Fintech

Entegra Bank Chooses Velocity Solutions to Power Its Small Business Digital Lending

December 18, 2018
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bank sign

Velocity Solutions announced today that its Akouba digital lending platform was selected by Entegra Bank to power the bank’s digital lending for its small and medium-sized business customers. Akouba provides community and regional banks with origination and underwriting services. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but […]

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Cross River Bank Raises $100 Million

December 11, 2018
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Cross River Bank

Cross River Bank, which provides banking services to fintech companies, announced last week the completion of a funding round of roughly $100 million. This was comprised of a $75 million equity investment from KKR, along with capital from Andreessen Horowitz, Battery Ventures, Rabbit Capital, and funding from new investors CredEase and Lion Tree. This adds […]

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Finitive Appoints Neil Wolfson to Board

December 10, 2018
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Neil Wolfson

Finitive announced today that it has appointed Neil Wolfson to its Board of Directors. Wolfson also serves on the Board of Directors at OnDeck. “Finitive has established an innovative platform to provide institutional investors with direct access to alternative lending investments,” said Wolfson. “Finitive’s platform brings further transparency to this asset class.” According to an […]

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Signature Bank Partners with trueDigital

December 4, 2018
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Blockchain

Today, Signature Bank unveiled a proprietary digital payments platform for its commercial clients, according to a statement released by the bank. The platform, called Signet, is designed to allow Signature Bank’s commercial clients to make real-time payments in U.S. dollars, every hour of the year. “The ability to transmit funds between approved, fully vetted commercial […]

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SoFi CEO Reiterates Company’s Low Appetite for Risk

December 3, 2018
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In an interview late last week on Jim Cramer’s “Mad Money” TV show, SoFi CEO Anthony Noto said that when he took over as CEO in March, his number one priority was focusing on “quality of loans over quantity.” “We have really strong risk controls,” Noto told Cramer. “Knowing that the [changed] interest rate was […]

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Numerated to Improve Online Lending for Regional Banks

November 30, 2018
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becoming a bank

On Wednesday, Numerated announced that it had closed $8 million in financing, bringing its total to $17 million. Numerated is a platform that helps banks make automated credit and lending decisions. “We’ve seen a tipping point in the market, with banks across the U.S. focused on digitally serving their business segments and out-competing national and […]

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SoFi Has Another Loss in Q3

November 12, 2018
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SoFi sign

According to the WSJ, SoFi experienced a $12 million EBITDA loss in the 3rd quarter. That follows a $150 million loss in Q2. “We optimized for investing over profitability this quarter, and expect this to continue given the opportunity in front of us,” SoFi CEO Anthony Noto wrote in a letter to shareholders obtained by […]

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As Implementation of FICO’s UltraFICO Approaches, Upstart Says The Value is There

November 5, 2018
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UltraFICO

The rise of fintech has already rocked the banking and traditional lending industry and now it’s disrupting FICO, the traditional credit scoring method that’s been in place since the mid-1900s. FICO, which is the credit scoring system created by Fair Isaac Corp, is getting a makeover. The UltraFICO Score, which is scheduled to launch in […]

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Elevate Tests ‘Geofencing’ to Lure Customers Away from Competition

November 1, 2018
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geofencing

During a session at Money 20/20 last week, Elevate CEO Ken Rees mentioned a fairly new marketing technique they have been testing called geofencing. According to a story in CIO, a trade publication for Chief Information / Chief Technology Officers, geofencing is “a service [using GPS technology] that triggers an action when a device enters a […]

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Prime and Non-prime Lenders Exchange Notes

October 25, 2018
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KenRees Kimball

Ken Rees, CEO, Elevate At Money 20/20 Ken Rees, CEO of Elevate, a non-prime consumer lender, sat down with David Kimball, CEO of Prosper, a prime consumer lender. As they discussed a number of topics, listeners got insight into how these lenders think, and how they think differently based on the customers they serve. On […]

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