Banking

Breslow Shows What a Fintech/Bank Partnership Looks Like

October 24, 2018
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Noah Breslow CEO OnDeck (center) at Money2020

In the wake of OnDeck’s announcement of ODX, a new subsidiary that will service banks, OnDeck CEO and Money 20/20 veteran Noah Breslow took to the stage for a discussion with his new business partner, Lakhbir Lamba, Head of Retail Lending at PNC Bank. PNC will now be using ODX to originate lines of credit […]

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Branson Adds Charm, Not Expertise, to Money 20/20

October 23, 2018
Article by:

richardbransonmoney2020

Money 20/20’s keynote speaker, serial entrepreneur and philanthropist Sir Richard Branson, delivered inspiration and laughs to a packed audience yesterday. He was interviewed by Nuno Sebastiao, CEO of Feedzai, which fights financial crime. While over 20 years ago Branson founded Virgin Money, a sizable UK-based bank, he demonstrated clear discomfort and disinterest in talking about […]

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OnDeck (ODX) Adds PNC Bank as Second Bank Client

October 22, 2018
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pnc bank

PNC Bank announced today that in 2019 it plans to offer fully digital business lines of credit by using OnDeck’s Platform-as-a-Service solution, ODX, a new subsidiary of the online lender. Last week, OnDeck announced the creation of ODX, which is an OnDeck subsidiary that will focus soleIy on helping banks become faster, more efficient online […]

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Square Expands into Consumer Lending, Keeps Banking Hopes Alive

October 16, 2018
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Outside the Square Headquarters in San Francisco

Square is no stranger to payments and is looking more and more like a bank every day. Square Capital already facilitates loans to small businesses, and now they’re expanding into consumer loans. Meanwhile, it’s been several months since Jack Dorsey’s fintech startup withdrew its application to become an Industrial Loan Company (ILC), but Square’s banking […]

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OnDeck Launches New Subsidiary

October 16, 2018
Article by:

Noah Breslow, Brian Geary, ODX

OnDeck announced today that it has created a new subsidiary, called ODX, which will help banks become more efficient online lenders. OnDeck’s CEO Noah Breslow told deBanked that ODX is an expansion of OnDeck’s successful partnership with JPMorgan, which started in 2016. “We created what at the time was I think a pretty groundbreaking partnership […]

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Nelnet Withdraws Application in Latest Controversy Over ILC Banks

October 2, 2018
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nelnet booth at LendIt Fintech 2018

Nelnet announced that it has withdrawn its application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Nelnet Bank, a Utah-chartered industrial bank, or an ILC (Industrial Loan Company) bank. This could have been made possible through an existing, yet controversial, policy established over 100 years ago […]

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Will a Bank Fund Me in 24 Hours? (U.S. Bank Announces High-speed Digital-only Loan Process)

September 25, 2018
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US Bank

Yesterday, U.S. Bank announced that it has created a fully digital application process that allows a small business to borrow up to $250,000 in one day or less. “We created this new digital experience to deliver on our commitment to continuously improve the way we serve our customers,” said Tim Welsh, U.S. Bank vice chairman […]

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Varo Money Chief Eyes Next Year for Bank Launch

September 10, 2018
Article by:

Colin Walsh-2

San Francisco-based Varo Money just cleared a major hurdle in its pursuit to become a bank. Varo Bank N.A. received the preliminary green light from the Office of the Comptroller of the Currency (OCC) to form a de novo national bank. It brings Varo one step closer to becoming the maiden all-mobile national bank in […]

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Varo Money Likely to Become First All-Mobile US Bank

September 7, 2018
Article by:

Colin Walsh Varo

Varo Money announced on Tuesday that it was granted preliminary approval by the Office of the Comptroller of the Currency (OCC) for its application to form a de novo (new) national bank, paving the way for the company to become the first all-mobile bank in the U.S. Varo Money has no physical branches. All of […]

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The Seven-Minute Loan Shakes Up Washington And The 50 States

August 19, 2018
Article by:

moneyacrossthecountry

This story appeared in deBanked’s Jul/Aug 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE It takes seven minutes for Kabbage to approve a small-business loan. “The reason there’s so little lag time,” says Sam Taussig, head of global policy at the Atlanta-based financial technology firm, “is that it’s all automated. Our marginal cost […]

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