- Today’s main news: SoFi offers 6-month grace period for SoFi ReFi. Zopa to build Open Banking infrastructure. Faircent secures $4M funding round. Assetz Capital launches IFISA. Ping An make big bet on technology. Ant Financial partners with Standard Chartered.
- Today’s main analysis: Student loan borrowers prefer payments over iPhone X or bitcoin. Who are LendingClub borrowers? (A must-read market insights report.)
- Today’s thought-provoking articles: Who is the LendingClub borrower? ABS investors may pull back from MPL in 2018. More international tech listings to follow Credible into Australia. The race for remittances.
- Who are LendingClub borrowers? AT: “Read the full report, intended for investors.”
- Holiday finance with Lending Club.
- LendingClub appoints former Netflix chief talent officer to board.
- SoFi now offers 6-month grace period on SoFi ReFi.
- ABS investors could pull back on MPLs in 2018.
- Fiserv partners with TransUnion. AT: “This looks like a good partnership.”
- Student loan borrowers prefer payment loan payments over iPhone X or bitcoin. AT: “Just give them money.”
- Voice assistants won’t change banking in 2018.
- Upstart’s first SaaS partner.
- Overcoming big data hurdles.
- Tough times for personal finance apps.
- Are instant loans helpful or hurtful? AT: “The one thing I never hear the critics say about these products is the possibility for the consumer to pay the loans off within the first 30 days, like many consumers do with credit cards.”
- Nominations are open for LendIt Fintech industry awards.
- FinTech Acquisition Corp to acquire Intermex from Stella Point.
- Junxure founder named as an investment icon.
- Technology in alternative investing.
- Zopa to build an Open Banking infrastructure. AT: “There is a shuffle for firms to place themselves at the center of open banking all across Europe. It will be interesting to see what happens once the system is in place and open banking has matured. I’m glad to see Zopa making moves.”
- Assetz Capital launches IFISA. AT: “Interesting that this followed immediately on the tail of a rebranding and website revamp.”
- Delio secures 1M GBP investment.
- City of London Group to launch challenger bank.
- The biggest P2P funding deals this year.
- MarketInvoice sees double digit returns.
- Is buy-to-let (BTL) shift to SME finance for the brokers?
- Manchester, Birmingham top BTL Index.
- Ping An makes big tech play. AT: “The company wants to generate half of its earnings from technology. It will be interesting to see how they get there.”
- Tech company default comes under scrutiny.
- Securities regulator recommends fintech supervision.
- Monaco hires four management personnel.
- Ant Financial partners with Standard Chartered.
- Pound-to-dollar will weaken even more, says Swissquote.
- LongFin surges 2,600% by associating with bitcoin.
- More international tech listings will follow Credible.
- New Zealand robo-advice.
- Borrowers turn backs on banks.
- Faircent raises $4M in Series B round.
- Faircent wants to strengthen its platform.
- Startups fight for share of international transfers.
- Finvasia licensed to operate as nonbank financial company.
- United States
- Behind the Investment Platform: The LendingClub Borrower (LendingClub), Rated: AAA
- Holiday Finance with Lending Club (ABC News), Rated: A
- LendingClub Appoints Former Netflix Chief Talent Officer Patty McCord As New Board of Directors Member (Crowdfund Insider), Rated: B
- SoFi Now Offering Six-Month Grace Period for Graduates Using SoFi ReFi (Crowdfund Insider), Rated: AAA
- ABS investors could pull back from MPLs in 2018 as cycle set to turn (GlobalCapital), Rated: AAA
- Fiserv teams with TransUnion for loan origination system (Banking Technology), Rated: A
- Over 65% of students prefer student loan payments over iPhone X or Bitcoin for holidays (TechRepublic), Rated: AAA
- Voice assistants like Google Home and Amazon Echo won’t change banking in 2018 (Tearsheet), Rated: A
- Upstart’s First SaaS Partner (LinkedIn), Rated: A
- Overcoming the Hurdles of Big Data Start-ups (Big Data), Rated: A
- Anthemis Group’s Jillian Williams on tough times for personal finance apps (Tearsheet), Rated: A
- Instant Loans at Checkout: helpful or hurtful? (MSN News Now), Rated: A
- Nominations for the 2nd Annual LendItFintech Industry Awards are Live! (Lend Academy), Rated: B
- FinTech to acquire Intermex from Stella Point for about $ 260 mln (PE Hub), Rated: B
- Junxure Founder Named to the InvestmentNews’ 2017 Icons and Innovators List (PR Newswire), Rated: B
- Financing Your Small Business Marketing: 5 Options You May Not Have Thought Of (Business.com), Rated: B
- Digital transformation and technology in alternative investing (HedgeWeek), Rated: B
- United Kingdom
- Zopa to build Open Banking infrastructure (P2P Finance News), Rated: AAA
