Lending

As more banks and fintechs offer installment loans at the point of sale, CO-OP Financial Services and PSCU are designing products to allow credit unions to compete in this market as well.

Shareholders in the troubled Mexican nonbank lender Credito Real will vote on proposals to sell the company’s U.S. operations at a meeting on Sept. 10.

The Canadian economy’s comeback in recent months, even as COVID-19 lingers, fueled strong domestic lending results at the country’s banks during the third quarter.

The banks reported fiscal third-quarter results that topped analysts’ estimates on gains in domestic personal and business loans as well as continued strength in the Canadian housing market.

Year to date Mar. 31, 2021. Dollars in thousands.

Upgrade, a lending startup that counts former LendingClub executive Renaud Laplanche as a co-founder, raised $105 million in a funding round that values the company at more than $3.3 billion.

As tech giants rush into point-of-sale lending, the smaller companies that built the market are counting on acquisitions and partnerships with specialized vendors to defend their turf and pull in new borrowers.

Apple and Affirm's PayBright are planning to launch a buy now/pay later program for Apple device purchases in Canada, stepping up the iPhone maker’s ambitions to offer more financial services.

The $29 billion purchase of the Australian installment lender would bring larger retail relationships, as well as a fast-growing product that has appeal to both consumers and merchants.

The $29 billion deal would enable Square to better compete with PayPal and Apple, and provide an opportunity to cross-sell other services to the Australian lender's global audience.