1.UK – P2P
UK-based marketplace lending platform LendInvest announced last week it has expanded both of its capital markets and treasury team with four new hires, reports Crowdfundinsider.
“According to the online lender,the hires are part of an effort to continue to build up LendInvest’s in-house capital markets capabilities, as it looks to open a securitization program next year for its Buy-to-Let product.”
2. UK – SMEs
The Irish News reports:
“The ability for small businesses in Northern Ireland to access alternative forms of finance has become a vital factor in their successful growth, the head of a Belfast accountancy firm insists.
Since the financial crash and credit crunch, the funding void left by traditional lenders has been filled by boutique funders and alternative finance, which can allow SMEs to access finance for a variety of different needs, from long term investment through to funding for short term working capital.
3. UK – AltFi
Mortgage Solutions reports on problems at Lendy.
“The peer-to-peer firm has been the source of complaints from its lenders as large volumes of its loans are failing to be repaid on time.
As a result of the problems Lendy CEO and founder Liam Brooke (pictured) has sent a series of emails to lenders on the platform apologising and explaining the steps it will take to resolve the situation.
In the first email Brooke told investors that he wanted to “apologise that the repayment process has been significantly behind expectation on some of the loans you have invested in”.
“We have undertaken a thorough review of our recovery process to improve the speed at which recoveries are undertaken and ensure that we are using all the right tools to maximise recoveries,” he said.
Brooke added the business had identified five areas where it could make substantial improvements to its recoveries process: governance, financial controls, liquidity, collections and compliance.
He also pledged to improve communications with investors, including when receiving loan repayments.”
4. International – AltFi
Deal Street Asia reports on an equity raise by Indonesian peer-to-peer lending startup Akseleran.
5. International - FinTech
More crypto developments in the Dominican Republic. Report from Crowdfund Insider.
“Just a little over a month after announcing the launch of its SMS bitcoin cash wallet service in Brazil, as well as three more European countries, Poland, Croatia, and Romania, CoinText.io
, a wallet to transact cryptocurrency using SMS messages, announced on Monday it has expanded the services in Colombia and the Dominican Republic.
As previously reported, Cointext described itself as a full-featured cryptocurrency wallet that does not require apps, accounts, passwords, or the internet. The company noted its service offers frictionless onboarding to the crypto ecosystem for anyone with a text-enabled phone.”