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.