Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>A repository will offer a consolidated platform for diverse <keyword id="6355729" type="General" weightage="20" keywordseo="data" source="Orion">data</keyword>, negating the necessity for lenders to source information from multiple channels. </li><li>Such a repository may also help in curbing fraudulent activities. </li><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> also announced that it will come up with guidelines to govern <keyword id="19753861" type="General" weightage="20" keywordseo="web-aggregation" source="Orion">web aggregation</keyword> of <keyword id="789627" type="General" weightage="20" keywordseo="loan-products" source="Orion">loan products</keyword>. </li></ul>The Reserve Bank of India (RBI) has proposed the establishment of a <keyword id="19753447" type="General" weightage="20" keywordseo="fintech-repository" source="Orion">fintech repository</keyword>. “This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier. FinTechs would be encouraged to provide relevant information voluntarily to this Repository,” said Governor Shaktikanta Das while announcing the Monetary Policy Committee decisions on Friday. The RBI also announced that it will come up with detailed guidelines to govern web aggregation of loan products. The fintech repository holds the potential for various improvements in the . Firstly, it promises enhanced access to fintech information, offering a consolidated platform for diverse data, negating the necessity for lenders to source information from multiple channels. This streamlining of processes not only reduces operational costs but also significantly augments efficiency within the fintech ecosystem. Additionally, the repository's comprehensive compilation of an individual's fintech profile facilitates better credit risk assessment for lenders. By providing a holistic view of a borrower's financial health, it empowers lenders to make more informed credit decisions. Consequently, this informed decision-making has the potential to reduce loan defaults, thus fostering a healthier credit environment overall. “The proposed establishment of a repository by April signals a forward-looking approach, aiming to enhance the efficiency and transparency of financial systems on a macro scale,” says Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy, a trading platform. Another benefit lies in the repository's ability to curb fraudulent activities. By enabling cross-institutional analysis of fintech data, it acts as a tool in identifying and preventing fraudulent transactions. This not only safeguards the interests of lenders but also bolsters trust and stability within the fintech system, benefitting both lenders and borrowers alike. One of the key aims of the repository is to bring about greater financial inclusion, particularly for marginalised communities and businesses. By offering lenders a more accurate and comprehensive assessment of an individual or entity's financial standing, it lays the groundwork for increased accessibility to credit and other fintech services, potentially bridging the gap for those underserved in the fintech domain. Lastly, the repository will provide the regulator with access to a vast dataset of financial information and will play a key role in improving regulatory oversight. Says Anand Agrawal, Co-Founder and Chief Product and Technology Officer , Credgenics, a debt collection platform, "The approach to encouraging voluntary contributions from fintechs will empower regulators with real-time insights and enable informed, agile, and risk-mitigating decision-making. This initiative is a crucial step in the RBI’s approach to streamlining the regulatory framework for fintechs.” With comprehensive insights, regulators can more effectively monitor the fintech system, identify potential risks, and implement proactive measures, contributing to a more robust, stable, and resilient fintech framework.

