Lendit USA 2015
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Regulating On-Line Peer-To-Peer Lending in the Aftermath of Dodd-Frank: in Search of an Evolving Regulatory Regime for an Evolving Industry
DISCUSSION DRAFT Chaffee & Rapp Washington and Lee Law Review REGULATING ON-LINE PEER-TO-PEER LENDING IN THE AFTERMATH OF DODD-FRANK: IN SEARCH OF AN EVOLVING REGULATORY REGIME FOR AN EVOLVING INDUSTRY Eric C. Chaffee* Geoffrey C. Rapp** I. INTRODUCTION Like Congress’s prior attempt to legislate a post-bubble repair and prevention strategy for the American economy, the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley),1 the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has received a somewhat chilly response from legal academics.2 As was the case with Sarbanes-Oxley,3 however, even amid all of the proposals included for the sake of “doing something” rather than for a strong policy justification, a few nuggets of genuine value can be found. One of those, in the case of Dodd-Frank, is the opening effort to address the regulatory gap surrounding on-line peer-to- * Associate Professor of Law and Chair of the Project for Law and Business Ethics, University of Dayton School of Law; J.D., University of Pennsylvania (2002); B.A., The Ohio State University (1999). I would like to thank Christine Gall, Esq. for support and encouragement while drafting this essay. ** Harold A. Anderson Professor of Law and Values, University of Toledo College of Law; J.D. Yale Law School (2001), A.B. Harvard College (1998). Eric Johnson (Toledo ’12) provided excellent research in support of portions of this article. 1 Sarbanes-Oxley Act, Pub. L. No. 107-204, 116 Stat. 745 (2002) (codified at 15 U.S.C. -
Dn-153040 Filed Pursuant to Rule 424(B)(3
Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-147019 $500,000,000 Borrower Payment Dependent Notes This is a public offering to lender members of Prosper Marketplace, Inc., or Prosper, of up to $500,000,000 in principal amount of Borrower Payment Dependent Notes, or “Notes.” We will issue the Notes in a series, with each series of Notes dependent for payment on payments we receive on a specific borrower loan described in a listing posted on our peer-to-peer online credit auction platform, which we refer to as our “platform.” All listings on our platform are posted by individual consumer borrower members of Prosper requesting individual consumer loans, which we refer to as “borrower loans.” Important terms of the Notes include the following, each of which is described in detail in this prospectus: Our obligation to make payments on a Note will be limited to an amount equal to the lender member’s pro rata share of amounts we receive with respect to the corresponding borrower loan for that Note, net of any servicing fees. We do not guarantee payment of the Notes or the corresponding borrower loans. The Notes are special, limited obligations of Prosper only and are not obligations of the borrowers under the corresponding borrower loans. The Notes will bear interest from the date of issuance, have a fixed rate, be payable monthly and have an initial maturity of three years from issuance, which we may change from time to time. A lender member’s recourse will be extremely limited in the event that borrower information is inaccurate for any reason. -
Peer-To-Peer Lending Corporate Excellence Insights
August 2018 CORPORATE EXCELLENCE INSIGHTS We are a specialized provider of systematic Quality Investment Solutions and one of the few providers of Quality equity investment strategies worldwide. Corporate Excellence Insight is our monthly publication that includes a brief update on markets and our thoughts about major trends that are impacting the investment management industry. MARKET UPDATE: STRONG CORPORATE GROWTH Strong global economic and corporate profit growth outweighed the escalating trade tensions in July. Economic data surprised on the upside in the US, picked up in Japan while stabilized in Europe. Strong Q2 corporate results reaffirmed the estimates for double digit profit growth in 2018. $3.5bn 48.5 x11 U.S. WEEKLY JOBLESS CLAIMS HIT FIAT’S VALUE WAS MULTIPLIED WORLD'S FIRST BIG 5G DEAL MORE THAN 48-AND-A-HALF-YEAR LOW 11 TIMES THROUGH 14 YEARS T-Mobile US named Nokia to supply it The number of Americans filing for Sergio Marchionne, the executive who with next-generation 5G network gear, unemployment benefits dropped to a more rescued Fiat and Chrysler from bankruptcy marking the world’s largest 5G deal so far than 48-1/2-year low in July as the labor after taking the wheel of the Italian and concrete evidence of a new wireless market strengthens further, however trade carmaker in 2004 and multiplied Fiat’s upgrade cycle taking root. tensions are casting a shadow over the value 11 times through 14 years, has died economy’s outlook. aged 66. MONTHLY TOPIC PEER-TO-PEER LENDING Central banks in Europe and the United States got into the rate increasing stance, but the levels are still low and the pace of rate increase is very moderate. -
