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Enova Reports Third Quarter 2020 Results

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– Compared to a year ago, both diluted earnings per share from continuing operations and adjusted earnings per share more than tripled to $3.09 and $2.97 , respectively- Consolidated portfolio delinquency and net charge-off rates as a percentage of average combined loan and finance receivables were among the lowest in the company’s history- Total company originations increased 56% from the second quarter to $140 million – At September 30, cash and marketable securities totaled $552 million and available capacity on committed facilities totaled $332 million – Completed the acquisition of On Deck Capital, Inc. on October 13CHICAGO , Oct. 27, 2020 /PRNewswire/ — Enova International (NYSE: ENVA), a leading financial technology and analytics company offering consumer and small business loans and financing, today announced financial results for the third quarter ending September 30 , 2020.  Enova International Logo (PRNewsFoto/Enova International, Inc.)”We are pleased to report strong earnings as the credit quality of the portfolio continued to improve during the third quarter,” said David Fisher , Enova’s CEO. “Encouraged by the better than expected portfolio performance and the stable and predictable credit risk seen in our testing, we thoughtfully began reaccelerating lending in the third quarter. Also, on October 13 th , we successfully completed our acquisition of OnDeck. Similar to Enova’s performance during the third quarter, …

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Visa’s planned purchase of Plaid faces US antitrust probe

visa’s planned purchase of plaid faces us antitrust probe

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Visa’s $5.3bn deal to buy a key player in the financial-technology space is in jeopardy because of antitrust concerns, according to people familiar with the matter. The US Justice Department could decide soon whether it will sue to block Visa’s acquisition of Plaid, a firm that provides the technological infrastructure underpinning an array of next-generation financial apps. After…

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WSJ News Exclusive | Visa’s Planned Purchase of Plaid Faces Antitrust Scrutiny at the Justice Department

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Visa Inc.’s $5.3 billion deal to buy a key player in the financial-technology space is in jeopardy because of antitrust concerns, according to people familiar with the matter. The Justice Department could decide soon whether it will sue to block Visa’s acquisition of Plaid Inc., a firm that provides the technological infrastructure underpinning an array of next-generation financial apps. After spending the better part of the year scrutinizing the deal, the department is concerned it could limit nascent competition in the payments…

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Digital currency push in Pacific – OMFIF

digital currency push in pacific – omfif

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Lotte Schou-Zibell, regional director at the Asian Development Bank, talks to Bhavin Patel about the uses, benefits and challenges of introducing central bank digital currencies in small islands.Bhavin Patel: What are the fundamental needs of the underbanked and unbanked? How will central bank digital currencies address them?Lotte Schou-Zibell: Financial inclusion is one step in eradicating poverty. Financial technology can facilitate this. But it is important to understand what a CBDC can and cannot solve. CBDCs can enable financial inclusion. But they won’t solve causes of financial exclusion.BP: We need to be clear on what the real problem is that we are solving.LSZ: People need to make payments, save and borrow safely and with confidence. There are 1.7bn people who do not have access to a bank account. This forces them to turn to alternative institutions that may charge high fees, which results in the unbanked being trapped in a cycle of poverty. As the financial system becomes increasingly digital, they will be left even farther behind.BP: What are the prominent use cases and policy objectives for implementing a CBDC in small island economies? How do these differ when compared to developed and emerging economies? …

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Leading Canadian Mortgage Tech Company, Lendesk, Acquires Digital Mortgage Origination Provider, Finmo

leading canadian mortgage tech company, lendesk, acquires digital mortgage origination provider, finmo

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The new integration will add Finmo’s fully digital mortgage experience to Lendesk’s powerful broker resources
VANCOUVER, BC, Oct. 27, 2020 /PRNewswire/ — Lendesk Technologies, the premier FinTech provider for Canada’s mortgage industry professionals, today announced its acquisition of Finmo Financial Technologies – the fastest growing mortgage origination platform in Canada.
Lendesk provides technology that seamlessly connects mortgage brokers with its network of over 200 lenders. The company’s Lender Spotlight product allows brokers to find up-to-date mortgage rates, lender policies and product guidelines from lenders across Canada, and compare them side-by-side to find the best option for their clients.
Finmo helps mortgage professionals offer their clients a truly digital experience. Finmo’s proprietary Smart Docs algorithms allow brokers to automatically request necessary documents from their clients as part of an intuitive digital mortgage application process. Then, the platform converts client uploads to PDFs, making the materials easier for brokers and lenders to view and manage. Best of all, it was created with mortgage professionals, and their clients’ needs, in mind. The technology is backed by the 27 of the top brokers in Canada – who have provided investment, feedback and support as it has grown. These brokers will continue to back the newly combined platform.
“At Lendesk, we …

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SkyWater Appoints Two New Members to its Board of Directors

skywater appoints two new members to its board of directors

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BLOOMINGTON, Minn., Oct. 27, 2020 /PRNewswire/ — SkyWater Technology, the trusted technology realization partner, today announced the appointment of Rear Admiral (U.S. Navy retired) Wendi B. Carpenter and John T. Kurtzweil, CPA, CMA, MBA to its board of directors. This move expands the board from four members to six.
“I’m thrilled to welcome Wendi and John to the board. They have unique skill sets that will complement those of our existing members while bringing new perspectives and tremendous value to the table,” said Gary Obermiller, SkyWater’s chairman of the board. “Wendi’s high-ranking and extensive experience with government agencies and the DOD will be an incredible asset to the company. In addition, we will benefit greatly from John’s impressive semiconductor industry background and financial management expertise serving leading technology companies.” 
Wendi Carpenter is currently a principal and founder of Gold Star Strategies, LLC, a consulting company that provides services in strategic planning, organizational transformation, risk assessment, human capital and corporate governance. Previously she served as the tenth president and special envoy and advisor of the State University of New York (SUNY) Maritime College. Prior to SUNY, Ms. Carpenter served as a naval officer in the U.S. Navy, during which she commanded …

