bureau of Labor Statistics that includes spending behavior from 30,242 households, we found that people who spent more on experiencesrather than material goods were also more likely to have greater credit card debt and to have paid more in credit card financing charges. We also saw this pattern in people’s likelihood of taking on a peer-to-peer loan. Using a large dataset from one of the biggest U.S. peer-to-peer lending companies, we found that people were more likely to have peer-to-peer loans for experiential purchases (for example, weddings or vacations) as compared to material purchases (such as swimming pools or motorcycles).

The average American household spends $12,800 annually on discretionary purchases and has $7,200 in credit-card debt. Indeed, a recent surveyfound that 74% of Americans have borrowed to pay for a vacation.

American Dream Leadership Series #2: Eric Sager of Online SMB Lender BlueVine (Forbes), Rated: B

What leader in business do you most admire and try to emulate?

I’ll focus on folks I’ve actually worked with. Francoise Brougher, Sarah Friar and Gokul Rajaram at Square are three people I learned a lot from, and there are certain things I try hard to emulate from each of them. Then of course there is Jack Dorsey, cofounder of Twitter and Square, who always impressed me with how thoroughly committed he was to the mission of helping small businesses succeed, and how that commitment influenced every decision I saw him make.

What’s a piece of advice that turned out NOT to be helpful?

To eliminate weaknesses or development opportunities. The truth, which I learned from both sports and business, is that my value to the team is way more about making the most of my strengths, and that any weaknesses, assuming I’m aware of them, can generally be covered very successfully by others on the team.

United Kingdom

Funding Circle has Supported the Creation of 80,000 New Jobs (Crowdfund Insider), Rated: AAA

Last week, Funding Circle celebrated seven years of operation.

Today, Funding Circle has helped to provide financing for more than 32,000 small businesses based in the UK, Germany, the Netherlands and the US. Funding Circle reports that 69,000 individuals and institutions are now lending on their platform. The company estimates that their lending service has supported the creation of around 80,000 new jobs (globally).

Funding Circle is boxing its investors in (The Memo), Rated: A

The vision was that ordinary people could loan their hard-earned cash directly to others, who could borrow at far cheaper rates than from the bank.

But today Funding Circle joined Zopa and Ratesetter in abandoning that vision, instead announcing it will stop people from picking and choosing who to lend their money to, instead automatically pooling these investments across borrowers on the platform.

Some have pointed out that these behaviours and changes now mean that these peer-to-peer platforms are now acting much more like a bank or a fund, becoming middle-men managing the investments they’re facilitating.

Online lender Zopa’s revenue jumped 60% last year (Business Insider), Rated: AAA

Peer-to-peer lender Zopa saw revenues leap 60% higher last year as losses narrowed.

The online lender’s revenue rose from £20.6 million in 2015 to £33.2 million last year, accounts filed with Companies House this week show. At the same time, losses narrowed from £8.8 million to £5.8 million.

Why Rumours of P2P’s Demise Have Been Exaggerated (Forbes), Rated: AAA

Are we really saying that an industry that didn’t exist a decade ago is failing because only one in 20 or so Britons have used it over the past 12 months? In fact, that seems like a pretty impressive adoption rate, particularly in an industry such as financial services, where start-ups face all sorts of issues around trust and credibility.

AltFi Data, one of the most trusted sources of analysis on the alternative finance sector, reckons peer-to-peer lenders have so far made advances of £1bn in the UK this year alone, taking their all-time advances close to £5bn. And those statistics are only for consumer loans; add in business finance and the figures are more like £3bn and £5bn respectively.

Brexit claims another victim: Britain’s venture capitalists (Politico), Rated: A

Since the country gave notice it was leaving the European Union in March, a growing list of British venture capital funds has been told they will not receive financial support from the European Investment Fund, an EU agency that provides almost half of the money for the region’s venture capital industry, according to several fund managers who held discussions with the body.

While little-known outside tech circles, the Luxembourg-based fund remains the largest backer of European venture capital, often providing up to 40 percent of funds’ total investments, equal to billions of euros each year.

In Britain, for instance, the European Investment Fund forked out €2.3 billion between 2011 and 2015 to support 144 local venture and private equity funds, or roughly one-third of overall investment for the sector, according to the latest figures available from the agency.