Fintech repository to be set up by April 2024, says Shaktikanta Das

<ul class="summary-list"><li>Sahil Gaba, a software engineer at Google, shares his top free Google programming courses.</li><li>Gaba is a self-taught engineer who used Google's free and auditable courses when learning to code.</li></ul>Before becoming a <a target="_blank" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">software engineer at Google</a>, 33-year-old<a target="_blank" href="https://www.businessinsider.com/google-interview-big-tech-coding-skills-sofware-engineering-sahil-gaba-2024-3"> Sahil Gaba</a> was an entirely self-taught computer engineer with a mechanical engineering background.Many new programmers who start in Gaba's shoes turn to free YouTube videos or their pricey counterpart, programming courses. However, neither is without its faults. YouTube videos often lack an interactive element, while paid courses can be inaccessibly expensive."I started learning programming very late in my life, around 25, and I was completely confused at the time," Gaba told Business Insider.In the search for alternative resources, Gaba discovered ways to access <a target="_blank" href="https://www.businessinsider.com/guides/learning/google-coursera-online-certificate-programs-classes">Google's programming courses</a> for free. Some of these courses are part of different packages that cost roughly $49 but can be audited at no cost, while others are complimentary lessons located on Google's tech development site.Auditing a Google programming course allows you to enroll without receiving credit or a certification. Gaba audited several courses and landed his first programming job a few months later at a small fintech startup before transferring to Amazon in 2019 and Google in 2021.Here are eight important courses that he recommends every programmer take — which can be accessed for free.<h2 id="1e3322f3-685e-447c-b0b2-d089919104e0">1. Crash Course on Python</h2>Python is among the <a target="_blank" class="" href="https://www.businessinsider.com/best-programming-language-github-developers-rate-javascript-python-2021-11">most popular programming languages</a> for beginners and experts."It focuses on the core skills you need to actually start building things without bogging you down with unnecessary details," Gaba said.<a target="_blank" href="https://affiliate.insider.com?h=5bbbbd3e9c881b57a723162257238a99303643a6dc4eb1516b301f4d3c00ba2d&amp;postID=66ec2f0a8d7e7259bc8de257&amp;postSlug=best-google-programming-courses-free-audit-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.coursera.org%2Flearn%2Fpython-crash-course">The 32-hour course</a> includes readings, quizzes, and a final project which allows you to apply your skills to a real-world problem, giving you a well-rounded learning experience. Gaba said this course is particularly useful for folks in data science, web development, automation, and even certain backend frameworks.<h2 id="2f4700ed-b6cb-4432-8b3a-6376e861e004">2. Tools of the Trade - Linux and SQL</h2>Gaba says he regrets not learning Linux earlier in his career and recommends that folks not make that same mistake. "Linux is a widely distributed operating system known for its stability and security and practically runs most machines on the internet. As a developer, you have to work with its command line interface called Shell quite regularly."Structured Query Language, or SQL, is a standard language for working with relational databases, and Gaba recommends that programmers learn it as soon as possible, too. "It's not anything complex, but it's an integral part of being able to deliver apps." <a target="_blank" href="https://affiliate.insider.com?h=947d95be5695019f707ab9678b3d9ac044a7e6b5316087309331a6d7df7c88f8&amp;postID=66ec2f0a8d7e7259bc8de257&amp;postSlug=best-google-programming-courses-free-audit-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.coursera.org%2Flearn%2Flinux-and-sql">Tools of the Trade — Linux and SQL</a> is a course that helps users build a solid foundation for both tools.<h2 id="77276afc-5ee4-4038-a4e5-b47c46dd4dd5">3. Master Data Structures and Algorithms</h2>Data structures and algorithms are the basic building blocks of problem-solving in software engineering and a crucial component of Big Tech coding interviews. Gaba insists that understanding <a target="_blank" href="https://techdevguide.withgoogle.com/paths/interview/">Master Data Structures and Algorithms</a> is the cornerstone of interview preparation.Rather than creating new content, this course gives you access to a database of all the best existing resources on interview preparation."They're not trying to reinvent the wheel, they're actually using some of the good resources out there and giving it to you as a structured learning path." If you're going to do any course on this list, this is Gaba's No. 1 suggestion.<h2 id="b296d594-f365-4528-98b9-f809fb6f3cf3">4. Introduction to Git and GitHub</h2>Gaba says writing code is only the first step in programming; an effective programmer should also master Git and Github to manage codes, collaborate with others, and track changes over time.<a target="_blank" href="https://affiliate.insider.com?h=0c9a61c8edee57371f18186bc21014f56ab02f1dea6abcbd6759f17bbd773e20&amp;postID=66ec2f0a8d7e7259bc8de257&amp;postSlug=best-google-programming-courses-free-audit-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.coursera.org%2Flearn%2Fintroduction-git-github">Introduction to Git and GitHub</a> is a 27-hour course that'll walk you through both."By the end of this course, you'll have the skills to manage your code efficiently and contribute to open-source projects," Gaba said. "You'll understand how to create and manage repositories, handle merge conflicts, and use pull requests effectively."<h2 id="ba84fc4c-8df3-4dec-a623-8357244dde13">5. Troubleshooting and Debugging Techniques</h2>Many new coders fall into the trap of spending more time trying to debug their code than actually writing it. Gaba explained that effectively debugging is a skill that can make or break a programmer's reliability and efficiency.<a target="_blank" href="https://affiliate.insider.com?h=f5752aed7e2aed1178fc6738507d068271c991e84ddccf70ef0e2575e16f6043&amp;postID=66ec2f0a8d7e7259bc8de257&amp;postSlug=best-google-programming-courses-free-audit-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.coursera.org%2Flearn%2Ftroubleshooting-debugging-techniques">Google's debugging course</a> teaches programmers how to reproduce issues, find their root causes, and systematically debug their code.<h2 id="c9d0a46d-ccca-44b4-8bf5-714ccafd9dc3">6. Machine Learning Crash Course</h2><a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-machine-learning">Machine learning</a>, or teaching a machine to make decisions without providing direct commands, is one of the<a target="_blank" class="" href="https://www.businessinsider.com/top-artificial-intelligence-machine-learning-podcasts-2023-4"> hottest topics in tech</a> and is sweeping through nearly every industry.Gaba recommends <a target="_blank" class="" href="https://developers.google.com/machine-learning/crash-course">Google's Machine Learning Crash Course</a> as a great way to dabble in machine learning without being overwhelmed by every algorithm out there. His favorite part is its interactive visualizations and hands-on <a target="_blank" class="" href="https://research.google.com/colaboratory/faq.html">exercises on Colab</a>.<h2 id="f629fea0-87f2-4980-ad40-70cb47117fdc">7. Generative AI</h2><a target="_blank" href="https://affiliate.insider.com?h=da9db7515bbc5fa691063669c6cdd539f3a4f0c53e4b5e3e534ff074cf43e5ef&amp;postID=66ec2f0a8d7e7259bc8de257&amp;postSlug=best-google-programming-courses-free-audit-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.coursera.org%2Flearn%2Fintroduction-to-generative-ai">Google's Introduction to Generative AI</a> course is a quick introduction to the basic principles of GenAI without getting too deep. "It'll tell you what the large language models or LLMs are and how they tie into things we keep hearing about, like Gemini and ChatGPT," Gaba explained.Getting a grasp on this emerging concept can help new programmers feel more prepared to work with these technologies in the future — and it'll only take one hour.<h2 id="12944cf8-fa13-4774-a631-8e657d80b88a">8. Foundations of Cybersecurity</h2>In our increasingly digital world, data breaches have seemingly become a norm. Gaba says understanding the basics of cybersecurity is no longer optional — it's necessary.<a target="_blank" href="https://affiliate.insider.com?h=ca9e5818780a78421bd6b07c02a3e59892ee54120da2f154fcd302e7da6fd071&amp;postID=66ec2f0a8d7e7259bc8de257&amp;postSlug=best-google-programming-courses-free-audit-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.coursera.org%2Flearn%2Ffoundations-of-cybersecurity">Foundations of Cybersecurity</a> introduces common cyber threats, basic security practices, and how to integrate them into the development process.Gaba admits this course won't turn new programmers into cybersecurity experts, but it does offer a better grasp of security practices used within companies. "It's designed to help you understand the basics of cybersecurity so you can write code that doesn't expose any data." It's a beginner-level course expected to take about 14 hours to complete.One of Gaba's greatest takeaways from these courses is the learning style. You get to implement the concepts instead of just memorizing them.If you're a software engineer with savvy career tips and would like to share, please email Tess Martinelli at <a target="_blank" href="mailto:tmartinelli@businessinsider.com">tmartinelli@businessinsider.com</a>.

A self-taught engineer at Google shares the 8 best Google programming courses you can access for free

<ul><li>This latest round brings <keyword id="20120563" type="General" weightage="20" keywordseo="pocket-fm" source="keywords">Pocket FM</keyword>’s total funding to date to $196.5 million.</li><li>The new funding will aid its plans to expand into <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and <keyword id="20923367" type="General" weightage="20" keywordseo="latam" source="keywords">LatAm</keyword> markets in 2024.</li><li>Pocket FM, founded in 2018, has a repository of over 100,000 hours of content. </li></ul>Audio entertainment platform Pocket FM announced on Wednesday that it has raised $103 million in Series D funding — making it one of the chunkiest fundraises of the year yet. The new funding will strengthen Pocket FM's push into the US market and also support global expansion as the company plans to expand into Europe and LatAm markets in 2024. This latest round brings Pocket FM’s total funding to date to $196.5 million, the company said in a release. The latest round was led by Lightspeed with participation from <keyword id="21028203" type="General" weightage="20" keywordseo="stepstone-group" source="keywords">Stepstone Group</keyword>. Pocket FM, founded in 2018, has been hailed as the ‘Netflix for Audio’. It has built a repository of exclusive audio series. It has over 100,000 hours of content, including over 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. “What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy. It emerges as a great reference for the entertainment landscape, with its capability to demonstrate strong unit economics. They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach,” said <keyword id="21028204" type="General" weightage="20" keywordseo="harsha-kumar" source="keywords">Harsha Kumar</keyword>, Partner at Lightspeed. The company said that it has surpassed $150 million in annual recurring revenue (ARR), and is growing at 57% quarter on quarter (QoQ). It has clocked over 20 million transactions in 2023. Pocket FM has put up an AI-led strategy for automation, content curation, production, and distribution. The company plans to leverage generative AI to scale its entertainment content offerings and build AI-powered personalized recommendations that enhance the overall user experience. “We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market," said <keyword id="20120566" type="General" weightage="20" keywordseo="rohan-nayak" source="keywords">Rohan Nayak</keyword>, CEO and co-founder of Pocket FM. The company announced its US entry in Q4 of 2022 and its revenue has surpassed $100 million ARR in the US market. The platform has approximately 10 million registered users in the US. "Our robust content library of audio series and a strong consumption behaviour on the platform is shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry,” said Nayak. It’s raining VC deals Apart from Pocket FM’s over $100 million fundraising deal, fintech Perfios raised $80 million to turn into a unicorn recently. VCs have been writing large-sized cheques this March. On Wednesday, yet another startup – homegrown wearables startup Ultrahuman said that it raised $35 million in a series B funding round. Lithium-ion battery pack maker Lohum also raised $50 million, while personal care brands The Ayurveda and Cureskin raised $27 million and $20 million, respectively. Social media discovery app Hunch too raised as much as $23 million. Apart from Perfios, yet another company, Krutrim AI also turned into a unicorn earlier this year. Sector experts believe that the funding winter <a href="https://www.businessinsider.in/business/startups/news/a-thaw-in-startup-funding-winter-as-two-unicorns-emerge-within-a-quarter/articleshow/108585420.cms">that was set in 2022 is thawing</a>.

