Fitch Ratings has upgraded its outlook for Canadian banks from negative to stable; cites solid risk management, increasing profits and better than expected capital positioning as factors for the upgrade; says recent regulatory changes, slow GDP growth, high household debt and decreasing home prices are still concerns for 2017. Source
Calypso, a fintech firm that develops software for capital markets, has struck a deal with blockchain consortium R3 to develop applications on its Corda platform; Corda is a distributed ledger platform for managing financial contracts which will be released later this week; Calypso will first build a trade confirmation app to function on Corda; according to Calypso CEO Pascal Xatart, "Our current matching solution is only the beginning." Source
eOriginal has added Ron Suber, Prosper Marketplace president, to its advisory board; the digital transaction document management company has been steadily expanding its business in the marketplace lending market; Ron Suber will help support the company's growth as an advocate for its unique digital documentation products also advising the company on the marketplace lending market overall; eOriginal is currently growing and expanding, also adding Jon Barlow, founder and former CEO of Eaglewood Capital Management, to its advisory board and raising $26.5 million in a recent funding round. Source
Stripe, the most valuable fintech startup, has raised another $150 million and is now valued at $9.2 billion; the new round is being co-led by CapitalG, an investing arm of Alphabet Inc., and General Catalyst Partners; Sequoia Capital is also reported to be participating; Stripe is used by businesses to accept and track digital payments. Source
Borrowell, a marketplace lender focused on consumer loans, has been in business for approximately two years in Canada with a lot of growth in the small, developing Canadian P2P industry; Lend Academy interviews Borrowell's CEO and Co-Founder Andrew Graham in their podcast; discussion focuses primarily on Borrowell's business model and the company's announcement of the country's first marketplace lending partnership with a major bank; Borrowell has partnered with CIBC in a co-branded partnership that offers consumer loans to CIBC's customers. Source
Online multi-lender, LendingTree, has acquired CompareCards, owned by Iron Horse Holdings; the acquisition will expand LendingTree's online credit card comparison offering also bringing new technology, issuer relationships and educational tools to the site; LendingTree's stock has gained 13.44% following the company's announcement. Source
The New York City-based company raised their Series A funding from WisdomTree Investments, Inc., who sees this opportunity as a strategic investment; the deal will set up WisdomTree's asset allocation models to be made available through AdvisorEngine's open architecture platform and WisdomTree will actively introduce the new platform to its distribution network; AdvisorEngine intends to use the funds for the continued development and expansion of its wealth management platform. Source
Trust Stamp, who focuses their business on identity authentication that leverages artificial intelligence and blockchain technologies, just raised a new round of funding from Second Century Ventures; the amount of the funding has yet to be disclosed; Trust Stamp uses artificial intelligence software to comb through public records and social media data to provide ID verification to real estate professionals who meet new clients; the new funding will help them to continue building out their technology and integrate blockchain into their processes. Source
Marketplace lender, PeerStreet, has raised $15 million in a funding round led by venture capital firm Andreessen Horowitz; PeerStreet offers secured real estate loans through its lending platform; the minimum investment is $1,000; investors on the platform include high net worth individuals, family offices and institutions; Andreessen Horowitz's Rampell noted the competitive advantages of PeerStreet compared to competitors included their fast growth and distribution model; he stated, "Most companies that are lending to consumers spend all the money in customer acquisition and it is very hard to get a profit." Source
LiftForward has obtained a $100 million credit facility through funding from Monroe Capital; LiftForward is a New York City-based marketplace lender for manufacturers, distributors and retailers; the firm offers credit of up to $1 million per transaction; in addition to credit products the firm also offers its customers a platform to sell their products as a hardware as a service subscription. Source