Crowdlending in Asia: Landscape and Investor Characteristics
Crowdlending in Asia: Landscape and Investor Characteristics November 2020 2 Table of Contents Overview 3 Methodology Overview 4 Methodology Statement 4 Crowdlending in Asia 5 Text Analytics and Insights 7 Crowdlending Investor Characteristics 15 Survey Analysis and Insights 16 Crowdlending in Asia: Landscape and Investor Characteristics | Findings and Insights | Findings and insights 3 Overview Multiple issues arise with the emergence of crowdlending; these pertain to regulation, risk management and investors’ behaviour. Compared to the non-investment crowdfunding model, crowdlending is the dominant model in the world. As of 2019, crowdlending accounted for more than 95% of the funds raised worldwide, with Asian countries – particularly China – in the lead. In early 2020, China had the largest volume of money-raising transactions from crowdfunding totalling more than 200 billion USD. However, given the industry’s potential growth in Asian countries, multiple issues with crowdfunding practices need to be resolved. Media coverage on crowdlending is increasingly widespread, as seen from how it has become a buzzword within the last few years. Media attention on crowdlending can help us understand media awareness, media framing, and public understanding of the topic. Further, there is a lack of information on distinct characteristics and decision making of crowdfunding investors in the field of investor behaviour. We analysed the news coverage on crowdlending in Asia spanning a ten-year period from 2009 to 2019. We also surveyed crowdlending investors to understand their behaviours when interacting with crowdlending platforms. Our analyses provide insights into the challenges and opportunities of the crowdlending industry in Asia. They also reveal crowdlending investors’ behaviour. -
How Financial Technologies Are Revolutionizing the Financial Industry
HOW FINANCIAL TECHNOLOGIES ARE REVOLUTIONIZING THE FINANCIAL INDUSTRY Lucie Duval Dissertation submitted as partial requirement for the conferral of Master in Finance Supervisor: António Freitas Miguel, Assistant Professor of Finance, Department of Finance, ISCTE Business School September 2016 NIZING THE THE FINANCIAL NIZING INDUSTRY Lucie Duval LOGIES ARE LOGIESREVOLUTIO ARE HOW FINANCIALTECHNO Abstract Financial technologies (fintech) have known an incredible exposure over the last years, attracting investments of large billions of dollars. Fintech can be seen as the match between finance and technology and they are imposing a way of thinking in all the branches of the financial industry. The main aim of this dissertation is to study how the financial technologies are revolutionizing the financial industry. After the financial crisis of 2008, customers have changed their ways of seeing “Finance” and, more particularly, “Banks”, looking for products and services responding to their needs. Moreover, the financial crisis has highlighted a relevant number of dysfunctions of the banking sector and on the financial regulation. Regulators have strengthened their requirements for banks, particularly in their relations with clients. These have opened a breach for Fintech companies and they are using it. Fintech companies rely on a different value proposition to clients that is based on a timesaving, fast and clear experience. Indeed they are proposing majors innovation in products and also in the processes. Fintech companies have put the customer back at the center of all their attention; customer becomes again the top priority. Financial technologies have already revolutionized the finance industry even if their impact on the market, for the moment may still be seen as trivial. -
Prosper Marketplace, Inc. (Exact Name of Registrant As Specified in Its Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2009 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 333-147019 Prosper Marketplace, Inc. (Exact name of registrant as specified in its charter) Delaware 73-1733867 (State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.) organization) 111 Sutter Street, 22nd Floor San Francisco, CA 94104 94104 (Address of principal executive offices) (Zip Code) (415) 593-5400 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered None None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No þ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -
Raising Finance for Europe's Small & Medium-Sized Businesses
