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FinTech LendingClub Buys Radius Bank For $185M

PYMNTS

FinTech LendingClub is purchasing Radius Bancorp for $185 million in cash and stock, according to a report by CNBC. LendingClub provides personal lending online, and it wants access to funding that is more stable and not as expensive. This is the first time a FinTech has purchased an actual bank. billion in assets.

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Square Will Reapply for Banking License with the FDIC After Last Week’s Withdrawal

Bank Innovation

It plans to reapply with the FDIC, but did not reveal […]. Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.

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OCC approves national bank charter applications of fintech company

CFPB Monitor

The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. In its press release announcing the withdrawal, the OCC stated that Figure Technologies had amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts.

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Community Banks Aim To Amplify Competitive Edge With FinTechs

PYMNTS

With big banks pulling back from small and medium-sized business (SMB) lending in the wake of the global financial crisis, the market was ripe for someone else to fill the credit gap. Community banks approved 49 percent of SMB loan applications in November, according to the latest data from the Biz2Credit Small Business Lending Index.

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5 Companies that Made Fintech Noise in 2018

Bank Innovation

Bank Innovation’s five picks for companies that made noise in fintech this year may not include any banks, but it does include a company owned by a collection of them. Indeed, as far as innovation is concerned, 2018 was the year of the fintechs and nonbanks -- some friendlier to the traditional players than others. […].

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Lender Kabbage Furloughs Workers, Warns Of SMB Cash Shortfall

PYMNTS

As COVID-19 saps consumer demand across all manner of verticals, and small businesses bear the brunt of a sudden disappearance of revenues, the firms that lend to those SMBs are feeling heat, too. The absence of top line, which translates into cash, likely shuts at least some conduits for lending. staff, which has 500 employees.

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Can Banks Solve their Small-Dollar Loan Problem with Fintech Partnerships?

Bank Innovation

Aura, a San Francisco-based fintech offering affordable loans to low to moderate-income households, wants to partner with banks to offer those loans to consumers who have traditionally been unable to secure them from larger institutions.