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Ally backs startup Fair with $100m debt facility

Used-car leasing app Fair has closed a $100 million debt facility and equity investment led by Ally Financial. With Ally’s investment, the three-year-old vehicle subscription company has raised $1.6 billion in funding over 10 rounds. The funds will be used to purchase more vehicles for Fair’s fleet. The Ally investment comes on the heels of […]

Moody’s to establish standard for quantifying cyber risk

Moody’s Corp. is working to establish a global standard for quantifying and assessing cyber risk for financial institutions. Through a joint venture with think-tank Team8, Moody’s will develop technology tools and methods to measure and analyze cyber risks facing lenders. Derek Vadala, global head of cyber risk for Moody’s, was named chief executive of the […]

Amazon Investment in Electric OEM Paves Way for ‘Limitless’ Mobility Potential, Analyst Says

Amazon’s $700 million investment in electric OEM Rivian is a potential step by the retail giant to launch a mobility service that would supplement its delivery platform, said Grayson Brulte, a consultant with Brulte & Co. “I think it’s limitless where Amazon takes it,” Brulte told Auto Finance News. “There’s a lot of money to be made in niches. Do they […]

Mobility to Change Secondary Market, Goldman Economist Says

LAS VEGAS — Goldman Sachs & Co. is mulling how to structure new ownership and investment models as lenders eye a mobility-focused future in which financial institutions are lending more for fleets of vehicles rather than for individual service contracts. “You’ll see more transition to institutions becoming fleet managers,” Robert McDonald, vice president of structured […]

Startup Lessor MUSA Auto Finance Scores Funding for Nationwide Launch

MUSA Auto Finance — a specialized new and used-lease provider — has secured new funding and plans to launch nationwide this year, the company announced in a press release this week. The funding comes from a $125 million warehouse facility agreement with Goldman Sachs and another $50 million in capital from Crestline Investors, Inc., the release […]

Online Lending Suffers ‘Growing Pains,’ Not Subprime Bubble

Last Friday, LendingTree’s CEO Doug Lebda and CNBC’s Jim Cramer spoke on Mad Money about how the lending market is transforming, to the benefit of customers. This came after LendingClub’s ordeal earlier this month, when the online lending platform’s stock took a 49.2% dive in four days in reaction to former Chief Executive Renaud Laplanche’s […]
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