Finovate Alumni News

On Finovate.com

  • Check out this week’s “FinDEVr APIntelligence”
  • “Loan Matchmaker Lendio Posts 2015 Growth Numbers”
  • “Open API! Shamir Karkal to Head BBVA’s New Developer Platform”

Around the web

  • eWise expands data aggregation network to include institutions in Singapore and Thailand.
  • Peel Hunt Technology’s sector report highlights Featurespace.
  • ThreatMetrix enters into agreement with FUJI SOFT to provide online fraud solutions to Japan.
  • Lending Club opens to retail investors in Maryland and North Dakota, bringing its total to 45 states and Washington D.C.
  • Striata makes its Secure Document Repository (SDR) available for general release.
  • Spend Matters interviews Cedric Bru, Taulia CEO.
  • Zooz taps former Worldpay executive Chester Ritchie as its new EVP of sales and development.
  • Temenos announces plans for $500 million refinancing of its banking facilities.
  • Payfone deploys at an additional tier-1 bank in the U.S., now protects 50+ million U.S. accounts.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • AdviceRobo nominated to European Fintech 100 rankings.
  • KeyBank selects NICE Actimize for Enterprise Fraud Solutions.
  • ACI Worldwide announces joining real-time payment initiative launched by The Clearing House.
  • Temenos reports 23% profit gain in FY 2015; says developed markets driving growth.
  • Wipro buys U.S.-based HealthPlan Services for $460 million.
  • ProgrammableWeb features Planwise in its Daily API RoundUP.
  • Prosper raises rates on loans.
  • SafetyPay reports 2015 growth: opened offices in Chile and Ecuador, now operates in 19 countries.
  • Lending Club now offers TurboTax integration for Form 1099s.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • i-exceed Teams Up with Mindtree to Bring Mobile Tech to BFSI Sector.
  • FinovateEurope 2016: Tweets by the Thames.

Around the web

  • Popular Community Bank and Oriental Bank to deploy Cardless Cash, a mobile banking technology from FIS.
  • Mitek to combine its Mobile Verify solution with fraud prevention and risk management technology from IdentityMind Global.
  • Lending Club reports second quarterly profit since going public in December 2014.
  • BizEquity launches ‘Smarter Prospecting’ feature for its Advisor Office platform.
  • Wallaby’s Chrome 2.0 provides access to credit card advice in the browser.
  • Swipestox partners with German bank Hauck & Aufhäuser to offer its users foreign currency and securities trading.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Lending Club Raises Average Rate 0.25%

LendingClubHomepage

After the Fed raised interest rates earlier this month, I received a lot of questions about what effect the move will have on the fintech industry. Peer-to-peer lending platform Lending Club [NYSE: LC] yesterday offered one answer.

Lending Club, which went public late last year, announced Tuesday it will raise interest rates on new loans by an average of 0.25%.

Since many credit card issuers increased rates by the same amount, the company is not concerned it will push away borrowers. Lending Club CEO, Renaud Laplanche, expressed that higher rates for borrowers will not slow down the platform’s growth. In a statement in the Wall Street Journal, Laplanche said:

There has been noise about competition for borrowers, but that’s been the case for smaller platforms competing hard in obvious channels. We’ve had better marketing efficiency every single quarter since we went public.

While there’s no word yet if other alternative lenders will follow Lending Club’s lead on raising rates, Laplanche plans to move Lending Club’s policy “in lockstep” with the Fed’s rate changes.

Earlier this fall, Lending Club extended multi-draw lines of credit to its small-business borrowers, enabling them to withdraw funds only as needed, instead of one lump sum. At BAI’s Global Banking Innovation Awards, the company won accolades for Most Innovative Non-Bank Financial Services Organization.

The company went public in December 2014. The market cap is at $4.32 billion. Lending Club debuted at the first Finovate in 2007.

Finovate Alumni News

On Finovate.com

  • “Lending Club Raises Average Rate 0.25%”
  • “Wipro Inks Agreement to Acquire Viteos Group”

Around the web

  • VentureBeat takes a look at the latest update to Toshl’s PFM app.
  • Insurance NewsNet features Wealthfront, Personal Capital, Hedgeable, and Betterment in a survey of robo-advisers.
  • WooTrader enables direct trading from its platform courtesy of a new integration with Tradier and its brokerage API.
  • GeekWire interviews CEO BJ Lackland of Lighter Capital.
  • Fidelity Clearing & Custody to offer clients protection from EverSafe at a reduced rate.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Rippleshot Raises $1.2 Million in Round Led by KGC Capital”
  • SocietyOne Offering Car Loans to Uber Drivers in Australia”

