Cross River

We hope to see incoming leaders at the regulatory agencies encourage and foster responsible innovation and protect consumers by bringing industry expertise to the table. A sensible approach will benefit all! 

While at #Money2020, our Head of Fintech Banking Adam Goller sat down with Pete A. Tiliakos for DailyPay, Inc.’s The Source podcast to discuss how real-time payment systems and cross-border transactions are revolutionizing the way we think about money, the ways fintech breaks down barriers and creates more inclusive solutions, and innovative products for more flexible payments options! Listen to the full episode here: https://lnkd.in/ex9kwC6y

We just released our Q3 Consumer Lending Review, written by Cole Gottlieb, covering takeaways from consumer lender/bank earnings and recent trends in MPL new issue volume: ⤵⤵⤵ ➡ In the third quarter, lenders capitalized on consumer demand for credit, reporting strong YoY origination growth. While those in the BNPL, cash advance, and higher-APR lending space have reported YoY growth for several quarters, this quarter we saw major improvement in (under 36% APR) personal loan-focused lenders ➡ SoFi maintained strong origination growth, up +22.6% YoY, driven by personal loans. Upstart +29.8%, LendingClub +26.9%, and OneMain +13.2% all reported double-digit YoY increases after reporting YoY origination declines in the second quarter ➡ Lenders that offer shorter-term cash advance products continued to report robust origination volumes, with Dave +45.9% and MoneyLion +37.6% YoY ➡ High-APR lenders Enova and OppFi reported +28.0% and +11.8% YoY growth in originations, respectively ➡ BNPL-focused lender volumes continued to boom, with Sezzle’s Underlying Merchant Sales (“UMS”) +40.6% and Affirm Gross Merchandise Volume (“GMV”) +35.3% YoY ➡ In the third quarter, demand remained strong in the consumer unsecured MPL market, with new issue volume +5% higher on a YoY basis and +27% on a QoQ basis (per Finsight Group Inc (FINSIGHT) data)

Did you catch this month’s Powering Fintech newsletter? In this edition, we explore card program management, reflect on how our technology is giving consumers the ability to build their credit, and shared our CEO @Gilles Gade's comments on the appointment of David O. Sacks as AI & Crypto Czar as well as his interview with Capitol Account.   #poweringfintech #fintech #banking

Our CEO Gilles Gade sat down with Capitol Account’s Ryan Tracy and Rob Schmidt while in DC last week to discuss his specific plan for ways the new administration can modernize fintech regulation and revamp our examination process, and the philosophy that guides us every day here at Cross River, “Do well by doing good”! Read their conversation here: https://lnkd.in/dGTMcaRt

Catch up on this week's Cross River IQ newsletter. Here are the highlights: ⤵⤵⤵ ➡ Inflation jumped 0.1% points in November. ➡ Google pushes back on CFPB ➡ Comerica faces suit over Direct Express program ➡ Current secures $30 million in equity and an additional $175 million in financing ➡ FDIC keeping tabs on banks’ fintech partners ➡ MoneyLion to be acquired ➡ Banks push on in BaaS ➡ Klarna fined $50Mn #consumerlending #fintech #baas

Congratulations to the Current team on their record growth and capital raise! We’re thrilled to continue supporting your work providing millions of Americans with critical financial flexibility when they need it most!

Our CEO Gilles Gade said it best! We’re thrilled to welcome J. French Hill as the next Chair of the House Financial Services Committee. We look forward to supporting his efforts to strengthen the financial services industry with innovation and sensible regulations.

Congratulations to our new United States Senator Andy Kim on being seated and taking office earlier this week! We very much enjoyed meeting with you during our time in D.C. yesterday and our conversation when you visited our headquarters this summer. We look forward to working with you to ensure that NJ businesses like ours continue to thrive!

With just a few weeks left in the football season, every second counts. The same goes for payments—Trustly settles funds fast thanks to our APIs so end customers can keep scoring big! Here is a behind-the-scenes view of how we are enabling Trustly to settle funds instantly to and from their end customers: https://lnkd.in/edjxYD5n   What payment challenges is your team tackling? Reach out, we’d like to help!   #Fintech #InstantPayments #FasterPayments