In one of the largest deals of 2024, Pocket FM raises $103 mn to strengthen its global push

Good morning! This is the tech news you need to know this Thursday. <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech&amp;hash=8122c716833601fc1471f79af063b104?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=Post%20Blast%20sai:%2010%20things%20in%20tech%20you%20need%20to%20know%20today&amp;utm_term=10%20THINGS%20IN%20TECH%20YOU%20NEED%20TO%20KNOW%20-%20ENGAGED%2C%20ACTIVE%2C%20PASSIVE%2C%20DISENGAGED0PASSIVE%2C%20DISENGAGED">Sign up here</a> to get this email in your inbox every morning.Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.<ol><li>Twitter will never lift Trump's ban. CFO Ned Segal <a href="https://www.businessinsider.com/trump-twitter-ban-wont-be-lifted-if-runs-president-again-2021-2">confirmed that Donald Trump's ban</a> from the platform is a permanent one - even if the former president decides to seek public office again. </li><li>Facebook shut down a group hyping bleach as a COVID-19 cure. The action came <a href="https://www.businessinsider.com/facebook-closes-pages-hyping-bleach-cure-after-insider-query-2021-2">after Insider flagged</a> the groups promoting chlorine dioxide. </li><li>Huawei wants to be off the security threat list. The Chinese smartphone giant <a href="https://www.businessinsider.com/huawei-files-lawsuit-fcc-national-threat-2021-2">filed a lawsuit</a> with the New Orleans fifth circuit court of appeals, claiming the Federal Communications Commission unlawfully designated Huawei a national security threat in June. </li><li>Facebook wants its own Clubhouse. The firm has a team working on a new project that aims to replicate the core functionality of the buzzy new social media app, Clubhouse, <a href="https://www.nytimes.com/2021/02/10/technology/facebook-building-product-clubhouse.html">the New York Times reported on Wednesday</a>. </li><li>Uber beat its Q4 expectations. The firm <a href="https://www.businessinsider.com/uber-earnings-q4-2020-revenue-eps-profit-analysis-2021-02">on Wednesday reported</a> it had beat Wall Street's expectations on earnings but missed on revenue expectations, while posting its eleventh consecutive unprofitable quarter. </li><li>An ethical hacker breached Apple, Microsoft, Netflix, and other firms. Alex Birsan <a href="https://www.businessinsider.com/supply-chain-hacker-alex-birsan-apple-microsoft-neftlix-2021-2">carried out the hacks</a> after closely reading code that firms uploaded to open-source repositories hosted by companies like GitHub, he <a href="https://medium.com/@alex.birsan/dependency-confusion-4a5d60fec610">said</a> in the blog post. </li><li>Premium: We dove into why Google is threatening to leave Australia. The threat <a href="https://www.businessinsider.com/google-australia-law-code-news-technology-2021-2">comes after years of wrangling</a> with news moguls like Rupert Murdoch, and as lawmakers fear the search engine is too powerful. </li><li>Exclusive: StockX is set to IPO as early as this year. The <a href="https://www.businessinsider.com/sneaker-exchange-stockx-is-looking-at-an-ipo-maybe-this-year-2021-2">exact timing of the initial public offering</a>, as well as the potential valuation, is still being determined, said one person who asked to not be identified discussing private information. </li><li>Exclusive: There's intense pressure at seed-stage investing. Wealthier, "multistage" firms <a href="https://www.businessinsider.com/seed-funds-are-under-existential-threat-from-venture-giants-2021-2">have descending into seed investing</a> with a fervor not seen since the early 2010s, pressuring seed-stage investors. </li><li>Exclusive: We got hold of Libeo's pitch deck. The French fintech firm <a href="https://www.businessinsider.com/libeo-french-fintech-startup-raises-third-vc-funding-round-in-12-months-2021-2">raised $24 million from DST Global</a>.</li></ol>

10 things in tech you need to know today

Good morning! This is the tech news you need to know this Monday. <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech&amp;hash=8122c716833601fc1471f79af063b104?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=Post%20Blast%20sai:%2010%20things%20in%20tech%20you%20need%20to%20know%20today&amp;utm_term=10%20THINGS%20IN%20TECH%20YOU%20NEED%20TO%20KNOW%20-%20ENGAGED%2C%20ACTIVE%2C%20PASSIVE%2C%20DISENGAGED0PASSIVE%2C%20DISENGAGED">Sign up here</a> to get this email in your inbox every morning.Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.<ol><ol><li>Apple will allow an app called Amphetamine to stay in its store. Apple had told the app's developer that the branding promoted drug use and that it needed to be renamed or face removal, <a href="https://www.businessinsider.com/apple-reverses-decision-ban-amphetamine-app-from-the-app-store-2021-1">but then u-turned on its decision</a>. </li><li>Tesla just missed its vehicle goal for the year. The electric automaker <a href="https://www.businessinsider.com/telsa-just-missed-its-goal-of-delivering-500000-vehicles-2021-1">delivered 499,550 vehicles in 2020</a>, 450 shy of CEO Elon Musk's target. </li><li>SolarWinds hackers could see Microsoft source code. Microsoft <a href="https://www.businessinsider.com/solarwinds-hackers-were-able-to-access-microsoft-source-code-microsoft-blog-post-2020-12">said its investigation into the breach had turned up irregularities</a> with a "small number of internal accounts" and that one of the accounts "had been used to view source code in a number of source code repositories." </li><li>Apple removed 46,000 apps from its Chinese app store. The takedowns <a href="https://www.businessinsider.com/apple-removes-39000-game-apps-from-china-store-to-meet-deadline-2020-12">followed a crackdown</a> on unlicensed gaming apps. </li><li>Facebook's ad integrity chief is out. Rob Leathern, director of product management, <a href="https://www.businessinsider.com/facebooks-advertising-integrity-chief-leaves-company-2021-1">said earlier this month</a> on Facebook's internal network that he would be leaving the company on Dec. 30. </li><li>Apple failed to swiftly cut ties with a supplier that used child labor. Apple discovered that Suyin Electronics, one of its Chinese-based suppliers, relied on child labor on multiple occasions, but still took three years to fully cut ties, <a href="https://www.theinformation.com/articles/apple-took-three-years-to-cut-ties-with-supplier-that-used-underage-labor">The Information</a> reported. </li><li>Jeff Bezos and Elon Musk increased their wealth by $217 billion in 2020. Collectively, the net worth of the world's 500 richest people <a href="https://www.businessinsider.com/jeff-bezos-elon-musk-increased-wealth-by-217-billion-2021-1">rose to about $1.8 trillion</a>, a 31% increase that represents the largest annual gain in the eight years that Bloomberg has tracked these figures through its Billionaires Index. </li><li>Gaming can expect a new Nintendo Switch and the first PS5 games in 2021. Rumors <a href="https://www.businessinsider.com/biggest-things-to-expect-from-gaming-in-2021-2021-1">have been swirling for months</a> about a new version of Nintendo's Switch with more power, and a handful of major games are expected to launch for Sony and Microsoft's new game consoles. </li><li>The UK's Brexit deal leaves digital and fintech startups in limbo. The <a href="https://www.businessinsider.com/uk-brexit-deal-startups-limbo-financial-services-data-2020-12">deal does not cover</a> how UK financial startups will trade with Europe, nor the long-term future of data flows. </li><li>Early-stage funding is set to come back strong in 2021. Investors <a href="https://www.businessinsider.com/seed-stage-funding-deal-trends-2020-12">told Business Insider</a> that seed deals are actually getting bigger, so much so, that they no longer fit the classic definition of seed rounds.</li></ol></ol>

