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Credit Karma Raises $175 Million to Accelerate Plans to Reengineer Personal Finance

Credit Karma announced it has received $175 million in a Series D funding round with participation from Tiger Global Management, Valinor Management and Viking Global Investors LP. The funding will drive major platform additions to help consumers establish their online financial identities on Credit Karma, making it easier, faster and more effective to manage their personal finances. Investors have made ... Read More »

FinTech Firm Mambu is Selected to Help Power Lending for Ferratum Group

Cloud banking tech provider Mambu has forged an agreement with the Ferratum Group to power “Ferratum Business”.  This new subsidiary is a designed to provide SME financing and loan service. Mambu’s cloud based, SaaS, will help manage loan application, origination, credit scoring and loan disbursement within one day. According to a release, Mambu’s service will operate in conjunction with existing in-house services already ... Read More »

The World Economic Forum: Disruptive Innovations are Reshaping Financial Services

We have recently come across this impressive document published by the World Economic Forum.  Our members should add it to their list of summer readings.  Especially those members who work in credit information services.  Credit and information are intertwined and whatever happens in the financial services sector will ultimately impact credit information.  Intelligent trading platforms which link buyers and sellers ... Read More »

Arvato Invests in Brazilian Financial Services Provider Intervalor

Arvato Enters Brazilian Financial Services Sector Arvato financial solutions (Bertelsmann) acquired a 40% equity stake in the Brazilian financial services provider Intervalor.   Following the acquisition of the Gotha financial group in 2013 Arvato intends to widen its geographic footprint.   Arvato plans a step by step increase in its financial stake in Intervalor. Intervalor employs 3,000 people in in São Paolo, ... Read More »

FINTECH at its Best: Goldman Sachs Enters the Fray

Goldman Sachs is entering online lending!  BIIA editorial comment. Six months ago Goldman Sachs was a lead underwriter on the initial public offering of Lending Club, the biggest and brashest of a new breed of online lenders.  There it got an inside view of how financial disrupters work.  Now this financial powerhouse is looking to disrupt the disrupters, launching its ... Read More »

Tencent Debuts Micro Loans Product

Data sourced through the Internet to be used for credit assessment WeBank, an online-bank owned by majority shareholder Tencent, has recently launched its first financial product – “micro loans”. The amount of the small loans product is set between RMB 20,000 to RMB 200,000 (US$3,225 to US$32,250) with daily interest rates set at 0.05%. The loan service does not require ... Read More »

Kreditech Appoints Oliver Prill as COO

Kreditech, the consumer finance technology Group, appointed Oliver Prill joined as Chief Operating Officer. Oliver Prill (43) has over 15 years experience in the wholesale and retail financial service industry.  Before joining Kreditech he served as an advisor to a number of funds and banks operating in the consumer finance space. He was Chief Executive of Optanus, a boutique focused ... Read More »

FINTECH: Potential Solution to the SME Access to Finance Issue

News from the Fintech ‘front’ in Australia:  Fintech (financial technology) is a line of lending businesses using software for the purpose of disrupting incumbent players such as banks. Fintech companies work outside current banking regulations.  The attraction of fintechs is the expectation of a “quick yes” via a streamlined online approval process. Fintechs tap into a huge diverse of unstructured ... Read More »

FINTECH is Changing the Credit and Credit Information Landscape

FINTECH the disrupting force in lending and credit information   FINTECH, it stands for financial technology, is a new interesting concept –  its all about lending without having to use a credit bureau and being outside banking regulations.  A large amount of capital is already flowing into this sector.  It has yet to be seen whether the performance data of ... Read More »

Consumer Lender Kreditech Investigates Insider Breach

Kreditech, a consumer finance startup that specializes in lending to “unbanked” consumers with little or no credit rating, is investigating a data breach that came to light after malicious hackers posted thousands of applicants’ personal and financial records online (according to KrebsOnSecurity). A source pointed KrebsOnSecurity to a Web site reachable only via Tor, a software package that directs Internet traffic through a free, ... Read More »

Veda Supports Fintech Hub in Sydney

Veda announced its support as a foundation corporate partner of Sydney’s fintech hub. To be known as Stone and Chalk, the hub is a cross-industry initiative, with the support of the NSW Government, to help foster and accelerate the development of world-leading Australian fintech start-ups. Premier Mike Baird officially launched the hub in Sydney recently, welcoming the commitment from government and ... Read More »

Spotcap: New Provider of SME Finance Launched in Spain

Fintech startup Spotcap brings power back to small business owners making use of big data in Spain Spotcap is the new innovative online credit platform providing fast and flexible financing to small businesses. The company’s mission is to enable business owners to invest and grow without having to worry about how to finance their projects.  According to the company press ... Read More »

Rocket Internet IPO Priced at US$8.4bn (6.5bn Euro)

The Berlin-based startup incubator by the illustrious name Rocket Internet has set the price range for its initial public offering, which could value the company as high as $8.4 billion (6.5 billion Euros.)  Following in the footsteps of Alibaba’s recent IPO Rocket Internet has an ambitious mission to become the world’s largest Internet platform outside the United States and China. ... Read More »

Arvato Financial Invests in Financial Incubation Startupbootcamp FinTech

In keeping with the philosophy, “finance goes next generation,” arvato Financial Solutions is investing in Startupbootcamp FinTech, which specializes in supporting financial-technological innovations and the latest technologies in order to provide for and equip financial services. In doing so, this arvato subsidiary is going beyond the scope of a classic financial service provider. In the future, its goal is to ... Read More »

Kreditech: Facebook Friendships May also Determine Creditworthiness

Kreditech, a German payday lender and credit scoring developer, is using data from social media in its assessment of the creditworthiness of borrowers.  According to Kreditech, if a Facebook-friend has repaid a loan too late, this may affect negatively the assessment of a credit applicant who interacts with the defaulting party.  The plausibility of a negative result increases with the ... Read More »