- P2P Lender Assetz Capital Launches Innovative Finance ISA (Crowdfund Insider), Rated: AAA
- UK Fintech Delio Secures £1 Million Through Latest Funding Round; Appoints New Leadership (Crowdfund Insider), Rated: A
- City of London Group to launch challenger bank (Banking Technology), Rated: A
- The biggest P2P funding deals of 2017 (P2P Finance News), Rated: A
- MarketInvoice touts double-digit returns for 2017 (AltFi), Rated: A
- Brokers must decide if buy-to-let’s shift to SME finance is for them (Mortgage Solutions), Rated: A
- LendInvest’s BTL Index Christmas Special Reports: Manchester & Birmingham Come Out on Top! (Crowdfund Insider), Rated: B
- China’s $ 189 Billion Giant of Finance Reveals a Huge Bet on Tech (Bloomberg), Rated: AAA
- China Default Tied to Asset-Management Product Flags Risks (Bloomberg), Rated: A
- Chinese securities regulatory official calls for improved legislation for FinTech supervision (Xinhuanet), Rated: A
- Monaco Strengthens Management Team with Four Key Hires (Business Insider), Rated: B
- European Union
- Finiata Closes €18M Financing Round (FinSMEs), Rated: A
- Ant Financial inks a new deal with Standard Chartered (Business Insider), Rated: AAA
- Pound-to-Dollar Will Weaken Further, Below 1.33, Say Swissquote (PoundSterling Live), Rated: A
- A Small Fintech Stock Surged 2,600% in a Week After Announcing It’s a Crypto Company (Bloomberg), Rated: B
- Australia/New Zealand
- Watch out for more international tech listings following $ 50 million CRD float, says expert (Stockhead), Rated: AAA
- Robo Advice to Cover the Spectrum of NZ Consumers (Scoop), Rated: A
- Borrowers turn their backs on the banks (BusinessDay), Rated: A
- Peer-to-peer lending platform Faircent gets $ 4m in Series B (Economic Times), Rated: AAA
- P2P platform Faircent raises Series B from Muthoot Fincorp, Incofin, others (Economic Times), Rated: A
- Fintech Startups Seek to Shake Up Money Transfer Industry (WSJ), Rated: AAA
- Finvasia gets licence to operate as NBFC (The Tribune), Rated: A
- Fintech Select Announces Launch of Physical Bitcoins (GlobeNewswire), Rated: A
Behind the Investment Platform: The LendingClub Borrower (LendingClub), Rated: AAA
From 2007 through 2017, LendingClub has matched $31 billion investor dollars with 2 million borrowers’ loans.
Today, outstanding credit card and personal loan balances in the U.S. are approximately $960 billion. Of that, two-thirds, or roughly $600 billion, represents interest-earning balances carried month-to-month —the overall addressable population. About half of the addressable population (more than $300 billion) currently meets LendingClub’s target credit profile—a market that we have only just begun to penetrate.
Read LendingClub’s Marketplace Insights report in full here.
Holiday Finance with Lending Club (ABC News), Rated: A
LendingClub Appoints Former Netflix Chief Talent Officer Patty McCord As New Board of Directors Member (Crowdfund Insider), Rated: B
Online credit marketplace LendingClub Corporation (NYSE: LC), announced on Tuesday it has appointed Patty McCord as the newest member of its Board of Directors, effective December 13, 2017.
McCord spent 14 years creating the unique and high-performing culture at Netflix and as the video streaming giant’s Chief Talent Officer, she helped create the Netflix Culture deck and experimented and cultivated new ways to work.
SoFi Now Offering Six-Month Grace Period for Graduates Using SoFi ReFi (Crowdfund Insider), Rated: AAA
On Tuesday, online lending platform SoFi announced it is now offering a six-month grace period for graduates using its newly launched SoFi ReFi program.
ABS investors could pull back from MPLs in 2018 as cycle set to turn (GlobalCapital), Rated: AAA
Interest in marketplace loan ABS from the buyside picked up in 2017, but some investors are now saying that they could sit things out in 2018 as credit concerns grow and a lack of data presents problems in the late stages of the credit cycle.
ABS volumes doubled from $3.4bn in 2016 to $7bn in 2017, with SoFi issuing more than $3bn in deals this year, according to data from JP Morgan. The introduction of multi-seller platforms from SoFi, Lending Club, Marlette Funding, Prosper Marketplace also drove liquidity for the sector, while new …
Fiserv teams with TransUnion for loan origination system (Banking Technology), Rated: A
Under the agreement, Fiserv will integrate TransUnion’s CreditVision Link to increase precision of scoring and risk modeling in its Automotive Loan Origination System.
Over 65% of students prefer student loan payments over iPhone X or Bitcoin for holidays (TechRepublic), Rated: AAA
LendEDU asked 1,000 people repaying student loans if they would prefer a popular holiday gift or a loan payment of equal value. And, despite the hype surrounding tech trends, they wanted loan payments more.
