personal finance

  • Nova Credit launching from Y Combinator to give immigrants access to U.S. credit

    Nova Credit launching from Y Combinator to give immigrants access to U.S. credit

    Access to credit and establishing a credit history aren’t a luxury for people living in the US, they’re a necessity. A credit score is required to rent most apartments, get credit cards, and essentially make a way in the modern American world But for millions of immigrants (roughly 15 million) landing on U.S. shores — even ones who had successful jobs abroad —… Read More

  • IPO on horizon, subprime lending startup Elevate adds $545M in credit from Victory Park Capital

    IPO on horizon, subprime lending startup Elevate adds $545M in credit from Victory Park Capital

    With an IPO on the horizon, subprime lender Elevate will have an additional $545 million credit faculty to support its growing customers. Elevate’s niche right now is providing loans to borrowers with creditscores between 575 and 625. As the company expands, it wants to provide loans to customers with even lower credit-scores. Ken Rees, CEO of Elevate, is quick to note that 65 percent… Read More

  • Penny raises $1.2M in seed funding for its personal finance bot

    Penny raises $1.2M in seed funding for its personal finance bot

    Penny, a personal finance bot we reviewed last fall, has raised $1.2 million in seed funding from Social Capital. As a refresher, the app offers a chat-based interface that offers advice tailored to your personal finances. This advice includes things like how much you spend on food each week, how this month’s spending compares to last month’s and even income graphs. One unique… Read More

  • Google to restrict ads for payday loans

    Google to restrict ads for payday loans

    Google announced today that it will no longer allow payday lenders to advertise on its systems because the loans often come with high interest rates and quick repayment requirements that push borrowers into debt. Payday lenders offer quick cash to low-income people, who are then required to pay back their loans within a short time frame. If they don’t, they face exorbitant interest rates… Read More

  • Affirm acquires budgeting app Sweep to expand into personal finance

    Affirm acquires budgeting app Sweep to expand into personal finance

    Online lending company Affirm has announced it is acquiring Sweep, an app-based personal finance tool. The move comes just two weeks after Affirm raised a $100M Series D round, which was partially raised to help the company expand into new product categories outside of lending. Specifically, Max Levchin, co-founder and CEO of Affirm, acknowledged that users will most likely never be… Read More

  • PayPal leads $30 million round in Acorns investing app

    PayPal leads $30 million round in Acorns investing app

    Acorns, the investing app, is announcing a $30 million strategic investment from PayPal, with participation from the Rakuten FinTech Fund. This brings the team’s total funding to $62 million. With 850,000 investment accounts, Acorns works by rounding up purchases and investing the remainder. In other words, if you buy a latte for $3.99, that penny will go into an ETF. Users trust Acorns… Read More

  • Prosper Marketplace relaunches its BillGuard app under the Prosper brand

    Prosper Marketplace relaunches its BillGuard app under the Prosper brand

    Prosper Marketplace, the marketplace lender focused on refinancing and credit rehabilitation, has re-launched its BillGuard app (acquired last September) under its own brand as Prosper Daily. With the rebranding, the former BillGuard becomes Prosper’s first mobile app and is the company’s first beachhead into what chief executive Aaron Vermut hopes will be a broader suite of… Read More

  • With $4.3 Million PayJoy Is Ensuring Smartphones Land In The Hands Of The Next 2 Billion

    With $4.3 Million PayJoy Is Ensuring Smartphones Land In The Hands Of The Next 2 Billion

    With Project Loon and Internet.org Companies like Google and Facebook are spending hundreds of millions of dollars each to ensure that everyone on the planet has access to the internet, but with a modest $4.3 million in equity and debt the new startup PayJoy is solving an equally important problem — getting actual smartphones into those people’s hands. Co-founded by Mark Heynen… Read More

  • J.P. Morgan, OnDeck And The Future of Alternative Lending Crunch Network

    J.P. Morgan, OnDeck And The Future of Alternative Lending

    Earlier this month, J.P. Morgan announced a strategic partnership with OnDeck Capital to originate, underwrite, and distribute loans targeted specifically at small businesses. As evidenced by a 28% single-day spike in OnDeck’s share price, this announcement clearly is a big deal to one of the leading FinTech companies today, and has major implications for the future of alternative lending. Read More