Back
25/03/2021
Sneakypeer Newsletter Week 12
Welcome back to the Sneakypeer newsletter! Below you will find industry news from last week.
Iban Wallet undergoes rebranding
As we mentioned in our previous Risk Alert email, SIA New Generation Market, the company behind the online investment platform Iban Wallet, began its liquidation process last week. However, the peer-to-peer platform recently contacted its investors via email, announcing its rebrand in an attempt to direct ex-users to its newly launched websites- Neofinders and Neowintech. The information published on the websites is minimal; therefore, it is currently difficult to make any conclusions on the financial companies' safety or reliability.
Landbay and Allica Bank form a partnership worth £1bn
Landbay, a peer-to-peer lending platform based in the UK, has recently partnered with Allica Bank, intending to fund £200m worth of residential buy-to-let mortgages. The partnership is planned to continue for the next five years, during which Landbay will be responsible for originating all mortgages.
Landbay has recently experienced significant growth, obtaining substantial funding deals in mid-2019 and 2020. The most recent one was secured for one billion pounds in November of last year. According to the CEO of Landbay, the partnership with Allica Bank will further boost the platform's reputation of originating high-quality and competitively priced buy-to-let mortgages.
American Fintech Council founded by Prosper, LendingClub, and VPC
Three lending companies: Prosper, LendingClub, and VPC, have collaborated to create American Fintech Council (AFC), alongside The Marketplace Lending Association (MLA) and Online Lending Policy Institute (OLPI) that made the decision to merge to form the council. The goal of the AFC is to encourage policies that promote the inclusivity of affordable and transparent financial services and a responsible approach towards innovation.
The technology companies within the AFC offer a variety of financial products for both businesses and consumers. The council plans on gradually developing a more expansive fintech association by granting memberships to diversified fintech companies, digital banks, and other financial service providers. To join the AFC, the applicant must meet multiple requirements: credit products must not surpass 36% APR, small business financing must abide by the Small Business Borrower's Bill of Rights, and lenders must only provide transparent products and fees.
