Debt continues to mount — and at an accelerated pace, per the Federal Reserve’s latest tally on consumer credit. Within that growth likely lies a continued use of card installment plans. Consumers’ total outstanding credit increased by $14.1 billion in February, tied to an annualized growth rate of...
Pier has raised $2.4 million in an oversubscribed round to develop its technology that helps businesses launch credit products. The company’s “Stripe for credit” solution automates every aspect of the credit lifecycle, including origination, underwriting, compliance and servicing, Jessica Zhang, CEO and co-founder of Pier, said in...
Small and medium-sized businesses (SMBs) have not had a moment’s rest in the last few years. After enduring a crippling pandemic, they are now navigating interest rate hikes and rising inflation, which are affecting cash flow, said Mike Randall, CEO and co-founder at Simply Asset...
Finfi has added a “save now, buy later” product to its financial wellness platform. With this new purchase-linked savings plan, users can save money in their own Reserve Bank of India (RBI)-regulated account and then receive a discount on a product when they have accumulated...
Britain’s cost of living crisis is at an all-time high as millions of households fall behind payments and struggle to make ends meet. According to Neil Kadagathur, CEO at U.K. FinTech lender Creditspring, self-reported utility expenses have gone up by close to 30% in the...
Swiss cross-border payments network Arf has launched Arf Credit, a product designed to provide instant working capital credit lines for money service businesses (MSBs). “Traditionally, when a money service business wants to send money from one country to another, it has to pre-fund the same...
The Consumer Financial Protection Bureau (CFPB) on Wednesday (April 6) reported that most payday loan borrowers haven’t benefitted from extended payment plans, which lenders must offer to borrowers in a majority of states where payday lending is prohibited, and are instead paying more rollover fees....
Traditional funding methods are seeing headwinds as new models like revenue-based financing (RBF) gain traction across the world. According to Ahmad Coucha, co-founder and CEO of Cairo-based firm FlapKap, leading FinTech capital providers like Canada’s Clearco and Dublin-based Wayflyer have popularized the RBF model, paving...
Digital lending platform Prosper Marketplace is launching the Prosper Card to help people get a handle on their finances no matter where they fall on the credit scale. The credit card offers affordable rates, no annual fee for the first year with autopay, no-fee ATM...
