Four Emerging Trends Driving Financial Technology Through 2020

Strategically Speaking

The world of financial technologies has bee n experiencing dynamic changes in recent years. Commercial Lending Future Ready Financial Technology

Financial Technology Company Cross River Raises $100 Million In Funding

PYMNTS

Cross River, a provider of banking services for financial technology companies, has raised about $100 million in a funding round, according to a report by the company.

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The Financial Technologies SMEs Aren’t Using

PYMNTS

The average small business considers itself a “moderate” user of technology, according to the PYMNTS.com SMB Technology Adoption Index. Clearly, there’s still a long way for SMEs to go before they fully embrace FinTech – and the latest research on the topic reinforces the notion that small businesses aren’t using technology the way some may have hoped.

Fostering the Financial Technology Infrastructure of Tomorrow

Insights on Business

Imagine a scenario in which opacity and complexity have been removed from the financial services industry. Anyone with an idea of how we might conduct business better and more efficiently, be it in wealth management, lending, insurance, or payments, could bring it to life with ease.

Visa buys stake in Swedish financial technology company Klarna

Payments Source

is buying a stake in Swedish payments technology firm Klarna AB and forming a strategic partnership, as both companies aim to expand outside their core markets. Online payments Consumer lending VisaVisa Inc.

House Financial Services Committee establishes financial technology and artificial intelligence task forces

CFPB Monitor

Last week, the House Financial Services Committee established two task forces , one on financial technology and the other on artificial intelligence. Artificial Intelligence Federal CFS Monitor FinTech artificial intelligence house financial services committee

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.

PayNet, Numerated Pair Up For Business Lending Risk Analytics

PYMNTS

Financial technology (FinTech) company Numerated , which links financial institutions (FIs) with digital business lending and sales solutions, has announced a partnership with PayNet to integrate risk analytics into its offering.

OnDeck Launches ODX To Help Banks Lend To SMBs Online

PYMNTS

OnDeck Capital has created a unit that will provide technology and services for banks lending to small businesses over the internet. Reuters , citing the company, reported the new company will be called ODX and will expand its business, in which it provides lending software to banks.

Goldman Sachs lends $100 million to Mexican fintech Konfio

Payments Source

is making another bet on a Latin American financial-technology startup, providing a secured credit facility of as much as $100 million to Mexico’s Konfio Ltd. Goldman Sachs Group Inc.

FinovateFall Sneak Peek: Aspire Financial Technologies

Fintech Labs Insights

Aspire was created in 2015 with a vision of re-imagining the technology infrastructure in the alternative and asset-backed lending markets. Aspire Gateway breaks down the barriers separating alternative lending originators and investors, enabling better communication, enhanced visibility, and reduced reporting latency between participants. The post FinovateFall Sneak Peek: Aspire Financial Technologies appeared first on Finovate.

Alt-Lending Conglomerate TruFin Lands $97M In IPO

PYMNTS

An alternative lending conglomerate based in the U.K. TruFin Chief Executive Officer Henry Kenner said, “The highly experienced management team at TruFin and our group companies are passionate about the opportunities to grow our niche lending businesses. We intend to deliver value by taking advantage of current market disruptions and new financial technologies, while keeping a focus on the distribution of niche lending products.”.

Fintechs seek US government funds to help make business loans

Bank Innovation

Financial-technology firms including PayPal Holdings Inc. are lining up to help speed lending to small businesses during the coronavirus crisis — and are pushing for a slice of emergency U.S.

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With Take-backs, Kasasa is Giving Borrowers More Control Over Their Money

Bank Innovation

EXCLUSIVE—Speedy, flashy financial service through mobile or a wearable is all well and good, but the product has to respond to changing customer needs as well. Exclusive Lending Online Payments Consumer Lending credit kasasa Kasasa Loans online lending underwriting

Currency Comptroller: New Plan Regulating Marketplace Lending

PYMNTS

Pivoting from concerns and risks around financial technology innovation in the banking system, the U.S. Comptroller of the Currency said the agency will roll out a new framework for regulating marketplace lending. Curry said officials are studying whether marketplace lending and other related innovations, including digital currencies, raise certain risks and comply with existing laws.

Lending Club skiing accident: 20th century disclosure ghosts

Daily Fintech

They were going fast, they were adapting new technologies, high growth rates, they were the first to go public. Matt Levine at Bloomberg View last week opened up an inquiry: “ Lending club got into trouble for being “too much like a fintech ” and/or “too much like a bank”.But

Lending Club skiing accident: 20th century disclosure ghosts

Daily Fintech

They were going fast, they were adapting new technologies, high growth rates, they were the first to go public. Matt Levine at Bloomberg View last week opened up an inquiry: “ Lending club got into trouble for being “too much like a fintech ” and/or “too much like a bank”.But

Big tech Is coming for banking: Experts predict fintech’s 2020

Bank Innovation

Financial technology startups will enter the next decade with a little more street cred than the last time around. Nearly 60 upstarts focusing on financial services — from Stripe Inc.

