Top 10 FinTech news for the week ending July 11, 2020


Here’s what I consider to be the top 10 most important fintech news from the past week (in no particular order).

SoFi requests a charter from the National Bank from Lend Academy – this was not unexpected as SoFi had applied for an ILC in 2017, before withdrawing it a few months later, but this time they opted for the full national banking charter.

Exclusive: Marqeta, the Goldman Sachs-Backed Payments Startup, Prepares for IPO from Reuters – Marqeta is looking to hire investment banks for a possible IPO at the end of this year or in 2021.

Small business loans have also helped the affluent and connected from the Wall Street Journal – This week the SBA
published the names of each PPP loan recipient who received more than $ 150,000 and summary data on smaller loans. This is a treasure trove of data that will be analyzed over the coming weeks.

Office of Consumer Affairs removes restrictions on payday loans from the New York Times – While I’m a huge fan of increased access to credit, it should be done responsibly. This is why I was disappointed that the CFPB canceled the proposals to make payday loans more responsible.

Fintech start-up nCino targets around $ 2 billion valuation in impending IPO from TechCrunch – The IPO of nCino is imminent and they are looking for a valuation of at least $ 2 billion.

Online SME Lender Funding Circle releases update on UK COVID-19 support programs and US PPP loans from Crowdfund Insider – Funding Circle this week posted a trading update with an overview of their activities in the UK and US. They were a leader in CBILS loans in the UK and made $ 800 million in PPP loans here. They are restructuring in the United States and laying off 85 people.

How Blend is powering the trillion dollar mortgage market of HousingWire – Mortgage fintech Blend is on a roll, their customer base now represents more than 25% of the US mortgage market with $ 2.1 trillion in origination volume.

Dan Gilbert to keep strong grip on Quicken Loans after IPO from the Financial Times – Another IPO is underway with Quicken Loans looking to go public with founder Dan Gilbert maintaining tight control of the company.

FICO will now mark the preparation of consumers for a financial crisis. This is how it works. from the Washington Post – FICO released a new product to help lenders determine which consumers are most financially resilient and therefore best able to weather a financial crisis, they call it the Resilience Index.

New Interim Banking Controller predicts rapid pace for FinTech program from Morning Consult – OCC’s new interim chief Brian Brooks isn’t afraid to be bold. In this interview, he discusses his plan for aggressive changes to fintech policy covering a wide range of issues, some of which have been the subject of heated debate.

Peter Renton is the President and Co-Founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech holds three conferences per year for the major fintech markets in the United States, Europe and Latin America. LendIt also delivers cutting-edge content throughout the year via audio, video, and written channels.

Peter has been writing about fintech since 2010 and is the author and creator of the Fintech One-on-One podcast, the first and longest-running fintech interview series.

Peter has been interviewed by The Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, The Financial Times, and dozens of other publications.


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