Lending

Building a Bank from Scratch

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1
April 15, 2014
Building a Bank from Scratch

The bank of the future probably won’t be made of brick or stone, and may not be much to look at. It’s easier to say what it will do. Entrepreneur and startup mentor Jack Gavigan, who traded tweets with Marc Andreessen and others on the subject back in February, elaborated on his vision for a...
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VIDEO: Alternative Lenders Are So Hot Right Now

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0
April 10, 2014
VIDEO: Alternative Lenders Are So Hot Right Now

If you need to borrow money, you picked a great time. New “alternative” –meaning nonbank — lenders are popping up every day. Within the past week, Kabbage, a small business lender, and SoFi, which helps refinance student loans, received large votes of votes of confidence from investors. More recently, person-to-person lender Peerform received $1...
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Kabbage Starts White-Labeling Its Lending Service

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0
April 9, 2014
Kabbage Starts White-Labeling Its Lending Service

The recent successes of online lenders has made them attractive to investors — and now banks are entering the fray. Small-business lender Kabbage will soon white-label its service to “a very large financial services company,” according to TechCrunch. The online lender recently secured a $270 million credit facility from Guggenheim Securities, an investment arm of...
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Does Ethos Deal Mean Mortgages Are Hot?

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0
April 8, 2014
Does Ethos Deal Mean Mortgages Are Hot?

We were lamenting the lack of innovation in the mortgage industry — and then two startups pop up. So it goes in the fintech startup bubble. First, startup SoFi recently raised $80 million (yes, you read that number right) and promptly announced that it would start marking mortgages. Then, Fenway Summer LLC, the new...
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SoFi, Flush With Funds, Plans to Offer Mortgages

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0
April 4, 2014
SoFi, Flush With Funds, Plans to Offer Mortgages

SoFi (Social Finance) just raised $80 million. How will it celebrate? By offering mortgages and personal loans, naturally. The company was founded by Stanford University Graduate School of Business graduates in 2011 to take on student loans. The idea was that students could finance their schooling by borrowing from alumni of their school, rather than...
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Lendio Prepares to Automate Document Gathering for Borrowers

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1
April 3, 2014
Lendio Prepares to Automate Document Gathering for Borrowers

Online small business lender Lendio is asking its borrowers to dish on the dismal job of gathering documents for a loan. The survey was sent to Lendio customers yesterday. Salt Lake City-based Lendio works with banks to acquire more customers. Its system looks and acts like a personal financial management tool for lending to...
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Four Technologies That Will Revolutionize Financial Services

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3
April 2, 2014
Four Technologies That Will Revolutionize Financial Services

A new wave of technological change is right beyond the next hill, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of: bitcoin-inspired distributed systems open APIs (application programming interface) as a new way to consumer business services on the internet crowd-sourced...
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Crashing Mortgage Margins Beg for More Innovation

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0
March 28, 2014
Crashing Mortgage Margins Beg for More Innovation

Lost amid the waterfall of news this week was the fact that the average profit on mortgages has fallen to their lowest point since the Mortgage Bankers Association started recording the data in 2008. Last quarter, mortgages paid lenders an average profit of $150. It was $743 in the fourth quarter of 2012. Here’s...
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VIDEO: Capital One Expects to Increase Marketing in 2014

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1
March 25, 2014

Have you seen many Capital One ads lately? It’s not your imagination; there are lots. In discussing its stress test results (PDF) last Friday, the bank dropped the following nugget about its marketing: As a result of our concentration in consumer lending, our marketing budget is disproportionately large compared to most other banks. For 2013,...
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Western VCs Look Warily at Latest Russian Lending Startup

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0
March 18, 2014
Western VCs Look Warily at Latest Russian Lending Startup

A new Russian startup — yes, Russian — is promising microloans (or at least microloan approvals)  in just 45 seconds. But it appears that Zaimionline.ru, which is now seeking more funding to go with its seed round, is going to have a tough time raising money from Western VCs because of the Russian invasion of Crimea....
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