Easy credit has given way to cautiousness, with financial technology upstarts now seeking households with higher incomes, above-average credit scores and less debt relative to their wages.
A more practical approach for U.S. regulators on whether to bring fintechs into the banking fold might be ‘better the devil you know than the devil you don’t.’
Renaud Laplanche, one of the first fintech disruptors, is launching an unusual type of credit product at Upgrade, his new company, that is a cross between a credit card and an unsecured loan.
The San Francisco company forecast a modest profit in the third quarter because its cost-cutting plans are ahead of schedule. It's also starting a program to sell riskier loans to sophisticated investors.