Raising finance for Europe’s small & medium-sized businesses A practical guide to obtaining loan, bond and equity funding Association for Financial Markets in Europe www.afme.eu Disclaimer This guide should not be relied upon as legal, financial, regulatory or other professional advice. Users of the guide are encouraged to seek appropriate independent advice before entering into any kind of financing transaction. While the information contained in this is taken from sources believed to be reliable, AFME does not represent or warrant that it is accurate or complete and AFME and its employees and consultants shall not have any liability arising from, or relating to, Septemberthe use of this guide 2015 or its contents. Raising finance for Europe’s small & medium-sized businesses Page ii Contents Foreword 2 1. Introduction 4 2. What type of finance? 6 3. Choices for loan finance 7 3.1 Bank and non-bank loans 7 3.2 Leasing / equipment finance 12 3.3 Invoice financing 12 3.4 Trade finance 13 3.5 Peer-to-peer lending and crowdfunding 15 4. Bond issues for larger SMEs 17 5. Raising equity 20 5.1 Family and friends 20 5.2 Equity crowdfunding 20 5.3 Business angels 21 5.4 Venture capital and private equity 22 5.5 Going public: equity listing requirements, process and timeline 24 6. Pan-European and government SME support schemes 28 6.1 Pan-European programmes 28 6.2 Information on national development banks 30 Appendix 1: Useful links for SMEs 34 Appendix 2: Overview of pan-European and national SME assistance programmes 38 Appendix 3: Stock exchange requirements for equities and bonds 42 Appendix 4: Database: Sizing of SME loan and equity markets 44 Contacts 48 Raising finance for Europe’s small & medium-sized businesses Page 1 Foreword Foreword On behalf of AFME, I am delighted to introduce this guide, which provides practical information to SMEs across Europe on how to raise finance from a variety of sources. -
Prosper Marketplace Ca, Inc
THESE NOTES ARE ONLY BEING OFFERED AND SOLD TO LENDER MEMBERS WHO ARE RESIDENTS OF THE STATE OF CALIFORNIA AND WHO SATISFY THE FINANCIAL SUITABILITY REQUIREMENTS SET FORTH IN THIS PROSPECTUS. PROSPER MARKETPLACE CA, INC. $250,000,000 Prosper Borrower Payment Dependent Notes $250,000,000 Open Market Borrower Payment Dependent Notes This is a limited public offering being made to lender members of Prosper Marketplace CA, Inc., or Prosper, who are residents of the State of California, of up to $250,000,000 in principal amount of Prosper Borrower Payment Dependent Notes, or “Prosper Borrower Notes,” and up to $250,000,000 in principal amount of Open Market Borrower Payment Dependent Notes, or “Prosper Open Market Notes” issued by Prosper. The Prosper Borrower Notes and the Prosper Open Market Notes are collectively referred to as the “Notes” in this Prospectus. We will issue the Notes in a series, with each series of Notes dependent for payment on payments we receive on a specific borrower loan described in a listing posted on our peer-to-peer online credit auction platform, which we refer to as our “platform.” Two types of listings appear on our platform: (1) listings posted by individual consumer members of Prosper requesting individual consumer loans, which we refer to as “Prosper borrower loans,” and (2) listings posted by financial institutions registered with Prosper setting forth the terms of existing loans and retail installment sale contracts owned by the financial institutions and offered for sale to Prosper, which we refer to collectively as “open market loans.” The Prosper Borrower Notes are dependent for payment on Prosper borrower loans, and the Prosper Open Market Notes are dependent for payment on open market loans. -
2018 FINTECH100 Leading Global Fintech Innovators 2017 FINTECH100
2018 FINTECH100 Leading Global Fintech Innovators 2017 FINTECH100 Leadin loba Fintec nnovators 1 1 2016 2017 Fintech100 Report FINTECH100 Leadin loba Fintec nnovators Company #00 1 | Fintech Innovators 2016 1 2015 Fintech100 Report FINTECH 100 Leading Global “ Fintech Innovators Report 2015 Company Description At a Glance Tag Line Located Year Founded Key People Website Specialisation Staff Enabler or Disruptor Key Investors Ownership Size User Engagement $ $ $ $ $ The 100 Leading Fintech Innovators Report 2016 Fintech100 Report The 50 Best Fintech Innovators Report 2014 Fintech100 Report 2 About the List The Fintech100 is a collaborative effort between H2 Ventures and KPMG. In its fifth year, the Fintech100 uncovers and evaluates the most innovative Fintech companies globally. The Fintech100 comprises a ‘Top 50’ and an ‘Emerging 50’ and highlights those companies globally that are taking advantage of technology and driving disruption within the financial services industry. A judging panel comprised of senior partners from H2 Ventures and KPMG has decided the final composition of the Fintech100 list. H2 Ventures H2 Ventures is a global thought leader in fintech venture capital investment. Founded by brothers Ben and Toby Heap, and based in Sydney, Australia, it invests alongside entrepreneurs and other investors in early stage fintech ventures. H2 Ventures is the manager of the H2 Accelerator – Australia’s only dedicated fintech accelerator – and operates out of Sydney’s dynamic Startup Hub. Twitter @H2_Ventures LinkedIn H2 Ventures Facebook H2 Ventures KPMG Global Fintech The financial services industry is transforming with the emergence of innovative, new products, channels and business models. This wave of disruption is primarily driven by evolving customer expectations, digitalisation, as well as continued regulatory and cost pressures. -
Financial Institutions COMM 3203 Dalhousie University Maria Pacurar