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Fintech Pro subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul>Trade finance has conventionally been a lengthy and paper-heavy process, and it has come under the spotlight as many banks look to revamp it. Last week, two banks in particular made strides to overhaul such processes by joining networks and forging partnerships.DBS has completed the first digital trade financing settlement on Singapore's Network Trade Platform (NTP), <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1MjQ4L2Ricy1jYXJyaWVzLW91dC1maXJzdC10cmFuc2FjdGlvbi1vbi1zaW5nYXBvcmVzLW5ldy1kaWdpdGFsLXRyYWRlLXBsYXRmb3Jt/5d233c18f730436f2414784fBabc99f02" target="_blank" rel="noopener">per</a> Finextra. For the transaction, DBS worked with NTP to offer the digitized service to Audi and its local distributor Premium Automobiles on a $3.5 million letter of credit.NTP aims to help streamline the trade finance and supply chain industry: By using the platform, companies don't have to physically present paper-based trade documents to complete a letter of credit transaction and can instead do so online by leveraging NTP's <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cubnRwLmdvdi5zZy9wdWJsaWMvaW50cm9kdWN0aW9uLXRvLW50cC0tLW50cC1mZWF0dXJlcw/5d233c18f730436f2414784fBcbbde139" target="_blank" rel="noopener">features</a> like its online cloud-based repository offering, and an SFTP connection or API integration for document sharing. Using this process, DBS can complete the financing in under one working day, down from the conventional processing time of around one week.Standard Chartered has teamed up with software provider Infor Nexus to overhaul its supply chain finance process, <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1MjQ2L3N0YW5kYXJkLWNoYXJ0ZXJlZC10by1kaWdpdGlzZS10aGUtc3VwcGx5LWNoYWluLXdpdGgtaW5mb3ItbmV4dXM/5d233c18f730436f2414784fB2b998c9e" target="_blank" rel="noopener">per</a> Finextra. Manually matching data for supply chain finance is a time-consuming undertaking as it often includes documents from third parties, which can result in delays of the trade finance process, and potentially reduce the working capabilities of suppliers.However, by using Infor Nexus' network, which includes over 65,000 business members across various industries, Standard Chartered is able to digitize data matching across documents like purchase orders, invoices, and transport documents, thereby speeding up its trade finance processes.While a number of banks have explored blockchain-enabled solutions to streamline trade finance, these two examples illustrate an alternative. Over the last few years, we've seen banks explore and implement blockchain technology to digitize trading processes, including HSBC <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2hzYmMtc2V0dGxlZC0yNTAtYmlsbGlvbi1vZi1meC10cmFkZXMtb24tYmxvY2tjaGFpbi1pbi0yMDE4LXVzLW5lb2Jhbmstam91c3QtbGF1bmNoZXMtZmluYW5jZS1hcHAtZm9yLWZyZWVsYW5jZXJzLTIwMTktMT9jaWQ9c2VhcmNo/5d233c18f730436f2414784fBb32ded6a" target="_blank" rel="noopener">settling</a> $250 billion in forex trades using blockchain technology throughout 2018.And there are reportedly <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuY29pbmRlc2suY29tL2phcGFucy10aGlyZC1sYXJnZXN0LWJhbmstY29tcGxldGVzLWJsb2NrY2hhaW4tdHJhZGUtZmluYW5jZS10ZXN0/5d233c18f730436f2414784fBe54ff0c5" target="_blank" rel="noopener">30 consortia</a> globally, such as R3, looking to leverage blockchain for trade finance. But while blockchain is often praised for streamlining conventionally tedious processes, it has also met a fair share of criticism within the industry, with Bank of America's tech and operations chief Cathy Bessant <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2Jhbmstb2YtYW1lcmljYS1waWxlcy1ibG9ja2NoYWluLXBhdGVudHMtdGVjaC1jaGllZi1iZWFyaXNoLW9uLXRoZS10ZWNob25vbGd5LWJpdG1haW4tYWJhbmRvbnMtaXBvLXBsYW5zLWZvci1ub3ctaG9uZy1rb25nLWFsdC1sZW5kZXItcmFpc2VzLTE1bS0yMDE5LTM_Y2lkPXNlYXJjaA/5d233c18f730436f2414784fB08e791f8" target="_blank" rel="noopener">expressing</a> skepticism about the benefits of blockchain (despite the bank holding numerous patents for the technology) and regulatory uncertainty <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2Jsb2NrY2hhaW4taW4tYmFua2luZy1hbi1pbnNpZGUtbG9vay1hdC1mb3VyLWJhbmtzLWVhcmx5LWJsb2NrY2hhaW4tc3VjY2Vzc2VzLWFuZC1mYWlsdXJlcy0yMDE5LTU_Y2lkPXNlYXJjaA/5d233c18f730436f2414784fBf2aefdd3" target="_blank" rel="noopener">posing</a> a big barrier to blockchain adoption, according to global finance executives surveyed by PwC.Hence, options outside of blockchain to overhaul trade finance processes, such as the NTP and Infor Nexus' offering, could be worthy alternatives for banks to consider.Want to read more stories like this one? Here's how to get access: <ol><li>Sign up for Fintech Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Get Started</a></li><li>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Check If You Have Enterprise Access</a></li><li>Explore related topics in more depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Visit Our Report Store</a></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/dbs-standard-chartered-look-to-digitize-trade-finance-quickbooks-snags-bofa-as-latest-partner-uk-trading-apps-are-beating-incumbents-20x-on-prices-2020-2">here.</a></li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

DBS and Standard Chartered make strides to overhaul their trade finances operations

