How mortgage lenders can unlock data and help bridge the housing gap
A borrower’s credit score is now one of their largest barriers to securing a home loan.
Lending
US real estate fintech Reali to close down
The firm will be laying off most of its workforce on 9 September 2022.
Capital on Tap lands £200m credit line from JP Morgan and Triple Point
Capital on Tap says the funding will help SMEs access credit at a time when the UK is anticipating a recession.
Egyptian BNPL firm valU acquires employee management fintech Paynas
Paynas provides employee management and payment services to MSMEs.
Two new mortgage start-ups launching in Latin America – Toperty and Saturn5
Toperty is based in Colombia and Saturn5 is based in Mexico City.
Saudi BNPL firm Tamara raises $100m Series B
The latest raise brings the fintech’s total funding to date to $216 million in equity and debt.
MVB Financial set to acquire Integrated Financial Holdings for $98m
MVB Financial is aiming to grow its government guaranteed lending business.
FCA tells BNPL firms to ensure ads are “clear, fair and not misleading”
The FCA is “proactively monitoring the market to ensure expectations are met”.
Covalto to become Mexico’s first US-listed fintech following SPAC merger
The deal values Covalto at $547 million and will see the firm listed on the Nasdaq exchange.
GB Bank receives full banking licence, set to lend £3bn over five years
The bank will support the creation of more than 100,000 jobs and 20,000 new homes.
Underwriting with alternative and cash flow data
Use of non-bureau, “alternative’’ credit data can help better understand the risk of a consumer.
FinTech Futures Jobs: Here’s how to position yourself as a leader at work
Explore thousands of open roles on the FinTech Futures Job Board today.
UK mortgage lender Perenna obtains banking licence
Perenna intends to offer long-term fixed rate mortgages in the near future.
Fintech start-up Arc lands $20m in Series A funding
Arc will use the funding to accelerate its growth and expand the availability of its treasury and software products.
P2P lender Assetz Capital agrees £200m funding partnership with Aeon
Over the next three years, Aeon will pour the cash into SME loans arranged by Assetz Capital.
Lendflow partners Ocrolus to streamline credit decisioning
Ocrolus’ document automation technology will help Lendflow better analyse more data.
Zopa founder Giles Andrews joins Hoares as non-exec director
Andrews founded Zopa in 2004 and is currently a member of the fintech unicorn’s board.
Founderpath bags $145m to fund bootstrapped SaaS ventures
Founder Nathan Latka says the firm has deployed over $50m in capital over the last 12 months.
State of play: BNPL
BNPL has become one of the most divisive credit products of the modern age.
BaaS start-up Unit partners Thread to offer embedded banking services
Unit says the collaboration with Thread will “empower more companies to offer unique banking solutions”.
Growth capital fund Upper90 raises $180m to fuel fintech start-ups
The firm’s investment model combines credit and equity for fintech businesses that have predictable revenue.
Income verification platform Truework lands $50m Series C funding
Truework says the funds will support its product development and hiring plans.
CFPB investigating Goldman Sachs over credit card practices
Goldman Sachs says it is cooperating with the regulatory body.
Digital lending platform Auxmoney secures €500m to fund new loans
The financing has been provided by American multinational Citi and French investment bank Natixis.
South Africa’s TymeBank to acquire SME funding fintech Retail Capital
Retail Capital will form the foundation of an expanded business banking offering within TymeBank.
B2B paytech Plastiq to list publicly following SPAC merger
The new entity, set to be worth $480 million, will continue to be headed up by CEO Eliot Buchanan.
Singapore-based Robocash Group appoints Natalya Ischenko as new CEO
Ischenko will take over from founder Sergey Sedov, who will remain in the position of chairman of the board.
Mansfield Building Society partners DirectID to streamline mortgage applications
Mortgage applicants can now securely provide their bank statements online via open banking.
Umba acquires 66.6% stake in Kenyan microfinance lender Daraja
The Central Bank of Kenya says the deal will “support the stability of Kenya’s microfinance banking sector”.
Growth capital firm Clearco cuts 125 jobs citing “significant” economic headwinds
Clearco founders cite rising interest rates, high inflation and e-commerce growth slowdown as factors.
Dubai BNPL firm Tabby secures $150m debt financing
The debt financing has been supplied by Atalaya Capital Management and existing investor Partners for Growth.
UK challenger Monument partners Persistent to build digital banking platform
Persistent’s “building block” approach will allow the challenger to add new SaaS components as required.
African neobank 4G Capital goes live on Mambu’s cloud banking platform
The micro and small business-focused bank is looking to scale across East Africa.
SC Ventures launches digital onboarding platform Appro in UAE
Appro is designed to reduce application times for a range of banking products from several hours to three minutes.
Dbank gears up for launch in Pakistan, secures $17.6m seed funding
The investment round was co-led by Sequoia Southeast Asia and Kleiner Perkins.
ICYMI fintech funding round-up: Wombat, Atlantic Money, Fairbanc and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Germany’s Airbank taps Klarna Kosma for open banking platform
Klarna Kosma’s open banking offering will provide Airbank access to an international network of banks.
Virgin Money to enter BNPL market this year with Slyce credit card product
Slyce has been created in partnership with Mastercard and TSYS.
New bank for public sector workers set to launch next year in the UK
The aspiring bank aims to submit its banking authorisation application by the end of this year.
Portugal’s Universo taps Mambu to expand digital financial services offering
The partnership will allow Universo to provide a “personalised end-to-end financial experience”, Mambu says.
