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FinTech news in lending category

Financial Services startup Percent raised Series B round of $30M

But Chu points to firms like Apollo Global Management (full disclosure: the owner of journalist’s parent company), Ares Management and Blackstone, all of which have developed large private credit operations, as supporting evidence that private credit has its merits.

India to suspend 90 lending apps because of China's influence

The officials said the Ministry of Home Affairs has received reports of cybercrimes where Chinese firms have access to some Indian lending apps through APIs, which they are using to store Indian consumers’ data outside of the country, the source said. The IT Ministry is concerned about the historic or current presence of Chinese investors on the cap tables of some lending apps in India, the officials said, according to a source familiar with the matter. The officials said on Tuesday that some apps are also getting impacted because of their sketchy loan-collection practices and customer services, according to the source, addressing a longstanding pain point of Indian consumers. The Indian government also banned dozens of apps including ByteDance’s TikTok, Xiaomi’s Community and Video Call apps and Alibaba Group’s UC Browser and UC News in mid-2020.

Financial Services startup KREDITO raised seed round of $6M

When we profiled Kredito last year, Sebastian Robles, co-founder and CEO, told journalist that business credit didn’t automatically come with an account, leaving business owners to use personal credit cards. The company launched to the public in 2021 and partners with financial institutions to help small businesses with their spend management, access digital unsecured loans, open a bank account and obtain a business credit card. Instead, Kredito takes on that risk by using a proprietary algorithm and alternative data to evaluate credit risk more inclusively than traditional banks, and in real time, Robles said. Robles intends to use the new capital to expand into new countries and consolidate its growth in Chile.

Clearco cuts joins the layoff wave

As Clearco international workforce is cut, its global clients will now turn to Outfund, an e-commerce investor that operates in the U.K. and Australia. The latest workforce reduction is just one step Clearco has taken over the past few months, including prior rounds of layoffs, to refocus its business operations amid the changing e-commerce scene. When Clearco cut a quarter of staff in July, Romanow said at the time that it was considering strategic options for its international operations. One month after cutting 25% of its total staff, Clearco is conducting another round of layoffs as it retracts its international presence in the U.K., Germany, Ireland and Australia.

Toronto's FinTech Clearco lays off 25% of staff

After assessing the current market conditions and uncertainty we’re seeing across the e-commerce sector, this was the most prudent action to take and was necessary to.

Robinhood revenue is down, new feature is coming

As long as the shares have been fully paid for by the customer, Robinhood says it will match customers with interested borrowers to take the loans and that customers will get paid once their shares are successfully placed.

FinTech startup Vontive raised Series B round of $135M

The startup, founded by a former Palantir engineer and a Freddie Mac exec, is taking a data-integration focused approach inspired by the data giant and applying it to the real estate capital markets, its co-founder and CEO Charles McKinney

Credit startup SteadyPay raised Series A round of $5M led by Digital Horizon

SteadyPay CEO and co-founder John Downie, who had spent most of his career building tech solutions for banks, realized that existing lending solutions did not address the needs of workers with irregular income. Both existing and new investors participated in SteadyPay’s latest fundraise alongside Digital Horizon, including Ascension Ventures (via their impact Fair By Design fund), the U.K. government’s Future Fund.

Lending FinTech Funding Societies got Series C+ $144M led by SoftBank

Today, Funding Societies announced it has raised $144 million in an oversubscribed Series C+ equity round led by SoftBank Vision Fund 2, with participation from new investors like VNG Corporation, and more.

BlockFi paid SEC $100M in settlement

It also announced today its intent to register a new, compliant lending product, called BlockFi Yield, which it says would be the first SEC-registered crypto interest-bearing security.

Indonesia-based FinTech KoinWorks raised Series C round of $108M led by MDI Ventures

KoinWorks was originally created to help SMEs, which are often turned away by traditional financial institutions, get access to working capital. Over the last three years, Indonesian fintechs focused on SMEs have grown to include other neobanks and startups that started out as accounting software but are expanding to include working capital loans and other financial services.