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business InsiderApteo cofounders believe their startup addresses a growing need for management of traditional and alternative data together.</div></div></div><ul class="summary-list"><li>Apteo is a startup focused on helping Wall Street firms have better management between traditional data and alternative data sets like satellite images or figures on credit card transactions. </li></ul><ul class="summary-list"><li>The fintech raised $1 million in a seed round led by Ripple Ventures. </li><li>investors are using more non-traditional data sets, and there's an opportunity in providing services to help oversee and manage that data, Apteo's cofounder's told Business Insider. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summarymary">Click here for more BI Prime stories.</a> </li></ul>Wall Street's interest in <a href="https://www.businessinsider.com/wall-streets-appetite-for-alternative-data-has-turned-into-a-gold-rush-but-investors-say-theres-more-dirt-than-nuggets-2019-3">non-traditional data sets</a> is surging, but firm also still rely heavily on more conventional types of data, and that's created a need for a bridge between the two types of information. That's the pitch behind Shanif Dhanani and Manan Shah's startup, Apteo, which aims to serve as a central hub for data, be it traditional or alternative, public or proprietary. By cataloging various types of information in a central repository, Apteo is looking to help firms better make connections between various data sources. Dhanani, Apteo's chief executive, told Business Insider the growth of alternative data, which can include things like <a href="https://www.businessinsider.com/hedge-fund-managers-are-eyeing-regulatory-scrutiny-in-alternative-data-2019-2">satellite images or credit card transactions</a>, has proved to be tricky for some investors to integrate with the data sets they've always used. "There's a ton of data now that sits outside of the traditional terminal, like a Bloomberg or FactSet, and folks really see the value in this. But they're having trouble finding out where it lives. They're having trouble managing it within their firm. They're having trouble analyzing it so that they can get business use out of it," he said. Alternative data has exploded onto the scene in recent years. The world once occupied by only the most extreme, quantitative hedge funds has now expanded, with more and more investors looking to use alt data <a href="https://www.businessinsider.com/panagora-asset-management-pm-outlines-how-to-use-alternative-data-better-2019-3">in their investment strategies</a>. But it's not a zero-sum game. The market data that has long been a staple of Wall Street is still as popular, and needed, as ever.The industry is beginning to reach a tipping point, Dhanani and Shah said, as investors need to figure out how to meld the two sides together.That's especially tricky for alternative data, Shah said, as the consumption and usage hasn't fully matured. "The way it's being managed today, candidly, is through janky Excel spreadsheets on people's desktop transferring files via Microsoft Outlook," said Shah, who serves as the firms chief operating officer. "So we think there's an opportunity to create this sort of software solution to help these customers manage these different data sets, subscriptions and data sources in a systematic way."In January, Apteo was accepted into the New York-based Entrepreneurs Roundtable Accelerator, which included a $100,000 investment. In October, the startup closed its seed round, bringing on institutional money for the first time. Toronto-based Ripple Ventures led the $1 million seed round. Entrepreneurs Roundtable Accelerator also joined the round, in addition to new investors Gavin Ezekowitz, a managing partner for multi-family office Belz Family and Associates, and venture capital firms KPB Capital and CFV Ventures. In the near term, Shah said the company will focus on two types of customers that can be found across banks and asset managers. One use case is those who might not have experience in machine learning or artificial intelligence techniques but are interested in applying them to data. The other is for people overseeing a multitude of data subscriptions across a firm. Apteo, Shah said, can help both do their jobs more efficiently. "We think that's a massive jump in productivity for the person that manages all things data and also the end user that's going out and searching for that data," Shah said. Here's the <a href="https://www.businessinsider.com/pitch-decks-that-helped-hot-startups-raise-millions-2019-4">pitch deck</a> Apteo used for its seed and angel round.

Here's the pitch deck that Apteo, a startup focused on the ultra-hot alternative data space, used to raise its seed round

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">BI Intelligence</div></div></div>This story was delivered to BI Intelligence "<a href="http://www.businessinsider.com/intelligence/fintech-research-briefing-daily-newsletter-research?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_jpmorgan-citi-credit-suisse-test-distributed-ledger-technology-solution-2017-11&amp;utm_content=subscription_content_marketing_text_link_1&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">Fintech Briefing</a>" subscribers. To learn more and subscribe, please <a href="http://www.businessinsider.com/intelligence/fintech-research-briefing-daily-newsletter-research?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_jpmorgan-citi-credit-suisse-test-distributed-ledger-technology-solution-2017-11&amp;utm_content=subscription_content_marketing_text_link_2&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">click here</a>.A group of leading financial institutions including JPMorgan Chase, Credit Suisse, BNP Paribas, and Citigroup <a href="http://e.businessinsider.com/click/11331319.1275/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9pbmctc3Rvcm1zLWJhY2staW50by10aGUtdWstd2l0aC1hLW5ldy1hcHAtLW1ham9yLWJhbmtzLXRlc3QtcmVhbC13b3JsZC1hcHBsaWNhdGlvbi1mb3ItYmxvY2tjaGFpbi0taGFud2hhLWJ1eXMtc3Rha2UtaW4tbGVuZGluZy1jbHViLTIwMTYtMTA/56378b5356cf60046a8b4ca0B674ee8ee" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/11331319.1275/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9pbmctc3Rvcm1zLWJhY2staW50by10aGUtdWstd2l0aC1hLW5ldy1hcHAtLW1ham9yLWJhbmtzLXRlc3QtcmVhbC13b3JsZC1hcHBsaWNhdGlvbi1mb3ItYmxvY2tjaGFpbi0taGFud2hhLWJ1eXMtc3Rha2UtaW4tbGVuZGluZy1jbHViLTIwMTYtMTA/56378b5356cf60046a8b4ca0B674ee8ee&amp;source=gmail&amp;ust=1511446151929000&amp;usg=AFQjCNFoAId1ntyr7VFI2YgLfwDcJUGjrQ">teamed up</a> with distributed ledger technology (DLT) startup Axoni in 2016 to build a DLT-based platform to streamline equity swaps.Now, the collaborators have <a href="http://e.businessinsider.com/click/11331319.1275/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMTctMTEtMjAvYmxvY2tjaGFpbi1nZXRzLWEtd2FsbC1zdHJlZXQtd2luLXdlLWtub3ctdGhlLXRoaW5nLXdvcmtzLW5vdw/56378b5356cf60046a8b4ca0B424a6526" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://e.businessinsider.com/click/11331319.1275/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMTctMTEtMjAvYmxvY2tjaGFpbi1nZXRzLWEtd2FsbC1zdHJlZXQtd2luLXdlLWtub3ctdGhlLXRoaW5nLXdvcmtzLW5vdw/56378b5356cf60046a8b4ca0B424a6526&amp;source=gmail&amp;ust=1511446151929000&amp;usg=AFQjCNFdJJXOLS4sdFFAqsYFyaumxu1Vdw">successfully completed</a> a half-year trial of the solution. Currently, FIs typically build their own systems on which to conduct equity swap transactions, which require bespoke connectivity to one another.FIs then have to continually monitor external factors that might affect an equity swap, some of which require manual updates to the contracts. Because of this complexity, there is no centralized repository for the clearing or reporting of equity swaps. By contrast, the new solution, which is based on Axoni's smart contract technology, gives all participants in an equity swap access to the same data, making clearing times almost instantaneous, and reducing the possibility of disputes about transactions.FIs' perseverance in the DLT space is promising. None of the swaps conducted during the trial involved actual money changing hands, but Axoni says that now that the solution has been proven effective, the parties can begin working towards roll out. Although almost no FIs have yet made their DLT solutions for capital markets live, the fact that many have continued to actively work on such projects for a number of years suggests that they see great potential in the technology, and are determined to start using these solutions in a live environment.Nearly every global bank is experimenting with blockchain technology as they try to unleash the cost savings and operational efficiencies it promises to deliver. Banks are exploring the technology in a number of ways, including through partnerships with fintechs, membership in global consortia, and via the building of their own in-house solutions. Sarah Kocianski, senior research analyst for <a href="http://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_jpmorgan-citi-credit-suisse-test-distributed-ledger-technology-solution-2017-11&amp;utm_content=subscription_content_marketing_text_link_3&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">BI Intelligence</a>, Business Insider's premium research service, has compiled <a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_store_text_link_jpmorgan-citi-credit-suisse-test-distributed-ledger-technology-solution-2017-11&amp;utm_content=report_store_content_marketing_text_link_4&amp;utm_campaign=content_marketing_store_link&amp;vertical=fintech#!/The-Blockchain-in-Banking-Report/p/81717128">a detailed report on blockchain in banking</a> that:<ul><li>Outlines banks' experiments with blockchain technology. </li><li>Details blockchain projects at three major banks - UBS, Credit Suisse, and Banco Santander - based on in-depth interviews. </li><li>Discusses the likely trends that will emerge in the technology over the next several years.</li><li>Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.</li></ul>To get the full report, subscribe to BI Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt; <a href="http://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=content_marketing&amp;utm_term=content_marketing_subscription_text_link_jpmorgan-citi-credit-suisse-test-distributed-ledger-technology-solution-2017-11&amp;utm_content=subscription_content_marketing_text_link_5&amp;utm_campaign=content_marketing_subscription_link&amp;vertical=fintech">Learn More Now</a><div id="categorypromo"><h2>Learn more:</h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></div>