Misys Helps Banks Play The Alt-Lending Game

PYMNTS

Misys is offering banking clients access to its P2P lending software, reports said Tuesday (Jan. The financial technology firm revealed it will offer banks access to its peer-to-peer lending technology to help banks compete with younger alternative lenders in the industry. Misys’ offering is a new take on how traditional banks fit into the broader lending ecosystem.

SoFi acquires Galileo for $1.2B to broaden reach 

Bank Innovation

billion deal to acquire Galileo, a financial services API and payments platform that powers big names like Chime and Robinhood. Carousel Innovation Strategy Investing Lending Payments Premium Wealth Management Chime Galileo Robinhood SoFi

Why Micro-Lending Is Branching Out In 2018

PYMNTS

Financial technology seems to be leading the startup charge, representing 40 percent of the largest 10 deals of the year so far, collectively worth $100 million. The two biggest players in the FinTech startup have been Cellulant — a digital payments operation currently up and online in 11 African countries — and the online micro-lending startup Branch. Branch, he said, “seems like an application of Silicon Valley tech to create financial services.

SMB Lending And The ‘Pay-As-You-Go’ B2B Future

PYMNTS

Mired in paper though transactions may be, financial tech firms are moving to promote speed and to bridge the gap in lending between businesses and their suppliers or customers. Yantra Financial Technologies said earlier this week that it has enabled lenders to deliver funds in real time, using a business bank account known as BlastPay. “The challenge is to speed up the lending process.”. B2B Payments B2B blastpay Lending small business yantra financial

FinTech Startups Defining the New York FinTech Industry

Let's Talk Payments

New York is one of the hottest FinTech hubs globally and is known to be a notable hub of innovation. For talented entrepreneurs looking to explore New York as the.

The Impact of Technology on Banking: Revolution or Evolution?

Bank Innovation

All that is changing due to emerging technologies. The banking industry is facing many unprecedented challenges due to the rise of financial technology companies. Cryptocurrency Innovations Lending Mobile Open Fintech Operations Sponsored Core Banking fintech innovation

Upstart CEO Girouard: ‘FICO is extremely limited and backward-looking’

Bank Innovation

Dave Girouard, CEO and founder of Upstart, testified before Congress’ Task Force on Financial Technology for its hearing on the use of alternative data in loan underwriting and credit scoring.

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Hong Kong Permits Virtual Banks in Test to Traditional Lenders

Bank Innovation

Hong Kong’s traditional banks are set to face one of their biggest challenges yet: a new breed of financial technology firms estimated to snare as much as 30% of their revenue.

Payday Lending’s Long, Strange Trip Through 2016

PYMNTS

The Problem With PayDay Lending . There is neither a shortage of controversial topics in financial services or financial technology nor a shortage of subjects that tend to polarize people. But short-term lending — in all its many forms, including payday loans, auto-title loans and some installment loans — is especially good at arousing passion in those who debate it. And time to put the consumer back into consumer financial protection.”.

Fintech for Kids: How Startup Greenlight Financial Teaches Kids about Compound Interest

Bank Innovation

EXCLUSIVE – Fintech startup Greenlight Financial Technology has just added a new feature that helps kids understand tricky concepts like interest, APR and savings accounts.

FTC holding FinTech forum on marketplace lending

CFPB Monitor

On June 9, 2016, the FTC will host a “ FinTech forum on marketplace lending ,” the first in a forum series described by the FTC as “exploring emerging financial technology and its implications for consumers.” FTC Marketplace Lending CFPB marketplace lendingScott M. Pearson.

BNY Mellon’s recent hires tasked with pursuing 3 key technology areas

Bank Innovation

BNY Mellon's three key financial technology executives added last month were given the directive to pursue investments and fintech partnerships in natural language processing, rule-based automation systems and robotic process automation (RPA), Bank Innovation has learned.

European fintechs escape troubles afflicting established banks

Bank Innovation

When Swedish banking firm Klarna became Europe’s most valuable financial technology startup last week, it was only the latest sign that digital finance has escaped the troubles afflicting legacy lenders.

Personetics Offers AI-Driven ‘Nudge’ to Help Pay Down Student Debt

Bank Innovation

trillion in student loan debt, having financial services that could help with the process is a serious concern for both bank customers and banks. Financial technology and chatbot provider Personetics wants to help. Exclusive Lending Mobile Payments artificial intelligence Mobile banking online banking Personetics Student Lending student loan debt student loansEXCLUSIVE—With over 44 million U.S. borrowers looking to repay more than $1.4

Promising Indian FinTech Startups That Won Investors Confidence

Let's Talk Payments

India, with its own set of challenges and opportunities, stands out as a unique market for FinTech, especially payments. Keen interest from the government to reduce cash transactions is seen.

Digital mortgage application company Blend raises $130m to expand bank partnerships

Bank Innovation

As banks continue to partner with financial technology companies, digital mortgage application company Blend is hoping a major fundraising round will help create new partnerships.

House Financial Services Committee to hold hearing on marketplace lending

CFPB Monitor

Tomorrow, July 11, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled: “Examining the Opportunities and Challenges with Financial Technology (“FinTech”): The Development of Online Marketplace Lending.” Marketplace Lending CFPB marketplace lendingBarbara S. Mishkin.