Besides enabling mail deliveries, Europe’s post offices are evolving to meet modern banking needs. Leveraging their established branch networks and existing infrastructure, the likes of France’s La Poste, Italy’s Poste Italiane, and Post Office in the U.K. are becoming an increasingly powerful banking center, creating...
Europe’s banks will likely reduce lending next year as the region dips into a recession. That’s according to a Sunday (Dec. 4) Financial Times report, citing data from the consultancy EY. The report says that the reduction in lending — the first in nine years...
Zventus has launched a solution designed to help lenders better compete with FinTech companies. The global business services provider said in a Friday (Dec. 2) press release that its new FinTech-in-a-Box enables lenders of all types to simplify lending processes, improve the borrower experience, reduce...
Propel Holdings, a FinTech that offers users access to credit in the United States, has entered the Canadian market with an online credit offering for underserved Canadian consumers. Fora Credit is now available in Alberta and Ontario and will be rolled out into additional provinces...
When the COVID-19 pandemic struck in 2020, the U.K.’s Financial Conduct Authority (FCA) asked the country’s lenders to offer payment deferrals as a means of supporting customers struggling to meet their repayment obligations because of the crisis. In a report published last week, the FCA...
Shares of AI-lending platform Upstart plunged more than 20% Tuesday (Nov 8) evening after the company said rising interest rates and a slowing economy saw its tally of new loans cut in half. At the same time, the company’s third-quarter earnings report showed total revenue...
The percentage of subprime auto loan borrowers who have fallen behind on payments has risen by more than a percentage point over the last year. The share of borrowers who are at least 61 days late on a payment stood at 5.13% in October, up...
Despite a legal challenge to its student loan forgiveness program, the federal government is reportedly sending refund checks for student loan payments that borrowers made during a moratorium on such payments during the pandemic. The refunds are going to those who paid down their loans...
Auto finance platform Lendbuzz has secured a $150 million credit facility from J.P. Morgan and will use it to help expand the number of borrowers it serves. This is the second credit facility the investment bank has extended to the FinTech, with the first being...