Bank behemoths test distributed ledger technology solution for equity swaps

<div class="KonaFilter image-container display-table"><div><div class="image on-image">OakNorthSunil Chandra, OakNorth's new chief executive.</div></div></div><ul class="summary-list"><li>OakNorth is a UK bank which lends money to small- and medium-sized businesses. It is one of the few profitable, high-profile startups backed by SoftBank's $100 billion Vision Fund and worth $2.8 billion.</li><li>The startup recently appointed Sunil Chandra, and experienced executive formerly of Google and Barclays Capital, as CEO, marking a period of international expansion. </li><li>The company claims working with SoftBank has been "wonderful" even as other Vision Fund portfolio startups draw scrutiny over their business models and extreme growth. </li><li>Chandra was specifically brought in to ramp up the startup's scaling plans as it looks to strengthen its grip on an estimated $7.9 trillion market. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>It's been a tricky year for SoftBank and its $100 billion Vision Fund.The fund wants to be a kingmaker, but turbulence at its most high-profile investments - Uber, WeWork - has raised questions about its investment strategy.But there is one standout in the portfolio that bucks the trend, British lender OakNorth.OakNorth loans money to small- and medium-sized businesses. It raised $390 million from the Vision Fund, as part of a wider $440 million round in 2018, one of the biggest for a UK startup. It has quietly disrupted the $7.9 trillion mid-market lending space.The firm is valued at $2.8 billion as a result. It is also profitable, making it a rarity both in the Vision Fund's portfolio and on the wider unicorn scene.In October, OakNorth hired ex-Google, McKinsey, and Barclays Capital executive Sunil Chandra as CEO to kickstart the next stage of the company's journey. Chandra takes over the job from Rishi Khosla, OakNorth's cofounder.Chandra met Khosla six months ago in New York and took over to help build what he describes as a "generational company.""When I met OakNorth it reminded me of early days of Google, you have great founders and a young team that's really focused on building a generational company," Chandra told Business Insider in an interview."I have experience from Barclays Capital and McKinsey, before Google, in Asia and China but despite different industries and geographies the scaling experience is similar and that's my background so I'm here for this hyper-scale period." While at Google, Chandra helped scale the company from 7,000 to 100,000 people.That OakNorth is switching out its CEO while it enters a growth phase is a marked difference from other SoftBank-backed founders who have, perhaps, stuck around too long in the top job.Uber's cofounder and one-time CEO Travis Kalanick was publicly ousted pre-IPO, and more recently <a href="https://www.businessinsider.com/wework-adam-neumann-said-family-control-company-300-years-january-2019-10?r=US&amp;IR=T">WeWork's Adam Neumann</a> stepped down from the top job after months of lurid stories about his own behavior and his company's business model. Both were replaced by more experienced executives.<h2>OakNorth made $44 million in pre-tax profits in 2018</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">OakNorthOakNorth cofounder Rishi Khosla has stepped down as CEO and handed the reins over.</div></div></div>OakNorth was founded in 2015 by Khosla and Joel Perlman, who sold their previous business to Moody's in 2014. The two remain involved in the running of the business.The company has a full banking license in the UK, but its focus is bespoke lending to companies around the world.Notably, OakNorth has reported profitability <a href="https://www.cityam.com/fintech-unicorn-oaknorth-more-than-trebles-profits/">claiming figures of a pre-tax profit of £33.9 million</a> ($43.6 million) last year having lent more than £2.5 billion since launch.OakNorth funds its lending through equity and deposit functions in its customer base and specializes in customized small business lending.That sector of the market generally sees loan sizes of between $1 and $25 million and OakNorth offers a variety of credit facilities to small businesses which make up some 95% of the available market worldwide. The company's own research into current and potential markets for growth estimate that the overall volume of potential loans could be $7.9 trillion globally. Mid-market loans typically include stronger covenant packages, more frequent and transparent financial reporting, and often have higher amortization payments.In basic terms, the lending conditions of these products are generally superior to other forms of corporate debt with the upshot being that OakNorth can be more stringent in its terms. This may also explain the sector's low default rates, with OakNorth claiming to have never had one so far. That could be tested in the event of an economic downturn, but for now things are rosy. "It's where the money is there to be made," Sarah Kocianski, head of research at fintech consultancy firm 11:FS, told Business Insider in an interview. "OakNorth has gone after a very specific sector of the market which has more complex needs than the usual retail banking sector and have been very successful." It's unusual for a company to be profitable so early on, particularly in an age where mega rounds and curious financial metrics are in vogue, but OakNorth has no plans of taking money for the sake of it. "Our great joy is that from nine months in onward we have been profitable and want to do that year after year and still be extremely aggressive in our growth agenda," Chandra said."We're not looking at raising more capital and we're not burning more capital. That's the business model, high growth, very disciplined execution, run it like a business that has profit and profit margins across it."<h2>OakNorth has staved off the WeWork aftershocks</h2>Profitability appears to have made OakNorth's relationship with its main investor easier.SoftBank, after the WeWork fiasco, is reportedly doing additional due diligence on its existing portfolio to make sure there isn't a second PR and financial disaster on the same scale. One such example was car leasing company Fair, <a href="https://www.businessinsider.com/softbank-backed-fair-struggled-after-explosive-growth-say-insiders-2019-11?r=US&amp;IR=T">which saw hundreds of layoffs and a change to its business model</a> following SoftBank investigations while insurtech firm Lemonade <a href="https://www.businessinsider.com/softbank-backed-insurance-startup-lemonade-has-delayed-plans-for-2019-ipo-2019-11?r=US&amp;IR=T">delayed its IPO</a> after markets were spooked by WeWork.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Michael Kovac/Getty Images for WeWorkFormer WeWork CEO Adam Neumann.</div></div></div>And there are jitters at other SoftBank firms. Oyo, the Indian hotel company, is drawing closer scrutiny thanks to its apparent similarities to WeWork. Dog-walking startup Wag just lost its latest CEO and appointed a 29-year-old to take charge.Equally, there has been greater soul-searching following the death of journalist Jamal Khashoggi at Saudi Arabian hands earlier this year. The kingdom is a major backer of SoftBank's Vision Fund.SoftBank did not respond to requests for comment. OakNorth said it not seen greater interference from SoftBank."Every company is different but SoftBank have been nothing but wonderful investors for us," Chandra added. "Really nothing has changed, we're a small part of their overall portfolio obviously and we're profitable so we have not had a change." The company has raised $1 billion to-date from investors including GIC and Clermont Group. <h2>OakNorth says it wants to grow carefully, and launched in the US this year </h2>OakNorth is planning its expansion carefully, focusing initially on the US. The startup has 35 staff in its New York office with the world's deepest lending market a massive target for the company's growth going forward. It also has some staff in India.The company's own research, seen by Business Insider, indicates that the current SME loan market in the US is around $1.6 trillion. Figures for Asia are higher, potentially $3.3 trillion, meaning there is no shortage of potential customers for the startup. Interestingly, OakNorth has been keen to utilize SoftBank's contact network both via partners, board members, and other portfolio companies to accentuate this growth. "Given our opportunities we will take all the help we can get," Chandra said. It's a common trait for Vision Fund portfolio firms to <a href="https://www.businessinsider.com/why-gympass-took-softbank-money-after-jamal-khashoggi-murder-2019-6?r=US&amp;IR=T">do business with each other</a>.The company wants to stay committed to a core plan. "There a few different things that we want to maintain as we grow: stay customer obsessed, keep a strong executive team, invest in top talent plus people and culture these serves you well when hyper-scaling and helps you maintain agility," Chandra added."I want us to stay very close to customers to ensure we know what delivers the most value to our customers."<h2>OakNorth says it is highly differentiated thanks to its financial forecasting</h2>Perhaps the key point in OakNorth's growth plan is the continued expansion of OakNorth Analytical Intelligence, its forecasting service.It helps lenders decide who to loan money to, increasingly important in an age of booming corporate debt.OakNorth explains its advantage thus: "Overall, our model is man and machine. We have a large data set and repository plus propriety information and reference data," Chandra said. "But the secret sauce on top of that is credit science which is the moniker we use for credit analysis done by really really fantastic analysts from world's top banks alongside machine learning and data to really understand which companies need which credit facilities and how they are going to do in the future."Using AI to automate much of the credit analysis process is helpful but so is licensing its solutions for third parties.In overseas markets, other financial institutions can purchase OakNorth's white-labelled software and use it within their own businesses with one notable example being a deal with Dutch lender NIBC.The company also competes on savings products by offering competitive interest rates on short term bond issues, for example. It found more customers for its products through a tie-up with fellow London unicorn Monzo. <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/ben-horowitz-what-companies-get-wrong-about-corporate-culture-2019-11">Legendary venture capitalist Ben Horowitz on culture mistakes most companies make, diversity in leadership, and the outlook for crypto</a></h3> <div> </div> </div>

