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Rocket Trims IPO By 39 Pct From $3.3B To $2B After Investors Reject Valuation

PYMNTS

The Detroit-based company is expected to market a reduced number of shares at about $18 to $20 apiece, Bloomberg reported, citing sources. billion and offered 150 million shares for $20 to $22 each, according to a filing with the Securities and Exchange Commission (SEC). Last month, Gilbert sought an IPO for $3.3

Cleveland 233
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Rocket Cos, Quicken Loans Parent, Files IPO 

PYMNTS

Securities and Exchange Commission, the Detroit-based parent of Quicken Loans and Rocket Mortgage will go public under the name Rocket Companies. Historically, our originations have been more heavily refinancings than the overall origination market,” the filing said. In its application with the U.S.

Detroit 135
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VCs Back Autobooks For SMB Banking

PYMNTS

Reports Monday (March 13) said Autobooks secured $5.5 The company cited research from Below Research that found 70 percent of SMBs say they would use a cash flow management solution if it were offered by a bank, representing a gap between what small businesses want and what they get from their banks.

Detroit 122
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Stepping Into 21st Century Hospitality With Apartments And Technology

PYMNTS

Some entrepreneurs are inspired to start companies because they spot unmet needs in the market: Frontdesk Co-Founder and Chief Growth Officer Jesse DePinto, for instance, saw the amateur nature of home shares but the opportunity for something better than a hotel. The Market. The Business.

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When IoT And The Automotive Industry Collide

PYMNTS

He explained that the automotive industry is the one place where the concepts of IoT can be made very real to the mass market — where they will be able to see it, understand it and really feel its impact. That presents a very real threat, both to market adoption of the technology and also to the individuals in the car,” McCammon stated.

Industry 100
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How Smart Cities Will Vacuum Up Data — And Attempt To Protect It

CB Insights

” By creating a data standard for the streets, various parties can collaborate more effectively to identify and manage street space. NACTO has other partnerships, including one with scooter company Lime that allows it to provide anonymized scooter use data to the government of Detroit. Remix creates visualizations .

Data 72
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15 Minutes With … Scott Badley

Independent Banker

Scott Badley says his informal work attire matches his casual management style. But a couple are pushing up against the metro Detroit area. It allows us to absolutely enjoy and appreciate our small-community environment, but there’s just enough opportunity to do some exploring in those larger markets. Scott Badley.