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Capital Float On The Path To Video-Based KYC Implementation

PYMNTS

Developing a quick, seamless and secure onboarding process for financial institutions (FIs), lending startups and other financial services providers has long posed its trials. Capital Float had provided 500,000 clients with $1.2 Capital Float had provided 500,000 clients with $1.2

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GAO: FinTech Firms, FIs Seek Alternative Data Clarity In Lending

PYMNTS

Government Accountability Office (GAO) said that financial regulators should look more closely at the role of non-bank tech companies in the small business (SMB) lending and consumer lending markets. Such alternative data, said the GAO, could pose risk to such lending decisions. Sandboxes, Gathering Steam.

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Chime Commands $1.5B Valuation After Capital Raise

PYMNTS

According to a report in CNBC , the San Francisco startup said the Series D round of venture funding was led by DST Global , as well as new investors Coatue, General Atlantic, ICONIQ Capital and Dragoneer Investment Group. Chime launched in 2013, offering debit cards, savings accounts and checking accounts to consumers without any fees.

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Lending Club Underwriting Questioned As Chargeoffs Climb

Bank Innovation

Scandals aside, Lending Club has been doing well in the area that mattered — borrowers were paying back their loans. But a new report from the Wall Street Journal indicates that chargeoff rates at Lending Club are up 38% since 2013. This is troubling because credit card default rates decreased over the Read More.

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Kabbage Acquires Lending Data Provider Orchard Platform Markets

PYMNTS

Small business lending platform Kabbage is making plans to acquire Orchard Platform Markets, a provider of lending data and services. According to Bloomberg , several sources said that Kabbage plans to use Orchard’s technology. It focuses on small businesses and licenses technology to banks, much like Orchard.

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Lending Club’s Terrible Twos

PYMNTS

Two years ago today, Lending Club was ringing the bell on an IPO that one early investor called “a no-brainer.”. Lending Club’s model does not need bank branches on each street corner, and it can turn around in minutes and hours, not days. And disrupt Lending Club did, with its marketplace lending model, scores of imitators in the U.S.

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Lending Club’s Bombshell And Alt-Lending Aftershocks

PYMNTS

I feel that our competitive advantage compared to traditional banks is really long lasting because, again, it is grounded in technology and cost, not something they can react to. “. Renaud Laplanche , Former CEO of Lending Club, in a 2013 interview. Lending Club was the poster child of that alt lending movement.

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