Alternative finance

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/Alternative finance

Line Pay and Visa partner for digital payments

LINE Pay Corporation, operator of digital wallet and fintech services on the LINE messaging app, and Visa (NYSE: V), the global payments leader, today announced a strategic partnership that will see them create new financial services experiences for their collective user bases of millions of consumers and merchants worldwide

/retail

Biz2Credit closes $52m Series B financing round

Biz2Credit Inc., the leading online lending platform that helps banks and other financial institutions manage small and medium business (SMB) lending processes and makes it easier and faster for SMBs to access working capital, announced that it has completed a Series B capital financing round of $52 million led by WestBridge Capital.

/regulation

FCA confirms new rules for PP platforms

Following consultation, the Financial Conduct Authority (FCA) is introducing rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector.

/startups

Fundrr takes on South African SME lending market

There are 2.4 million SMEs in South Africa that employ around 60 – 70% of the working population, but this market experiences a dearth of funding, causing a R86 billion credit gap for small businesses. Each year, the number of SMEs in the country decreases due to their inability to access finance.

/Alternative finance

Banking Circle issues white paper on financial inclusion

Ground-breaking financial utility, Banking Circle, is on a mission to improve access to global financial services for businesses of all sizes.

/Alternative finance

FIME launches testing platform for digital payments

FIME continues innovation and adapts testing in line with the rapid digital transformation of the global payments industry.

/retail

SoFi raises $500m

SoFi, a mobile-first personal finance company, announced today it has closed over $500 million in equity financing led by Qatar Investment Authority (QIA), which values the company at $4.3 billion on a pre-money basis.

/Alternative finance

Azlo and Kabbage team on small business lending programme

Azlo, a U.S. online banking platform, and Kabbage, Inc., a cash-flow technology and small business lending platform, announce the launch of Mission Street Capital, a new program that provides small businesses banking with Azlo access to loans through Kabbage® up to $250,000.

/regulation

Supply chain finance outfit CapitalBay gets Malaysian regulatory green light

CapitalBay, an award-winning Malaysian multi-bank supply chain finance platform has received the approval from the Securities Commission Malaysia (SC) to operate a peer-to-peer (P2P) financing platform.

/retail

BlueVine appoints Herman Man chief product officer

BlueVine, which provides small- and medium-sized businesses with access to fast and simple online financing, announced today that it has named Silicon Valley technology and engineering verteran, Herman Man, its Chief Product Officer.

/startups

Finitive raises $6m

Finitive, a financial technology platform providing institutional investors with direct access to alternative lending investments, announced today that the firm raised approximately $6 million in a series seed financing.

/retail

Canada's Lendified raises $15m

Lendified Holdings Inc. (“Lendified”), a Toronto-based financial technology company, is pleased to announce that it has successfully closed a $15 million funding round with institutional and private investors.

/retail

Canadian POS financing outfit Financeit makes hire for US push

Canadian based point-of-sale financing provider, Financeit, announces industry veteran, Steve Olszewski, in the role of General Manager leading its U.S. division.

/Alternative finance

Kabbage gets $700m in debt funding

Kabbage, Inc., a global financial services, cash flow technology and data platform for small businesses, closed the largest asset-backed securitization (ABS) by a small business online lending platform to date for $700 million.

/payments

OnDeck offers same-day funding

OnDeck (NYSE: ONDK), the leader in online lending to small business, today announced that it will offer to fund and debit customer bank accounts with Same Day ACH transfers, eliminating a decades long pain point for small business owners accustomed to the traditional ACH transfer process, which can take multiple days and lacks certainty on when the transactions will hit bank accounts.

/Alternative finance

LendInvest secures up to £200 million in funding from HSBC UK to back entry into home loan mortgages

LendInvest, the marketplace for mortgages, has secured funding of up to £200 million from HSBC UK, one of the world’s largest banking and financial services organisations, bringing further institutional capital to its platform.

/Alternative finance

American Express to provide new financing options for SAP Ariba users

American Express (NYSE: AXP) and SAP Ariba today announced that they have entered into a strategic multi-phased partnership designed to offer buyers and suppliers new payment and financing options on Ariba® Network, extending its value for joint large and global customers.

/Alternative finance

Moneysupermarket partners with FundingXchange

Moneysupermarket Group announces exclusive partnership with Funding Xchange to give small business access to the best funding solutions.

/retail

Affirm raises $300m

Affirm, the financial technology company founded by entrepreneur Max Levchin to provide honest financial products that improve lives, today announced it has raised a $300 million series F round of funding.

/retail

OnDeck merges Canadian ops with Evolocity

OnDeck (NYSE: ONDK), the leader in online lending to small business, today announced it has completed the transaction combining its Canadian operations with Evolocity Financial Group (Evolocity), a Montréal-based online small business lender. The combined companies are majority owned by OnDeck.

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