Marketplace lending

The LendingClubs and SoFis of the world have a big head start, but HSBC's U.S. unit says its partnership with the fintech Avant will help it close the gap in online personal loans.

The card company is buying the corporate-services businesses of Danish payments provider Nets A/S; the online lender’s stock plunged after it missed second quarter earnings expectations.

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.

The Upstart Network, the first and only startup to participate in the bureau’s program for promising digital platforms, claims that using nontraditional credit data items has helped loan volume and affordability.

The Atlanta fintech, whose shares have plummeted since it went public last year, also said it will stop providing financial guidance to its investors.

Credible Labs, which lets consumers shop for the best rates on student loans, mortgages and other credits, would be part of an evolving digital strategy at Fox after the multibillion-dollar sale of many of its traditional media assets to Disney.

Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.

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The Pittsburgh bank is using software initially developed by a fellow mutual to help build out its platform.

The online lender is counting on other arrangements with banks — and perhaps even a bank charter of its own — to help recover from the loss of a key partnership.