Tagged: online lending

Indian Fintech Firm NIRA Secures $2.1 Million in Capital via Round led by UK, Europe, Local Angel Investors

Mumbai-based Fintech firm NIRA, which provides small-ticket loans to low-income workers via its mobile-based app and website, recently revealed that it has secured $2.1 million in funding through its pre-series A investment round. NIRA’s funding round included contributions from new and existing angel investors based… Read More

Lendio Joins Forces With Mindbody to Expedite COVID-19 Relief Funding to Small Business Customers

Online lending platform Lendio announced on Tuesday it has joined forces with wellness industry technology platform, Mindbody, to expedite relief funding through the Paycheck Protection Program (PPP) to small businesses that are struggling during the COVID-19 pandemic. According to Lendio, Mindbody’s software solution links hundreds… Read More

SoFi’s Lantern Paycheck Protection Program Offering Sees 43% of Applicants Matched With Network of Lenders & 24% Receive Approve From SBA

Fintech unicorn SoFi announced on Monday it has helped funnel more than $75 million in loan applications to lenders for the Paycheck Protection Program (PPP) established by the CARES Act, through its extensive network of lenders and Lantern, the product comparison site operated by SoFi…. Read More

India-based Datacultr, a Platform Allowing Consumer Lending Firms to Reduce Risks, to Help Businesses Work Securely During COVID-19 Crisis

India-based Datacultr, a platform as a service provider that allows consumer lending firms to significantly reduce their risk on “new to credit”​ customers, confirmed that it will be enabling banks, non-banking financial companies (NBFCs), and other financial service providers to lend securely while reducing risk… Read More

Scam Alert: Fintech Zopa Warns that Many Fraudsters are Using Emails and Texts to Find and Target Unsuspecting Consumers

Fintech Zopa, which offers online lending services in a fund based fashion, has warned that scammers have been taking advantage of the current situation. According to a report from Action Fraud, victim losses due to the fraudulent activity related to the Coronavirus (COVID-19) in March… Read More

Fintech Upgrade is Recognized as a Great Place to Work

For the third year in a row, Upgrade, Inc., a Fintech providing consumers access to credit, has been named a “Best Place to Work in the Bay Area” by the San Francisco Business Times and Silicon Valley Business Journal. Upgrade was founded by well known… Read More

StreetShares to Provide Tech to Power PPP Loans from Community Banks, Credit Unions

  StreetShares, a Fintech lender, will be providing the technology to provide the next round of Paycheck Protection Program loans issued by community banks and credit unions, according to a company release. The PPP is part of the COVID-19 economic support legislation known as the… Read More

Industry Chatter Indicates Many Online Lenders are Laying Off Employees, Some Fintechs May Never Recover

Yesterday, Crowdfund Insider covered the news that LendingClub (NYSE:LC), the largest Fintech consumer lender in the US, was furloughing and eliminating jobs due to the COVID-19 pandemic. The crisis has apparently driven the elimination of 471 individual jobs. Shockingly, LendingClub’s President saw his position eliminated…. Read More

Funding Xchange Change Teams Up With Experian to Help Banks Triage CBILS Lending Inquiries

Funding Xchange (FXE), a UK-based fintech that helps people and organizations find suitable business loans and funding options from its marketplace of more than 45 established lenders, announced on Tuesday it has formed a new partnership with Experian to launch an online service for banks… Read More

RiverNorth Marketplace Announces Investment Strategy & Name Changes

RiverNorth Marketplace Lending Corporation, an established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced last week it is restructuring to expand the fund’s investment mandate, the Board of Directors of the Fund (the “Board”) has approved changes… Read More

Indonesia’s Peer to Peer Lending Platforms Receive Numerous Debt Restructuring Requests Following COVID-19 Outbreak

Economic activity in Indonesia has slowed down significantly following the deadly Coronavirus (COVID-19) outbreak. According to local reports, some businesses in the trillion-dollar economy have shut down completely. Peer to peer (P2P) lending platforms are also experiencing major challenges, which include having to deal with… Read More

Online SME Lender Funding Circle Approved for CBILS Lending

SME Marketplace lending platform Funding Circle (LSE:FCH) has been approved by the British Busines Bank as a lender under the  Coronavirus Business Interruption Loan Scheme (CBILS). The online lender becomes one of a handful of Fintechs in the UK facilitating the program. Funding Circle said… Read More

Lendio Facilitates More $5.5 Billion in Relief Funds to Over 50,000 Small Businesses Through the Paycheck Protection Program

Online lending platform Lendio announced on Friday it facilitated more than 50,000 small businesses across the U.S. through the Paycheck Protection Program (PPP). Lendio reported that PPP applications approved through its online marketplace and bank partnerships total more than $5.5 billion. As previously reported, the… Read More

There Has Been a Dramatic Increase in Loan Payment Impairments Due to COVID-19 Pandemic but Platforms are Helping Consumers

The fact that the COVID-19 pandemic has impacted the consumer lending market should come as no surprise to anyone. As the jobless rate has jumped, borrowers are having to make difficult decisions as their income has tanked. Now we have some solid data provided by… Read More

In 2019, 53% of Robo.cash Investors Said P2P Loans are Most Profitable Assets

Peer to peer lending platform Robo.cash has distributed the results of a survey of European P2P investors inquiring about their financial results in 2019. Robo.cash reports that over half (52.8%) of the participants said that the alternative lending brought them the highest returns during 2019…. Read More

Funding Circle Receives Approval to Issue Paycheck Protection Program Loans

Funding Circle (LSE: FCH), an SME lender that facilitates loans in both the US and parts of Europe, announced on Wednesday it has received approval to issue Paycheck Protection Program (PPP) loans through its online lending platform. As previously reported, the PPP is part of… Read More

Deloitte Partners With Unqork & Plaid to Launch Small Business Lending Service For Those Affected By COVID-19

Audit, consulting, tax and advisory services  Deloitte has formed a new partnership with no-code enterprise application platform Unqork to launch a fully-managed small business lending service. According to the duo, this service will enable small business lenders to “streamline” the distribution of loans to small… Read More

Q1: EstateGuru Reports 2X Investor Base Increase and Growth in Loan Origination Amounts

EstateGuru, a European marketplace for property-backed loans to SMEs, is reporting a solid first quarter – even while the COVID-19 pandemic emerged in the latter half of the period. EstateGuru claims that 8092 new investors joined the platform during Q1 in contrast to 3927 during… Read More

Australia: Prospa to Participate in Government’s SME Guarantee Program

Online lender Prospa Group Limited (ASX: PGL) has received access to the Australian government’s SME Guarantee Scheme to support small businesses impacted by the COVID-19 pandemic. The Fintech believes it is uniquely placed to implement the Government’s initiative. The Coronavirus Small and Medium Enterprises Guarantee… Read More

Celsius Network Reduces Loan Minimum Amid COVID-19 Pandemic

Celsius Network, a cryptocurrency lending, and borrowing platform, announced on Monday it has reduced its minimum loan request to $1,000 during the COVID-19 pandemic. Celsius Network reported that it lowered its loan minimum in the wake of the effects that the virus has had on… Read More

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