Zopa scales back higher-risk lending due to UK consumer credit outlook (P2P Finance News), Rated: A

ZOPA has reduced its exposure to higher-risk loans due to the UK’s worsening consumer credit outlook, which has led it to lower its projected returns on some investments.

The peer-to-peer lender also said that it is expecting slightly higher losses on its existing loans and an increase in early repayments from borrowers.

Subprime lender Provident Financial is in crisis (Business Insider), Rated: A

Shares in Provident Financial, a UK-based door-to-door lender, lost more than 74% of their value on Tuesday after the company cut its dividend, issued a profit warning, announced the resignation of its CEO, and announced the regulator is investigating part of its business.

Bradford-based subprime lender Provident warned investors it expects to make a loss of between £80 million and £120 million. Provident told investors in June to expect a reduction in profit of £60 million — but still a profit.

Debt collection rates plummeted from 90% in 2016 to 57% after the company changed from using self-employed agents to full-time “customer experience managers.” Customers are also borrowing £9 million a week less.

Interview with Terry Fisher, Founder at Huddle Capital (P2P-Banking), Rated: A

In an already crowded space, Huddle is differentiating itself by it high quality origination and a focus on educating its lenders to help them make better decisions.

What are the three main advantages for investors?

The main advantage for lenders on Huddle is that we are owned and managed by Access Commercial Finance which is an FCA regulated, balance sheet lender. Our belief is that most fintech businesses in the marketplace are too much ‘tech’ and not enough ‘fin’ so we are looking to correct that balance on Huddle.

What are the three main advantages for borrowers?

The main advantage to borrowers is getting speedy access to funding for strong business cases that have been unable to achieve satisfactory funding elsewhere.

What ROI can investors expect?

Currently we have loans that pay lenders from 8% to 16% per annum, depending on their risk appetite.

What were the main challenges launching your platform in a competitive (crowded?) market?

Once your tech works there are only 2 real challenges in this business – attracting lenders and finding borrowers. Fortunately we have got plenty of borrowers both existing and in the pipeline – so our challenge is getting out there in front of more lenders so they can learn about our platform and the benefits of lending through Huddle.

Which marketing channels do you use to attract investors and borrowers?

We are marketing to investors through the usual channels of PPC & SEO, but the primary channel we use is content led marketing, providing educational led content, empowering potential lenders to understand the lending business better and be in a position to make informed lending decision.

Peer-to-peer lending websites struggle (to attract borrowers (Financial Times), Rated: A

Peer-to-peer lending websites are struggling to attract UK customers who want to borrow money, despite hundreds of millions of pounds of investment in the sector.

Just 7 per cent of 1,100 people said they had used this sort of service to borrow in 2017, according to a survey by consultancy EY. Separate research from Blumberg Capital, a venture capital group, reported only 4 per cent of 1,050 British adults had used alternative lending services in the past 12 months.

How banks could look into YOUR account to decide if they will give you a mortgage (Express.co.uk), Rated: A

MORTGAGE loans and another types of lending are set to get tougher than ever thanks to a new way banks will measure who is a good candidate – by looking directly into into a bank account to check up on spending.

Alastair Douglas, CEO of TotallyMoney.com, told Express.co.uk he expected the development to become the norm “within one or two years”.

Fintech trade body chief steps down (Financial News), Rated: B

The chief executive of the UK’s fintech trade body is stepping down next week after two and a half years in the role, with a former senior Nasdaq executive standing in until a permanent successor is found.

Innovate Finance, a not-for-profit association founded in 2014 to represent the UK’s global fintech community, said in a statement today that Lawrence Wintermeyer will step down at the end of the month.

Former Lloyds boss Eric Daniels sues to claim unpaid bonuses (Financial Times), Rated: B

Eric Daniels, who ran Lloyds Banking Group when it was rescued by UK taxpayers, is suing the lender with a former colleague to claim £1m of unpaid bonuses linked to its HBOS acquisition, according to a person briefed on the lawsuit.

The former Lloyds chief executive, who left in 2011, filed a claim this month with London’s High Court along with a separate claim filed by Truett Tate, the lender’s former head of wholesale banking.

China

China: Number One Fintech Country In The World? (Coin Telegraph), Rated: AAA

China has not only caught up, but rather leapfrogged major cities such as New York, Silicon Valley and London. Many people are even claimingthat clusters of cities such as the Pearl River Delta in China are becoming the “new Silicon Valley.”

