Payments News

On The Web

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Kabbage Raises a Record $700 Million in Debt for Its SMB Loans Platform

“Valued at more than $1.2 billion after raising a big round from SoftBank in 2017 , the company has been picking up momentum in recent years, through its own direct-to-business proposition as well as through white-label services and partnerships such as the recent deal it struck with Alibaba to offer loans to merchants buying on […]
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4 Ways Fintech Has Changed the Lending Process – Experian Insights

“The lending market has seen a significant shift from traditional financial institutions to fintech companies providing alternative business lending. Fintech companies are changing the brick-and-mortar landscape of lending by utilizing data and technology. Here are four ways fintech has changed the lending process and how traditional financial institutions and lenders can keep up:”
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Do Paycheck Advance Apps Improve Financial Health?

“Fintechs that let workers draw money from their paycheck before payday through an app are having a moment. Such apps, including Even.com, PayActiv, EarnIn, DailyPay and FlexWage, are designed for consumers who live paycheck to paycheck — roughly 78% of the U.S. workforce according to one study.”
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Global

MegaFon Adds Loans to Its Mobile Banking App

“The latest feature – Credit via Mobile – enables customers to use their smartphone to apply for credit from Russia’s largest financial institutions without having to visit a bank. The loan request is analysed and the approved funds are sent immediately to the customer’s mobile phone bank account.”
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Deals

Why Mastercard Bought a Point-of-Sale Lending Platform

“As banks, merchants, and even tech companies offer consumers new and different ways to pay for stuff, credit card companies are trying to protect their role as the pre-eminent platform for everyday purchases by offering more buy-now-pay-later options. That’s why MasterCard paid an undisclosed amount this week for the point-of-sale loan platform Vyze, which lets […]
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Fintech Algorithms Discriminate 40% Less Than Traditional Lenders

“Algorithms tend to have a better record. Online financial technology companies discriminate, too, but 40% less than loan officers who make decisions face-to-face, the NBER researchers found. They also found no discrimination from the robots when it comes to loan approvals.”
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How a Silicon Valley Startup Is Trying to Rebrand Payday Loans

“Once every few weeks, Myra Haq withdraws $100 or so from Earnin, an app that lets people borrow small sums of money. “I started using Earnin when I was a minimum wage intern so I could pay for [things like] the bus to work and food,” Haq said. Now that she’s no longer an intern […]

On The Wires

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Verishop and Affirm Partner to Enable Customers to Shop Now and Pay Over Time

“Through Affirm’s consumer-friendly alternative to traditional credit cards, Verishop customers now have a simple, no-interest payment option1 allowing them to spread out the cost of a purchase over three easy, monthly payments. Whether a customer is redecorating their home, finding that perfect outfit or maintaining their beauty routine, the partnership with Affirm can help Verishop customers […]