On The Web

nbsp;

Providers

JPMorgan’s Jamie Dimon Tells Analysts Reserve Releases Could Come

September 15 2020

• in
• Lenders

“While uncertainty continues to loom over the economy , JPMorgan has seen some encouraging data when it comes to credit. Consumers who asked for deferrals on their credit cards continued to pay overall, writes Brian Kleinhanzl, managing director at KBW. On the mortgage side, many borrowers continue to make payments despite being granted a deferral.”

nbsp;

Providers

Two Black-Led Banks Merge to Form a $1 Billion Lender

August 27 2020

• in
• Banks
• Lenders

“A merger announced Wednesday will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion. Broadway Federal Bank, a Los Angeles-based commercial lender founded in 1946, will combine with City First Bank in Washington, which opened in 1998.”

nbsp;

Providers

Before Making Loans, Some Mortgage Lenders Ask, Do You Really Plan to Pay This?

August 26 2020

• in
• Lenders

“Some mortgage lenders are asking customers taking out a mortgage to confirm they don’t intend to seek forbearance, a move meant to keep losses low during a pandemic that has put millions of Americans on shaky financial footing. The unusual requirement comes in the form of a new document included in many borrowers’ closing paperwork. […]

nbsp;

Companies

Consumer Groups Take PayPal to Task Over Student Loan Credit Line

August 24 2020

• in
• Lenders
• PayPal

“Students at some for-profit career schools could find themselves paying hefty interest charges when using a credit line offered by PayPal, a group of consumer watchdog groups warned this week. More than 150 small career schools and technical programs, most of which aren’t accredited and are loosely regulated, offer students the option to pay tuition […]

nbsp;

Companies

Square’s Cash App tests new feature allowing users to borrow up to $200

August 12 2020

• in
• Lenders
• Square

“Cash App, the peer-to-peer payments service from Square, is giving select users a way to get short-term loans. The company said it’s only testing the feature with around 1,000 users for now. But it could become more broadly available — and there are probably plenty of people who could use the money, given the state […]

nbsp;

Companies

AmEx in Advanced Talks to Buy SoftBank-Backed Kabbage

August 11 2020

• in
• American Express
• Fintech
• Lenders

“American Express Co. is in advanced talks to buy the online small-business lender Kabbage Inc., which is backed by investors including SoftBank Group Corp. ’s Vision Fund and Reverence Capital Partners, according to a person familiar with the matter. The all-cash deal could value the closely held lender at as much as $850 million, including […]

nbsp;

Providers

Kabbage Considers a Sale. It’s Expected to Seek Up to $1 Billion.

August 3 2020

• in
• Fintech
• Lenders

“Kabbage, the fintech startup that outperformed many large lenders during the Paycheck Protection Program, is weighing a sale, two people familiar with the situation said. The Atlanta company has hired FT Partners after receiving expressions of interest, the people said. Kabbage could sell for $750 million to $1 billion, one person said.”

nbsp;

Global

Kenya Is Doubling Down on Regulating Mobile Loan Apps to Combat Predatory Lending

July 23 2020

• in
• Kenya
• Lenders

“Digital lending companies operating in Kenya are set up for a shake-up. The country’s central bank is proposing new laws to regulate monthly interest rates levied on loans by digital lenders in a bid to stamp out what it deems predatory practices. If approved, digital lenders will require approval from the central bank to increase lending […]

On The Wires

nbsp;

Providers

Lightspeed Capital Launches for U.S. Retail Customers

August 6 2020

• in
• Lenders

“As the retail industry continues to adopt innovative solutions amidst the global pandemic, Lightspeed announces the initial availability of Lightspeed Capital , powered by Stripe . Through financing offers, this new product will help U.S.-based merchants with overall business growth, more specifically to buy inventory, invest in marketing, or manage cash flows. It is available […]

nbsp;

Providers

Enova to Acquire OnDeck to Create a Leading FinTech Company Serving Consumers and Small Businesses

July 29 2020

• in
• Lenders

“Enova International and OnDeck® announced that they have entered into a definitive agreement under which Enova will acquire all outstanding shares of OnDeck in a cash and stock transaction valued at approximately $90 million.”