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ForwardLane Makes AI Wealthtech Accessible to RIAs and Broker-Dealers with Bridge Financial Technology Partnership

forwardlane makes ai wealthtech accessible to rias and broker-dealers with bridge financial technology partnership

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NEW YORK, Oct. 27, 2020 /PRNewswire/ — ForwardLane, the award-winning wealthtech provider of personalized client insights for wealth and asset managers, has entered into a strategic partnership with Bridge Financial Technology to provide access to artificial intelligence for RIAs and broker-dealers. ForwardLane’s patented insights platform uses AI to automate client data analysis, identifies organic growth opportunities for advisors and enables them to provide superior personalized service to their clients.
ForwardLane’s powerful AI-based cloud technology for financial advisors helps them prioritize client engagements, prepare more efficiently for client interactions and deliver high-touch, hyper-personalized advice and insights for clients on a more proactive and frequent basis. As a result, users of ForwardLane’s technology can conduct data analysis 6.5 times faster than before, giving them up to 50% more time for business development activity and driving up their AUM growth by millions of dollars.
“Thanks to our partnership with Bridge, RIAs and broker-dealers that custody with top financial institutions and existing Bridge customers can utilize ForwardLane to personalize at scale, organically grow their business and provide a vastly superior client experience,” said Nathan Stevenson, CEO and founder of ForwardLane.
Bridge’s existing customers are invited to enjoy a free trial of ForwardLane, enabling them to activate both their …

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Financial Data Exchange Celebrates Two-Year Anniversary

financial data exchange celebrates two-year anniversary

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RESTON, Va., Oct. 27, 2020 /PRNewswire/ — The Financial Data Exchange is celebrating its milestone two-year-old anniversary this week after launching in the Fall of 2018 with a goal of unifying the entire financial industry around a secure, common, interoperable and royalty-free standard for user-permissioned data sharing. “Our work has really just begun, but never in my wildest dreams did I think that FDX would grow this fast and accomplish this much in just two years,” said FDX Managing Director Don Cardinal.

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The FDX API

FDX began with just 21 founding member companies that included fintechs, financial institutions, financial data aggregators, and a few financial industry groups. Since that time, FDX has grown to 153 member organizations and is active in the US and Canadian markets along with members around the world. FDX members also now include several consumer advocacy organizations, a wide range of fintechs, financial institutions of all sizes, payment networks, ecosystem utilities, financial industry stakeholders and a growing number of academics, researchers and financial data ecosystem luminaries.
“The success and growth of FDX shows that even in an industry with fierce competition, market participants can come together to work on technical standards that empower consumers and achieve efficiencies in the …

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Green Dot and Gig Wage Partner to Bring Modern Banking to the Global Gig Economy

green dot and gig wage partner to bring modern banking to the global gig economy

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PASADENA, Calif.–(BUSINESS WIRE)–Oct 27, 2020–Green Dot Corp. (NYSE: GDOT) and Gig Wage are launching a strategic long-term investment and partnership to deliver better banking and financial tools to the world’s growing gig economy.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201027005252/en/The companies announced today that Green Dot is the lead investor in Gig Wage’s Series A funding round and will serve as infrastructure bank partner enabling Gig Wage to add seamless, reliable banking solutions to its popular instant payments platform for gig workers.“The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences,” said Dan Henry, CEO of Green Dot. “We’re thrilled to partner with Gig Wage to grow this vertical and empower gig workers and their employers with faster, more seamless financial solutions.”Leveraging Green Dot’s Banking as a Service platform, Gig Wage can now design and deploy their own customized banking and money movement solutions for its growing customer base. Powered by Green Dot, Gig Wage plans to introduce a new debit card with no monthly fee, free online bill pay, and free cash withdrawals …

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PINTEC Announces RMB400 Million Financing under Equity Transfer Agreements

pintec announces rmb400 million financing under equity transfer agreements

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BEIJING, Oct. 27, 2020 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“PINTEC” or the “Company”), a leading independent technology provider enabling financial services in China, today announced that Pintec (Yinchuan) Technology Co., Ltd. (the “Transferee”), a wholly-owned subsidiary of the Company, entered into certain equity transfer agreements (the “Agreements”), pursuant to which Ningxia Fengyin Enterprise Management Consulting LLP (the “Transferor”) agreed to transfer all the outstanding equity interests in Yinchuan Chuanxi Technology Co., Ltd. (“Chuanxi Technology”), to the Transferee, in exchange for a total consideration of RMB400,000,000 (the “Consideration”).  The parties agreed that Chuanxi Technology shall have an aggregate of no less than RMB400,000,000 in its bank account which is available for use at a specific date to be agreed by the parties. The transactions under the Agreements were closed on October 22, 2020.
The terms of the Consideration include the following features:

The full Consideration must be repaid by the Transferee within 20 days after the third anniversary of the closing date as defined under the Agreements (the “Closing Date”).
To satisfy the payment obligation for the Consideration, the Company shall issue a warrant (the “Warrant”) to an entity designated by the Transferor to subscribe in a private placement, for 320,036,576 class A ordinary …

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