1. Financial Institutions COMM 3203 Dalhousie University Maria Pacurar COMM 3203 Winter 2019 Dalhousie University Financial Institutions COMM 3203 Dalhousie University COMM 3203 Winter 2019 Maria Pacurar Dalhousie University Table of Contents Sovereign Wealth Funds: Barbarians at the Gate or White Knights of Globalization?.....................5 Standard Chartered Bank: Valuation and Capital Structure...........................................................29 Cutting through the Fog: Finding a Future with Fintech..................................................................41 2. 9-712-022 O C T O B E R 4 , 2 0 1 1 ALD O MUSACCHIO EMIL STAYKOV Sovereign Wealth Funds: Barbarians at the Gate or White Knights of Globalization? Sovereign wealth funds are not a big bad wolf at the door. They have injected liquidity and helped stabilize financial markets. They can offer reliable long-term investments our companies need. — Jose Barroso, President of the European Commission1 I’d like nothing more than to get more of that money. — Henry Paulson, U.S. Treasury Secretary2 What about the day when a country joins some “coalition of the willing” and asks the US president to support a tax break for a company in which it has invested? Or when a decision has to be made about whether to bail out a company, much of whose debt is held by an ally’s central bank?” — Lawrence Summers, Director of the US National Economic Council3 While foreign governments may invest money in our country to make a profit, they may also do so in order to further their foreign policy ambitions, to acquire national security assets or to purchase a stake in strategic industries,” Use outside these parameters is a copyright violation. -
Lendit-Pitch Deck FINAL
The World’s Leading Event in Financial Services Innovation April 9-11 * Moscone West * San Francisco Fintech | Blockchain | Digital Banking | Lending Sponsor Prospectus The Big Picture Unparalleled Networking and Business Development Opportunities What’s New? ● 3 Days of Content and Networking ● BlockFin Summit dedicated to content, networking and experts in Blockchain for Financial Services ● Expanded 1:1 Meetings Services to help you schedule and meet everyone on your list. Your Decision Makers in One Location 1,700+ C-Level or Higher 5,000+ Focused on Financial Services Innovation 2000 PE, VC, Institutional Investors, Hedge Funds 1500 1000 Commercial, Digital, Regional 500 AI, Blockchain, 0 CXOs Vice Directors Digital Banking, & Founders Presidents & Managers Cryptocurrency, Payments, Lending, RegTech 2017 LendIt USA Stats Driven by Content Industry Pioneers take the Stage at LendIt “It’s never been more important to understand the enablers 350+ of our global mission and there’s no more important conference than LendIt in terms of understanding the power Speakers of technology and what’s happening in the financial world” Andrea Jung President and CEO Grameen America Ash Gupta Jackie Reses Antony Jenkins Richard Cordray Peter Thiel President, Global Credit Square Capital Lead Founder & Exec Chairman Director Entrepreneur, Investor Risk & Info Management Square Capital 10X Technologies CFPB Co Founder American Express PayPal Our Audience includes Everyone You Need to Meet 800+ 500+ Investors Banks 2017 LendIt USA Stats 5 Spotlight on -
FINTECH Anything but Alternative
FINTECH Anything but alternative Dealmakers in Technology Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA EXECUTIVE SUMMARY CONTENTS 02 Executive Summary 03 THE VIEW: Claudio Alvarez and Carl Wessberg 04 Key Trends 06 Funding for Fintech remains resilient 08 Alternative Finance leading the way 10 China cements position as a leader 16 Alternative Finance 19 EXPERT VIEW: Christian Faes - LendInvest 20 Digital Payments 23 EXPERT VIEW: Jacob de Geer - iZettle 24 EXPERT VIEW: David Fock - Klarna 25 EXPERT VIEW: Oscar Berglund - Trustly 26 Data Software 29 Insurtech 32 Digital Banking 35 EXPERT VIEW: Rishi Kholsa - OakNorth Bank 36 Asset Management 40 Methodology 2 FINTECH: ANYTHING BUT ALTERNATIVE 3 THE VIEW From GP Bullhound Claudio Alvarez Carl Wessberg Director Director Over the past three years, global venture capital investment into Fintech has risen by 4.7x to $13.6 billion in 2016 and these companies are now creating significant shareholder value: there are now 39 Fintech companies valued at over a billion dollars. The reasons for the strong investment appetite are strong growth in e-commerce and a supportive clear: using technology and data, Fintech firms in regulatory environment. However, in Europe, with its developed markets are providing financial services stronger traditional financial services sector, a focus and solutions in more efficient and streamlined on disruption is giving way to collaboration and ways to fill the gap that legacy institutions have left. enablement and a “flight to class” has emerged Meanwhile, in emerging markets, Fintech firms are amongst investors targeting more mature segments, building a world-class, digital-first financial services such as alternative lending and payments.