Due to China’s relatively new capital market structure, a lot of legacy systems in place in Western countries just aren’t present yet in China.  On top of that, the major Chinese banks are all state-owned (ICBC, ABC, CCB and BOC). They’ve made a living off lending to other large state owned enterprises (SOEs), which has left a large section of the population, in particular small and medium sized enterprises (SMEs) without the proper access to loans and credit.

Source: Coin Telegraph

China has well over 700 mln Internet users, or more than double the entire population of the US.  Combined with a propensity to use smartphones and mobile payments thanks to WeChat and Alipay, Chinese consumers have spectacular adoption rates of Fintech applications in comparison to other nations. For example, 40 percent of consumers in China use non-traditional payment methods such as Alipay, compared to just four percent in Singapore.

Source: Coin Telegraph

With major e-commerce platforms such as Alibaba’s Taoball and Tmall, and JD.com, there has been a need for quick and easy e-payments, which can be done using Fintech applications such as Alipay. Not only has this created opportunities within the payments vertical of Fintech, but also within lending, insurance, investment and wealth management.

Nation sees highest uptake of fintech (China Daily), Rated: A

China ranks top among 20 world markets in terms of fintech adoption, with 69 percent of surveyed consumer respondents saying they are actively using fintech services, 33 percentage points higher than the global average.

China ranks top among 20 world markets in terms of fintech adoption, with 69 percent of surveyed consumer respondents saying they are actively using fintech services, 33 percentage points higher than the global average.

Around 64 percent of fintech users said they prefer using digital channels to manage “all aspects of their life”. And 13 percent of polled consumers said they are regular users of five or even more fintech services, which include money transfer and fintech, wealth planning, deposit and investment, borrowing and insurance.

China’s first independent network bank gets authorized from CBRC (Xing Ping She), Rated: A

On 21st August, Baixin Bank, the first independent network bank in China, announced that they had been authorized by CBRC (China Banking Regulatory Commission).

According to public information, BaIxin Bank was jointly incorporated by China Citic Bank (shareholding ratio: 70%) and Fujian Baidu Borui Network Technology co. LTD (shareholding ratio: 30%). It takes more than one year for Baixin Bank to get the opening approval since Citic Bank’s Board Meeting passed the Bill on Establishment of a Pure Network Banking Company on November 17, 2015.

Li Qingping, the President of Citic Bank, previously said that the two parent companies would not interfere the marketing operation of Baixin Bank. It will provide a platform of banking for common people, enable them to conveniently enjoy finance service. Meanwhile, the bank will take advantages of both Citi Bank’s risk control capacity and Baidu’s innovative technologies like AI, big data and cloud computing, so as to meet the personalized financial needs of customers.

Credit Quality of Internet Companies Susceptible to Finance Business Actions (Financail Buzz), Rated: A

Moody’s Investor Services has opined that the credit quality of Internet companies could be weakened by Chinese technology companies pushing their way into orthodox businesses like finance and banking.

Lina Choi, senior credit officer, and the vice-president of Moody’s said that Internet companies can suffer from potential capital calls and contingent liabilities as a result of loans made to merchants and consumers. The scenario is also affected by wealth management distribution. Incidentally, these are the two main services offered by these online companies.

The first shareholders meeting held today: 13 directors 7 supervisors list of candidates surfaced (EEO.com.cn), Rated: B

Economic Observer learned that on August 22, the first shareholders meeting of Internet Clearing Co., Ltd. will be held in Beijing, after the meeting, the list of directors and supervisors will be officially released.

Compared to the financier, Jingdong Finance, quick money, one wallet of several directors of the rise, the Alipay director of the candidate Wang Zuojiang for the director level.

Tencent nominated director of the candidates Lai Zhiming in the technical and financial aspects have a very strong background.

Ping An paid the nomination of directors Candidate Zhu Yinjia is the only product of all the nominated directors of the professional background of professional payment.

International

3 Investments You Must Make Before Market Collapses (Newsmax), Rated: AAA

Exactly a year ago, in the wake of Brexit, the US 10-Year Treasury rate fell to an all-time low of 1.36%. At that point, bond yields—which move inversely to their price—had been declining for eight years with no end in sight.

Then Trump won the US election; another unexpected twist. An uptick in inflation and a series of rate hikes followed shortly afterward, and the 10-year yield has risen 67% from its lows.

