Opus Fund Services has released OpusNotes™, a loan accounting services platform for marketplace lending vehicles; in comments regarding the release, Mike Canni, chief operations officer for Opus, said, "This product is the culmination of five years of development, working with the requirements of the world's largest marketplace lending hedge funds and their institutional investors. Delivered through our online dashboard, this is a significant release of the most comprehensive platform available for the provision of administration services for marketplace lending strategies." Source
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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This week was all about funding rounds. Fintech raised billions of dollars...
FinTech TerraPay Is Acquired, Raises $9.6M Robinhood to offer “case-by-case” compensation following...
According to the WSJ, SoFi is laying off around 65 employees in its mortgage division; these employees worked out of offices in Healdsburg, California and Cottonwood Heights, Utah; the company has about 1300 employees; according to SoFi, the company “made some changes to staffing to ensure we have the right people in the right roles and locations to power our growth.”; at the same time SoFi is looking to fill 175 jobs. Source
Several investment funds are reporting lower returns for 2016 including Lending Club's LC Advisors and Colchis Capital Management; both reported their lowest returns since launching in 2011; Lending Club's LC Advisors returned 1.83% in 2016, down from 5.76% in 2015 and 8.02% in 2014 reports the Wall Street Journal; Colchis's P2P Income Funds returned 6.2% in 2016; in the previous four years Colchis returned 9% to investors; higher defaults across higher risk loans have affected the performance; other publicly traded funds invested in marketplace lending have also struggled. Source
The CEO and Co-Founder of Younited Credit talks banking, technology, Brexit, and his international expansion plans. Source
The program called Accelerate will allow fintechs to access MasterCard insight, tools,...
The crypto contagion continued this week with BlockFi being the center of attention. There was also news from FTX on Robinhood, Celsius continued to flounder, Three Arrows Capital is toast, and amid all this turmoil the EU agreed to a crypto regulatory framework.
In a move that seems quite surprising, Citibank Australia has stopped taking notes and coins at their branches; data shows that less than 4% of their customers used cash at the branches and so to keep up with digital headwinds the bank has decided to go cashless; there has been a trend in Sweden and Iceland of cashless banks, but there has not been any worldwide trend in that direction; the bank will still keep ATMs going and teller services will also remain intact. Source
Business Insider provides their perspective on SoFi’s $500 million funding round that...