OakNorth may be the jewel in SoftBank's crown, worth $2.8 billion and profitable. Its new CEO comes in as the bank looks to enter hypergrowth without burning cash.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.gettyimages.co.uk/license/488445885">Brian Ach/Getty Images for TechCrunch</a>Renaud Laplanche,the founder of LendingClub who was ousted as CEO last week.</div></div></div>The current crisis at LendingClub caused a seismic shock in the world of finance and fintech.LendingClub last week <a href="http://uk.businessinsider.com/lending-club-ceo-stepping-down-2016-5">ejected founder and CEO Renaud Laplanche over doctored dates on a batch of loans sold to a bank and an undisclosed stake in a fund that bought up the marketplace lender's loans and that LendingClub invested in.</a>The fiasco caused LendingClub's share price to crash by almost 50% in a week and <a href="http://uk.businessinsider.com/lendingclub-faces-doj-and-sec-investigations-could-buy-more-of-its-loans-2016-5">attracted the attention of the US Department of Justice, the Securities and Exchange Commission</a>, and <a href="http://uk.businessinsider.com/lendingclub-faces-ny-probe-cancels-summer-intern-program-2016-5">New York regulators</a>. Two of the biggest buyers of LendingClub loans - Goldman Sachs and Jefferies - have also "paused" business with the platform.What does it mean for other pioneers in the space? Why did it happen and what lessons can be learned? And do other companies have similar skeletons in the closet?Business Insider spoke to several figures in the European online lending industry since the story broke to get a sense of what they think the fallout will be from the LendingClub crisis. All agreed that this is not the end for marketplace lending but there are big lessons to be learned.<h2>The poster child of online lending</h2>For those not up to speed, LendingClub is one of many so-called peer-to-peer lenders (known as marketplace lenders in the US.) Its platform connects people who want to borrow money with people who want to lend cash at an attractive rate. Normally a bank would sit in between these two parties, taking the risk but also the bulk of the return.These types of platforms, or some variation of them, have become hugely popular in the US and Europe since the financial crisis with other big players including Prosper, Funding Circle, and Zopa. For investors, they offer great returns when interest rates are at rock bottom levels. For borrowers like small businesses and consumers, they offered credit when other lines were drying up.LendingClub was a poster child for the sector - it financed over $18 billion (£12.3 billion) worth of loans on its platform since 2007 and enjoyed the world's first float of a peer-to-peer lender in New York back in 2014.Its swift fall from grace has been totally unexpected and many people in the fintech industry are now wondering what its crisis means for online lending as a whole.<h2>'That's like saying because one car crashes, no one should take cars anymore'</h2><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">MarketInvoiceMarketInvoice co-founders Anil Stocker, left and Ilya Kondrashov.</div></div></div>"I don't think it's the canary in the coal mine," says Andy Whelan, CEO of GLI Finance, a London-listed company that invests in online finance platforms for small businesses. "If this was about defaults, I may have had a different view of it."Whelan says LendingClub's downfall was simply a governance failure, not a problem with the model.Anil Stocker, cofounder and CEO of MarketInvoice, says: "My feeling is [that] there is a bit of an overreaction from the media and certain interest groups who might benefit from talking in hyperbole about what's going on. I don't think P2P is dead as a model. I still think there are still, massively, core advantages compared to the incumbents."Stocker's platform <a href="http://uk.businessinsider.com/marketinvoice-raises-6-million-in-series-a-round-2015-8">lets institutional investors and high net worth individuals buy invoices from small businesses that have yet to be paid</a>, helping the business with its cashflow and giving the buyer a secured loan. It has funded over £750 million worth of deals to date.Stocker says: "I don't think it follows that because it happened to LendingClub, it's going to happen somewhere else. That's like saying because one car crashes, no one should take cars anymore - we should all go back to the horse-drawn cart because that's tried and tested."This seems to be an internal issue for LendingClub, a company specific diversion from proper checks and balances. I don't see a systemic failure of loans across peer-to-peer platforms, I don't see a systemic conflict of interest. I think if you ask Zopa and Funding Circle and all these guys, they would say the same."Yann Ranchere, a partner at fintech venture capital fund Anthemis, agrees, saying: "Ultimately, the risks of the loans or anything affecting the structure of the loans, it doesn't seem to have anything around it, which would have been the critical thing for a marketplace lender."<h2>'Whenever anything like this happens, the natural suspicion is who else is up to it'</h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">LiberumCormac Leech, Liberum.</div></div></div>But Cormac Leech, <a href="http://uk.businessinsider.com/liberums-cormac-leech-on-online-direct-lending-2015-10">an analyst at boutique London investment bank Liberum who specialises in the space</a>, says: "This shows that the whole industry is less sustainable. You're buying loans but you don't actually know what you're getting. You can look at the ingredients in the tin but you don't actually know if they are the ingredients."He hopes that the crisis leads to a beefing up of checks and balances at platforms and wants independent audits. He also wants a "global data repository.""Every time a loan is made between two parties that data is captured in a database that is monitored, and the regulator has access to that. That becomes an official record of what's taken place. Subsequently, if someone's buying a loan part or a whole loan they can refer back to that database and verify what they're buying. A little bit like in real estate with the Land Registry." (It should be said that most <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> platforms already publish their loan books online.)While most agree that LendingClub's crisis isn't a sign of systematic risk, there is a fear that it could be the tip of the iceberg in terms of bad behaviour. GLI Finance's Whelan says: "Whenever anything like this happens, the natural suspicion is who else is up to it."Leech says: "LendingClub is, in fact, one of the better run players in this industry. If they run into this kind of difficulty, you have to think that there are worse transgressions happening and we just don't know what they are."MarketInvoice's Stocker has a more nuanced view: "A lot of these things might be happening when they were private and it might make sense, creating a fund that buys up some of the liquidity there. That could all make sense but when you then express it externally it could look like a horrible conflict of interest."There may be skeletons in the closets of many platforms but if handled correctly they can be defused and not cause problems down the line.