One of China’s largest online wealth management platforms is leaving its peer-to-peer lending (P2P) business behind. Three sources have told Reuters that Lufax, which is backed by Ping An Insurance, will exit P2P due to tougher regulatory issues in China. While it is unknown when...
Goldman Sachs and personal loan startup Lendable from the U.K. have reached a £200m deal, in a sign of Goldman’s confidence in the startup, according to a report by the Financial Times. Goldman Sachs Private Capital will buy Lendable loans and expand the bank’s presence...
U.K.-based iwoca is integrating its lending platform with marketplace lenders Funding Options and Funding Xchange to accelerate and further automate access to capital for small and medium-sized businesses, while connecting borrowers to price transparency. In a press release sent to PYMNTS, iwoca revealed its integration...
Months after he called out “irrational” student lending that has been impacting the economy through his annual letter, JPMorgan Chase CEO Jamie Dimon noted that U.S. student lending is “hurting America.” Dimon also noted that the government has “irresponsibly” lent over $1 trillion as of...
FairFX Group, through its subsidiary Spectrum Payment Services, announced that it has been licensed to provide credit facilities as a broker, allowing it to offer loan products to both its business and retail customers. The loans will be provided by FCA-authorized third-party lenders, so there...
The U.K.’s peer-to-peer (P2P) lenders are hoping that tighter regulations by the Financial Conduct Authority (FCA) can help restore the sector’s damaged reputation. Despite lending £6.7 billion (more than $8.5 billion USD) over the past 12 months, the country’s P2P sector has been hit with...
Ireland’s central bank announced that it has fined a state-backed mortgage lender €21 million for overcharging its customers. The fine against Permanent TSB, which is 75 percent-owned by the Irish government, is reportedly the biggest regulatory penalty ever imposed on a financial institution in the...
SoftBank’s Vision Fund is reportedly looking to borrow $4 billion in an effort to give some cash back to its investors. Sources told The Financial Times that the $100 billion fund will borrow the money against its stakes in Uber, Guardant Health and Slack, and...
Businesses of a certain size — and in industries as varied as construction and restaurants — know the pain of wondering if they will have enough capital to fund operations, inventory, expansion and other mission-critical business activities. They know the uncertainty of going to traditional...
