Banco Santander joined existing investors JPMorgan and USAA as well as others in raising $25 million in secondary-round financing for Roostify, which seeks to build a paperless mortgage process.
Following the release of the nonbinding statement of policy, regulators still have an important role to play in making sure the industry achieves an effective data-sharing model.
Mike Cagney’s eventual successor will have to decide whether to continue his focus on rapid growth. Also on the table are strategic decisions about when to go public and whether to pursue a bank charter.
Collaboration will help make up for cost concerns from adopting the technology and ensure that the core vendors get the message of community banks’ interest.
The marketplace lender's application for an industrial bank charter is under fire from small banks and progressives, who say it could violate the barrier between banking and commerce and shut out middle-class and lower-income consumers.
