A new report by the World Economic Forum shows that more than...
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
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Online consumer lender 4finance has raised $325 million from an issuance of bonds; the bonds are senior unsecured, five-year fixed rate notes issued with a 10.75% yield at par; the firm will use the proceeds for debt restructuring, business development and corporate management. Source
The short-term consumer lender has originated over €5bn ($5.8bn) since launching in 2008; the company has focused on markets in Europe and the Americas; the company’s mix of funding sources includes bond issuance and bank deposits from the acquisition of TBI Bank; Moody’s also recently upgraded their corporate rating from a B2 to a B3. Source.
Short-term marketplace lender 4Finance has originated over 4 billion euros ($4.27 billion) in loans with 1.1 billion euros ($1.17 billion) in 2016; the firm is based in Latvia and was founded in 2008; it currently offers balance sheet lending activities in 17 countries. Source
Online lender 4finance has reported its earnings for 2016 with an increase in revenue and net income; revenue increased 24% in 2016 to 393.2 million euros ($413.35 million); it reported another year of net profit with net income increasing to 63.2 million euros ($66.4 million), up from 58.2 million euros ($61.2 million) in 2015; in 2016 the company's net loan portfolio was 493.9 million euros ($519.21 million) and the average interest rate on its loans was 120%. Source
P2P ratings and research firm 4thWay has released a list of the UK's top P2P lenders by loan originations; Zopa, FundingCircle and RateSetter lead the market with originations nearing 2 billion British pounds ($2.46 billion); UK property lender Wellesley, which has reportedly been struggling for capital, tops the list with 366.5 million British pounds ($451.48 million) in loan originations. Source
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Silicon Valley startup accelerator 500 Startups partnered with cryptocurrency exchange Huobi to incubate blockchain projects; Edith Yeung, a partner at 500 Startups, said to CoinDesk, in partnering with Huobi Labs, "Our teams will learn so much especially around the ins and outs of how a digital exchange works."; the companies will help startups to develop business plans, create and refine marketing strategies, fundraise and develop white papers. Source.
51 Credit Card, in cooperation with Harvest Investment, has launched an investment fund with RMB1 billion ($150 million); 51 Credit Card in particular favors companies with good online lending users, big data and traffic acquisition capacity. Source (Chinese)