Around the web

  • Xero adds two-step authentication to its accounting platform.
  • CAN Capital teams up with iPayment to help SMEs get access to working capital.
  • Let’s Talk Payments features Klarna, Holvi, BehavioSec, Trustly, Meniga, and Tink in a roundup of top Nordic fintech startups. Remember FinovateEurope 2016 comes to London on February 9 and 10.
  • Check Point Names Julie Parrish as Chief Marketing Officer”
  • MyBankTracker names Mint, SmartyPig, Lending Club, Coinbase, and Loyal3 on its list of companies every millennial should know about.
  • ayondo CEO Robert Lempka Explains Innovative Trading Solutions Live on CNBC Asia”
  • TechCrunch looks at TransferWise’s growth.
  • PaymentEye interviews Daniel Abrahams, CEO and co-founder of CurrencyTransfer.com.
  • Bankless Times talks with Encap Security CEO Thomas Bostrøm Jørgensen on current trends in authentication technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account

Lending Club Launches SME Multi-draw Line of Credit

LCLineofCredit

In a move that expands its SME financing, Lending Club announced it will extend multi-draw lines of credit to small-business borrowers.

The new multi-draw option enables borrowers to withdraw only the funds they need, as they need them—instead of extending all funds up front and charging interest on the full sum from the start of the term. Lending Club charges a 1% to 2% fee each time borrowers draw down on the line of credit.

It is free to apply for and open a line of credit—ranging from $5,000 to $300,000 with interest rates starting at 6%—and there is no hard credit inquiry.

Lending Club CEO Renaud Laplanche says the platform’s new multi-draw line of credit “gives small-business borrowers a predictable, flexible, low-cost way to access credit ‘on demand’ if and when they need it.”

To qualify for the new offering—tested in beta for the past few months with Alibaba.com and Ingram Micro customers—the borrowing company must have been operating for at least two years and have $75,000/year in revenue.

Lending Club debuted at FinovateFall 2007 in New York. Check out its retro launch demo here.

Finovate Alumni News

On Finovate.com

  • “Lending Club Launches SME Multi-draw Line of Credit”

Around the web

  • Cloud Lending Solutions announces underwriting and origination upgrades.
  • Inc. lists Blooom as one of five non-Silicon Valley startup rocket-ships you need to know about.
  • Thomson Reuters and Samsung to collaborate on mobile security, intelligent IT for the enterprise.
  • Tradeshift opens up its e-invoicing solution for users of Microsoft Dynamics NAV.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • “American Banker’s “20 Fintech Companies to Watch” Features Eleven Finovate Alums”
  • “Kabbage’s Fresh $135 Million to Help Grow Karrot Consumer Lending Platform”
  • “Hoyos Labs Unveils 4F Smartphone Authentication Technology”

Around the web

  • IDology makes an equity investment Payfone.
  • Insuritas to install insurance agency solution for MAC FCU’s 14,000+ members.
  • PocketSmith launches in Xero Add-On Marketplace.
  • Fidor Bank wins in two categories, Lending Club and Idea Bank both come in first, at BAI Retail Delivery’s Global Banking Innovation Awards.
  • WSJ features BehavioSec and Nymi in article “The Next Security Frontier: The Human Body”
  • mBank launches biometrics in its mobile application dedicated to corporate customers.
  • PYMNTS profiles Moven in the wake of its recent $12 million fundraising.
  • Markit unveils cloud-based, Know Your Third Party (KY3P) service to make it easier to manage third-party risk-processes.
  • Blackhawk Network and Stockpile partner to make eGift cards for stock available at select retailers in the U.S.
  • Meniga receives a World Summit Award for best technological solution in e-business and commerce.
  • TechCrunch: “Ping Identity Opens Up About Its Financials As It Eyes 2017 IPO”

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • “IBSSMail from IBSS Brings Multifactor, Biometric Authentication to Email”

Around the web

  • Hudson River Financial FCU ($51 million assets) hires Insuritas to launch insurance agency.
  • BizEquity partners with Entrepreneur to create a new valuation and performance center for its business community.
  • Intech Worldwide and Forte Payment Systems form partnership.
  • Linkable Networks launches a fully digital shopper-attribution solution to bridge digital and in-store.
  • Dutch Prime Minister Mark Rutte opens new Backbase U.S. headquarters in Atlanta, Georgia.
  • Lending Club CEO Renaud Laplanche named to Bloomberg Markets 50 Most Influential list.
  • doxo wins 2015 Washington Excellence Award for Consumer Payments and Customer Service.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.