Weekly Online Lending Snapshot – September 1, 2017
This week, PitchBook released its 3Q, 2017 Fintech Analyst Note. In, Growing pains: Online lenders gain traction but challenges remain, the report covers frequently discussed industry trends including increased competition from incumbents, increased equity investment in online lenders in 2017, and the improvement in the financials of some publicly traded online lenders. ShopKeep, a mobile cash register solution provider, announced the launch of ShopKeep Capital. ShopKeep Capital will provide a merchant cash advance solution to their small business customers. It was reported that Dianrong and FinEX Asia launched the first fintech asset management platform focused on helping Asian investors access U.S. consumer lending-based assets. Credibly, a small business lending platform, announced that they have been chosen by BizFi, a capital provider to small businesses, to service their $250 million portfolio. OnDeck, announced they are celebrating ten years of small business lending, noting they have provided over $7 billion in capital to more than 70,000 customers in 700 different industries across the United States, Canada and Australia. American Banker reported on two versions of a bill pending in both houses of Congress, meant to “fix” the 2015 appellate court decision in Madden v. Midland Funding LLC. In Brazil, the country’s central bank has proposed new rules for fintech lenders meant to simplify regulations and encourage innovation and growth in the industry while providing financial services to Brazil’s large underbanked and unbanked population.
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