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Weekly Online Lending Snapshot – July 28, 2017

Online Lending Weekly_snapshot

This week, it was announced that Varo Money, a mobile first banking product that accepts deposits and makes loans, has applied for a traditional bank charter. It will be the second fintech company to apply for a bank charter after SoFi applied for an industrial bank charter last month. American Banker reports that some cell phone carriers have expressed an interest in the Office of the Comptroller of the Currency’s (OCC) proposed fintech charter. T-Mobile, Verizon, and U.S. Cellular all own lending and retail installment sales arms licensed in various states and at least one carrier, IDT Corporation has publicly praised the OCC fintech initiative. Goldman Sachs has launched GS Select, a new digital platform where customers of other wealth management firms can apply for loans secured by their accounts. Goldman has partnered with Fidelity on the platform, and will offer loans of $75,000 to $25 million to mass affluent clients who need loans. Lendio announced Thursday that they have surpassed $500 million in loans to 21,000 businesses across the United States. A U.K.-based alternative credit scoring company, Aire, has raised $5 million in Series A funding and established partnerships with Zopa and Toyota Financial Services. The company’s scoring model uses Artificial Intelligence (AI) and machine learning to offer lenders new insight into borrowers with thin credit profiles. Direct lending hedge funds may be seeing their returns erode as competition has grown and over 200 firms entered since the 2008 financial crises. Moody’s has raised the outlook on China’s banking system as the Chinese government has increased scrutiny on shadow banking. In regulatory news, the Bank of England is worried that easily available credit and growing “pockets of debt” could endanger the British economy as household incomes peak. In securitizations, Prosper Marketplace Issuance (PMIT 2017-2), filed form 15G with the SEC for a securitization of consumer loans. This will be the second loan securitization of 2017 for Prosper.

Full weekly snapshot reports can be downloaded on our research page here

Thanks and have a great weekend!