Embattled marketplace lender Lending Club has appointed a new CFO. Thomas Casey will replace Lending Club’s longtime financial chief, Carrie Dolan, who resigned last month. Dolan was the first top executive to depart Lending Club after the explosive series of revelations about questionable (and possibly...
FinTech startups are escalating the fight for territory in the financial services sector. Once reliant on traditional banks for services such as deposit holding and access to services such as customer checks, FinTechs are beginning to obtain proprietary licensing and gaining independence from old-school banks.
No one knows who exactly first said, “if you can’t beat ’em, join ’em.” So far as the finest minds on the subject can gather, the original phrasing was “if you can’t lick ’em, join ’em,” and it was first used in the 1940’s by...
Financeit announced on Tuesday (Aug. 23) it launched Financeit Direct, a direct-to-consumer financing platform. The tool, which the company said is a first-of-its-kind platform, is available 24/7 from any location on any device. The move is building on Financeit’s reputation as a leading FinTech innovator,...
FinTech firm Bizfi, which offers a platform that serves as a combination of aggregation, funding and a small business marketplace, said that it had seen a boost of 25 percent year over year in its small business originations in the most recently completed second quarter....
The concept of sub-prime borrowing is a bit tricky. In general, the term “sub-prime” refers to borrowers with lower than average FICO scores and less than stellar payment history. What exactly “less than stellar” means is up to some interpretation as it can actually corral...
Hot on the heels of favorable Q2 results, Square, with Square Capital has made a move intended to keep the good news coming. It announced yesterday a partnership with Upserve, which means that funding from Square Capital will now be available to businesses operating outside...
Payday loans and installment loans have a lot in common. Both tend to be pitched at borrowers with FICO scores that lock them out of more traditional means of credit acquisition like cards or personal bank loans, both tend to come with big interest payments and...
When taken on a global scale, the access to mainstream (bank-backed) financial services and products in the United States is impressive. Worldwide, 38 percent of the population is considered unbanked; that’s about 2 billion people. In the U.S. on the other hand – based on...