Kevin Wack

The Seattle-based tech giant, in its latest foray into the financial services business, has begun offering installment loans to British consumers.

The Seattle-based tech giant, in its latest foray into the financial services business, has begun offering installment loans to British consumers.

A federal judge has rebuffed a legal challenge by a credit union in Colorado that was set up to serve the marijuana industry but then denied access to the U.S. payment system.

Federal judge rebuffs legal challenge by Colorado credit union chartered to serve marijuana businesses but then denied access to the U.S. payment system.

CommonBond, a New York firm that makes student loans through an online platform, said Tuesday that it has raised more than $275 million in debt funding from Barclays and others.

A lot of bank boards have a big knowledge gap when it comes to technology. A recent Accenture study found that, of 109 large banks globally, more than 40% did not have a single board member with a technology background. And the situation is even more worrisome at small banks.

Once billed as a safer alternative to traditional finance, the new crop of tech-powered lenders is starting to resemble previous generations of finance companies whose fortunes rose and fell with each economic cycle.

Everyday investors provide marketplace lenders a cushion in case institutional buyers find greener pastures. But regulatory hurdles and an addiction to fast growth are making it difficult for the platforms to lure those coveted savers.

Lending Club, the nation's largest marketplace lender, announced Tuesday that it has raised interest rates on its new loans by an average of 0.25% in the wake of the Federal Reserve Board's recent rate hike.

Green Dot is giving its chief financial officer job to Mark Shifke, who has been the firm's acting CFO for the last seven months.