Consumer lending

Upgrade, a lending startup that counts Banco Santander SA and SVB Financial Group’s Silicon Valley Bank as investors, is seeking to triple its valuation in a fresh funding round, according to a person with knowledge of the matter.

How technology is enabling new types of payment transmission and what this means for banking.

Splash recently raised $44 million from investors. It plans to use the funds to aid small institutions that lack the resources to build their own loan platforms but are flush with deposits and looking for new lending opportunities.

The new calculation of borrowers’ monthly obligations will allow for a higher debt load from tuition, potentially opening eligibility to more Black applicants, according to public officials.

Building a safer ecosystem: Why transparency, controls, and partnerships will drive next era of financial services.

In a reversal of a Trump-era decision, the Consumer Financial Protection Bureau says it has the legal authority to test lenders for potential violations of a law protecting military borrowers.

Inventory shortfalls continue to constrain commercial lending, while the savings glut is holding back consumer borrowing, industry executives say. The good news: At some banks, pipelines are at or above pre-pandemic levels.

KMD Partners, which makes high-interest rate loans through its CreditNinja brand, has agreed to acquire the $11.7 million-asset Liberty Bank. The purchase is likely to draw scrutiny, but the companies argue that it will help borrowers with lower credit scores qualify for less expensive loans.

Car sales are booming, but credit unions are financing fewer purchases of new vehicles as borrowers migrate to digital channels.

Klarna Bank AB is raising fresh funds led by SoftBank Group that value the Swedish fintech startup at $45.6 billion, just months after two separate investment rounds sent the company’s valuation soaring.