Former SoFi CEO starting blank-check company to raise $250 million
Mike Cagney’s blockchain lending startup Figure Technologies plans to raise $250 million through a new blank-check company, according to an SEC filing.
M&A
CoreLogic acquired by Stone Point, Insight Partners for $6 billion
The deal definitively ends a monthslong war of words between the data provider and stakeholders who attempted a hostile takeover.
Turning LendingClub into a full-spectrum bank
The company, poised to complete its purchase of Radius Bank, will enjoy new cross-selling opportunities, gain additional sources of fee income and capital as well as benefit from greater regulatory clarity, CEO Scott Sanborn says.
SoFi to go public via SPAC with $8.7B valuation
The deal between San Francisco-based lender and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special purpose acquisition company.
2021 Outlook: Pandemic set to dominate ’21 banking agenda on Hill
The Georgia runoffs and resulting balance of power in Congress will help determine which bills on bankers’ wish list gain traction. But regardless, existing coronavirus relief such as the Paycheck Protection Program and a push for more economic aid will remain top of mind for lawmakers and the industry.
OCC approves LendingClub acquisition of Radius
The regulator's order moves the San Francisco-based company one step closer to becoming the first online lender to own a bank.
Private equity turns to $3 trillion in untapped value for loans
The buyout industry has about $3 trillion of unrealized value on its books, according to Preqin. And it’s tapping that to land loans for bolt-on deals, to refinance debt or bail out struggling companies in their portfolios.
Wells Fargo to sell student loan book to Apollo, Blackstone
The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet.
Ameriprise, CI eyeing Wells Fargo’s asset management arm
Wells Fargo, reeling from years of scandals, is unloading several businesses as it seeks to simplify its structure. The sale of the asset management unit could fetch more than $3 billion, according to industry sources.
S&P to buy IHS Markit for $39B in union of large financial data providers
S&P Global has agreed to buy IHS Markit for about $39 billion in stock, a deal that accelerates the wave of consolidation among the finance industry's biggest data providers.
Wells Fargo explores selling private-label card unit
Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.
Barrett could cement court’s restrictive view of debt collection cases
A 2019 decision by Amy Coney Barrett, then a 7th Circuit judge, cited an earlier Supreme Court ruling suggesting a high bar for plaintiffs to claim harm. But other jurists have favored a less onerous standard.
Wells Fargo exploring $1 billion-plus corporate-trust sale
Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter.
Dunkin’ Brands says it’s in talks to be acquired by Inspire
The deal would take the donut chain private and tie it to franchise chains that also regularly issue whole-business securitizations – including Arby's, Sonic Drive In and Jimmy John's – under the Roark Capital-backed Inspire Brands umbrella.
Amex’s recipe for small-business lending: Heavy on the Kabbage
With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.
Morgan Stanley to purchase Eaton Vance for about $7 billion
Morgan Stanley agreed to purchase Eaton Vance for about $7 billion in CEO James Gorman's second major acquisition this year, both of which tilt the investment bank further toward the steadier business of money management.
Wells: 3Q U.S. CLO issuance tops year-ago levels
The quarterly numbers were boosted by $11.3 billion in new deals last month, the most active month for CLOs since April 2019.
By
Glen Fest
Truist sells legacy SunTrust CRE loan servicing platform
The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.
By
Glen Fest
KKR Looks to boost private credit bets in asset-based financing
KKR & Co. is looking to grow its asset-based private lending business to capitalize on a retreat by banks and more traditional market participants in the wake of the coronavirus pandemic that has led to mis-priced risk.
Apollo’s MidCap sponsors $292M ABS pool of life-science industry loans
The transaction is the first in two years for MidCap, which provides startup and expansion financing for biosciences/healthcare and technology firms backed by VC and private equity.
By
Glen Fest
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