  • Europe

Just a year ago, Europe looked like the last place you’d want to put your money in.

While everyone was applauding the uptick in US growth after the election, Europe recorded higher growth in 2016.

Despite improving fundamentals and strong performance, EU stocks remain relatively undervalued. For example, the Shiller P/E ratio is 55% lower for EU stocks than for their US counterparts.

Source: Newsmax
  • Peer-to-Peer Lending

P2P investors are currently averaging 7.3% returns on 36-month loans. Even those who took the most conservative approach saw returns of 5%.

The likes of Goldman Sachs and Morgan Stanley now account for over 70% of new capital.

Source: Newsmax

Fiserv Acquires Dovetail Group To Reinvent Payments Infrastructure Worldwide (PYMNTS), Rated: B

Fiserv, a financial services technology solutions provider, announced the acquisition of Dovetail Group Limited to further enable it to help financial institutions around the world transform their payments infrastructure. The new capabilities would be used to meet the evolving needs of wholesale, commercial and retail customers.

Australia

Amazon a bigger threat to banks than fintech: World Economic Forum (Financial Review), Rated: A

The combination of “open banking” regimes and data migrating to the computer cloud will lure global technology giants to create platforms for distributing financial services, a move that will force incumbent banks to compete head-on to control customer relationships or risk becoming mere suppliers of commoditised financial products.

That’s a view of the future set out by the World Economic Forum in a 194-page report on fintech disruption, released in New York on Tuesday, that warns traditional bank distribution models and economics “are at risk of being deeply disrupted by the drive towards platform models of banking”.

It calls out the arrival of internet behemoth Amazon into financial services. Amazon Lending, quietly launched six years ago, offers credit to merchants selling on its platform and uses their sales data to measure risk. It has made loans worth over $US3 billion and is expanding in the US, Britain and Japan, according to a recent report in the Financial Times.

It also points to Chinese tech giant Tencent’s Webank platform, which allows retail customers to purchase products from multiple competing credit and asset management providers, as a plausible model for financial services distribution in the future.

Asia

Indonesia’s fintech investments set to touch record high in 2017 (Deal Street Asia), Rated: AAA

Investments into Indonesian fintech startups are set to hit a record high in 2017 at the current run rate, according to an analysis by venture intelligence platform CB Insights. It is estimated that there will be a total of about 50 deals this year alone.

A recent study revealed that 80 per cent of the Indonesian population does not have a formal bank account, with 203 million Indonesians earning less than $4.50 a day.

In January this year, private lender Bank Central Asia (BCA) launched its VC arm, Central Capital Ventura, committing Rp 200 billion ($15 million) in investments so far.

In P2P lending, notable deals include Amartha raising $30 million in a round led by MCI in March this year. More recently, UangTeman announced a $12 million Series A round led by K2 Venture Capital with participation from Hong Kong-based STI Financial Group and American firm Draper Associates.

Moka is one of the best funded merchant payment startups in Indonesia, counting Convergence Ventures, East Ventures, Fenox VC, and Wavemaker Partners among its investors. Other active firms in this area are Pawoon, backed by Ideabox and Kejora Ventures, and Cashlez, backed by MCI and Gan Capital.

Middle East

UAE-Based Fintech Start-Up Secures $ 700K Investment to Advance Financial Services Access for Underserved Migrant Workers (Fox34), Rated: AAA

NOW Money has secured an investment of $700,000 from two U.S.-based venture capital investors – Accion Venture Lab, the seed-stage investment initiative of financial inclusion leader Accion, and Newid Capital.

The investment comes a year after NOW Money’s initial seed funding, which allowed the company to expand the team and develop the technology and brand. With the latest investment, also a part of its seed round, the team plans to launch the service across the United Arab Emirates and expand into the other Gulf Cooperation Council (GCC) countries.

Funding squeeze lifts ME non-bank lending (Oman Trubune), Rated: A

Middle East investment companies are ramping up their lending to businesses, providing a lifeline for small and medium-sized firms struggling to secure finance from banks that tightened credit after a suffering rise in bad loans.

Industry participants estimate non-bank lenders in the region could provide around $1 billion over the next three to five years, including secured loans, mezzanine debt, preferred shares and convertible loans and bonds.

Authors:

George Popescu
Allen Taylor