<h2>'This isn't like manna from heaven'</h2>While LendingClub's rivals and colleagues may have got to grips with its implosion, how will institutional investors react? Many platforms rely on big banks or hedge funds to either buy up packages of loans made over their platforms or fund the loans directly. If they withdraw their funding, it could be a disaster.Whelan, who sits between institutional investors and platforms, says GLI has received "very few" calls from institutional investors "because it is seen as an internal process control failure rather than a failure of the industry or the sector."Stocker says MarketInvoice, which relies heavily on institutional cash, has had no calls. And Leech says hardly any of his clients have called for reassurance: "Most institutions we talk to are sophisticated enough to think for themselves and I know that LendingClub has been talking to their institutional investors a lot."My impression is [that] the big guys are having daily calls with them and what I hear is that LendingClub is actually doing a pretty good job of getting everyone comfortable [with that] there's nothing to worry about."He says institutional funding will almost certainly dip but adds: "The most likely way that this plays out is things go back to normal relatively quickly for the sector, possibly within as little as 12 months."Still, Stocker thinks the LendingClub crisis could be a useful wake-up call to institutions looking to get involved with marketplace lenders: "A lot of institutional investors will pause to think, 'hey, not all peer-to-peer lending is the same.' This isn't like manna from heaven. It's not like LendingClub has suddenly managed to find a way to magic away defaults and loss rates. Peer-to-peer never said that. Investors need to understand what they're getting themselves into."Leech says: "Everyone has been so focused on the credit risk versus the available yield and [has been] taking it for granted almost that they were all completely honest. It has just kind of dawned on people that fraud risk at individual platforms is a key risk. I always thought platform fraud risk was the biggest issue for the sector."Leech highlighted this fear in his keynote address to the industry conference LendIt Europe last year - <a href="http://uk.businessinsider.com/liberums-cormac-leech-on-online-direct-lending-2015-10">you can read his whole presentation here.</a><h2>'There is the question of finding the right balance of funding'</h2>Aside from making sure checks and balances at other platforms are adequate, another lesson the industry is taking from LendingClub's implosion is not to get overly reliant on institutional funding, which can quickly dry up.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI6XXQ78W&amp;SMLS=1&amp;RW=1440&amp;RH=676#/SearchResult&amp;VBID=2C0FCI6XXQ78W&amp;SMLS=1&amp;RW=1440&amp;RH=676&amp;POPUPPN=7&amp;POPUPIID=2C0408WMQ2T3X">REUTERS/Brendan McDermid</a>LendingClub's 2014 IPO on the New York Stock Exchange.</div></div></div>Anthemis' Ranchere says: "There is the question of finding the right balance of funding sources to sustain the growth of those players and the change in terms of who is providing capital."With Goldman and Jefferies <a href="http://www.wsj.com/articles/goldman-jefferies-pause-buying-lendingclub-loans-1462903699">pausing their buying on LendingClub for now</a>, the platform has been <a href="http://uk.businessinsider.com/lendingclub-faces-doj-and-sec-investigations-could-buy-more-of-its-loans-2016-5">forced to admit it may have to buy some of the loans made over its platform</a> - a huge shift from having no inventory to taking on the risk itself.Stocker says: "Whenever I think about funding on MarketInvoice, I want diversity. It's painful, because it means potentially we don't scale as fast but in the long run it's more sustainable."The UK's Peer-to-Peer Finance Association (P2PFA), the industry body for the sector, <a href="http://p2pfa.info/p2pfa-statement-on-lending-club">noted in a statement on its website shortly after Laplanche was ejected that:</a> "Platforms are well aware of the importance of prudent growth and a good capital mix."Leech says this is truer of European platforms in general: "Some of the platforms in the UK, for example RateSetter, are much more retail funded and I think in general the European platforms are less reliant on institutional capital. That should play to their advantage because I expect the institutions and hedge funds will pullback much more quickly."<h2>'Why on earth did these guys do this?'</h2>A big question remains for many - why did it happen? "The one thing that puzzled me was why on earth did these guys do this?," says Leech. "Look at the upside versus the downside."One theory is that because LendingClub was valued like a tech company it was expected to grow like a tech company - superfast. That put pressure on executives and the company to move at break-neck speed, which is not always the best move in finance."I wouldn't be surprised if these guys were making these decisions on very little sleep at 2 in the morning," says Leech.Prior to its recent stock price collapse, LendingClub was valued around 30x revenues. Goldman Sachs by contrast trades on just over 2x revenues. Investors clearly expect LendingClub to do a lot of growing."There is a trade-off between risk and growth," says Stocker. "We could grow MarketInvoice much faster if we relaxed our risk constraints, it is as simple as that. But that's not what we want to do because we're building for the long term.""It's not old finance in disguise, as some people have been saying, but it's not Uber - it's somewhere in-between. Growing 60-70% a year is still pretty impressive. You don't need to grow 300% a year, especially when it means avoiding mistakes that could destroy your business."Perhaps the biggest takeaway from LendingClub is not for investors on these platforms but for investors in the platforms themselves. More moderate valuation multiples should be encouraged because the old tech mantra of move fast and break things doesn't work so well in finance.<div id="categorypromo"></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/this-girl-quit-her-finance-job-to-travel-the-world-2016-5">This 27-year-old quit her corporate finance job to travel the world </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ozbHl1MDE6lqX_pLl9K9CRbd7MM2H1C9" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "fintech repository" and got 10 results

Fintech repository to be set up by April 2024, says Shaktikanta Das

Anagh Pal

A self-taught engineer at Google shares the 8 best Google programming courses you can access for free

Tess Martinelli

In one of the largest deals of 2024, Pocket FM raises $103 mn to strengthen its global push

BI India Bureau

10 things in tech you need to know today

Shona Ghosh

10 things in tech you need to know today

Shona Ghosh

DBS and Standard Chartered make strides to overhaul their trade finances operations

Lea Nonninger

Here's the pitch deck that Apteo, a startup focused on the ultra-hot alternative data space, used to raise its seed round

Dan DeFrancesco

Bank behemoths test distributed ledger technology solution for equity swaps

Maria Terekhova

OakNorth may be the jewel in SoftBank's crown, worth $2.8 billion and profitable. Its new CEO comes in as the bank looks to enter hypergrowth without burning cash.

Callum Burroughs,Callum Burro…

'This is not the canary down the coal mine': Here's what the industry is saying about LendingClub's crisis

Oscar Williams-Grut

Popular Keywords

Buying Guides