Shares of AI-lending platform Upstart plunged more than 20% Tuesday (Nov 8) evening after the company said rising interest rates and a slowing economy saw its tally of new loans cut in half. At the same time, the company’s third-quarter earnings report showed total revenue...
The percentage of subprime auto loan borrowers who have fallen behind on payments has risen by more than a percentage point over the last year. The share of borrowers who are at least 61 days late on a payment stood at 5.13% in October, up...
Despite a legal challenge to its student loan forgiveness program, the federal government is reportedly sending refund checks for student loan payments that borrowers made during a moratorium on such payments during the pandemic. The refunds are going to those who paid down their loans...
Auto finance platform Lendbuzz has secured a $150 million credit facility from J.P. Morgan and will use it to help expand the number of borrowers it serves. This is the second credit facility the investment bank has extended to the FinTech, with the first being...
Swedish FinTechs Krea and Klarna said Wednesday (Oct. 26) that their partnership has helped small and medium-sized enterprises (SMEs) in that country receive larger loan offers at lower interest rates. According to a news release, the collaboration is between Krea, a digital SME loan platform,...
One doesn’t build a FinTech in New Zealand — with a population of five million souls and a bit more than half a million SMBs — to scale only in New Zealand. As Dave Lewis, CEO of Ranqx, told PYMNTS’ Karen Webster, the goal was...
Payment service provider Mollie is launching a capital division to make it easier for small and medium-sized businesses (SMBs) to gain broader access to fast and flexible funding. Mollie Capital is a fully integrated business financing service that provides cash advances of up to €250,000...
KeyBank can now service loans in real-time, including application, payments and collections, after partnering with Oracle to update and digitize its non-real estate consumer lending process. Using Oracle Banking Originations, KeyBank is also able to help eliminate delays and improve customer service, according to a...
Mission-driven FinTech and digital banking platform Oportun Financial Corporation closed a $150 million senior secured term loan from funds managed or sub-advised by Neuberger Berman Specialty Finance. “The capital provided by this loan will support the continued investment and growth in our business that we expect, even under the...