Voice assistants like Google Home and Amazon Echo won’t change banking in 2018 (Tearsheet), Rated: A
Bankers agree voice will be the biggest and most important channel to their business after mobile, only this time, it won’t sneak up on them like mobile did. They’re looking at 2018 as a year to get their companies more involved with voice by adding features to their Alexa skills, creating an Alexa skill if they haven’t done so already or expanding Alexa capabilities to other parts of the organization. But for the most part, they’re looking for a clearer sense of how people even use Alexa.
In 2017, USAA, Ally Bank and U.S. Bank launched Alexa skills. Before this year, Capital One was the only bank with the feature, which it launched in 2016.
Upstart’s First SaaS Partner (LinkedIn), Rated: A
Earlier this year, we announced an initiative to bring the industry’s first Software as a Service (SaaS) lending platform to market, which we call “Powered by Upstart”. Now we’re excited to announce that BankMobile is the first bank to launch their personal loan program on the Upstart platform. Beginning today, BankMobile offers consumers in 43 states personal loans from $5,000 to $30,000, with no origination fees and interest rates starting at 5.99%.
Overcoming the Hurdles of Big Data Start-ups (Big Data), Rated: A
We are an early investor in the company ‘Kabbage” and Kabbage to me is a major disruption in the fund-lending and risk-analysis market. Established in 2009, Kabbage supported the emerging companies that were suffering the blow of a financial crisis. Banks were declining to lend money to small businesses and entrepreneurs had no access to capital to support their businesses. What aggravated the problem is that even if they did get access to money, the procedure for evaluating the risks of money lending were strictly based on scrutinizing the company’s financial background and fico scores instead of probing into the business. Deviating from the established model of risk analysis, Kabbage stepped into the market at a time of financial distress and operated on a completely different strategy. They would evaluate your UPA shipping data, ebay seller reviews, and other bits of information that are generated on different platforms and then assess credit card risks based on these factors and not just credit card fico scores. Kabbage started off by accumulating a ton of third party data which they ingested, analyzed and then created a solution. Over time, the company has gathered a substantial amount of primary data that they can use to tweak and refine their risk-analysis model. The company efficiently leveraged big data to provide an entire new service in the risk-analysis industry.
Anthemis Group’s Jillian Williams on tough times for personal finance apps (Tearsheet), Rated: A
It’s a space that started out with Mint ten years ago, with a new way to look at all of one’s finances in one place. The field has now grown to accommodate an ever-expanding number of direct-to-consumer PFM apps, including apps like Digit, Clarity Money, Penny and Qapital, and banks are now folding PFM capabilities into their mobile apps.
Banks have been folding in PFM features and competing apps are having trouble differentiating. Where do you see the PFM market right now?
A lot of PFM will continue to move to a business-to-business, or business-to-business-to-consumer model. Things [business-to-consumer PFMs] struggle with are being able to monetize and with customer acquisition.
What’s the problem with business-to-consumer PFM?
The market is really crowded and it’s hard to provide that extra value to really distinguish themselves from other platforms in the space.
Instant Loans at Checkout: helpful or hurtful? (MSN News Now), Rated: A
An $800 mattress for your bed. A $600 sofa for your living room. A vintage designer bag as a Christmas gift for your best friend. They’re all pretty big purchases to buy online, but now you can get an instant loan for any of them right at checkout.
Ingle says the payment plans are different than credit card options. Companies like Affirm partner with certain retailers to offer the loans, which are installment loans with interest rates, and set payments are made over time.
Nominations for the 2nd Annual LendItFintech Industry Awards are Live! (Lend Academy), Rated: B
Yesterday, we announced that nominations for the LendItFintech Industry Awards Dinner are now open. The dinner will be held on April 10, 2018 at One Market in San Francisco and the event will celebrate 500+ Fintech influencers and innovations and their outstanding achievements in 21 categories.
We encourage fintech companies from around the world to apply for the categories that are the best fit.
- Fintech Innovator of the Year
- Executive of the Year
- Fintech Woman of the Year
- International Innovator of the Year
- Top Consumer Lending Platform
- Top Business Lending Platform
- Top Real Estate Lending Platform
- Emerging Lending Platform of the Year
- Top Fintech Equity Investor
- Most Innovative Bank
- Most Promising Partnership
- Most Innovative Mobile Technology
- Top Professional Services Company of the Year
- Top Investment Bank in Fintech
- Best Journalist Coverage
- Blockchain Innovator of the Year
- The Most Innovative Token Economy
- Excellence in Financial Inclusion
- Top Emerging Technology Company
- Top Enterprise Company
- Most Successful Cross-Border Partnership
FinTech to acquire Intermex from Stella Point for about $ 260 mln (PE Hub), Rated: B
Blank check company FinTech Acquisition Corp II has agreed to acquire Intermex, a money transfer services company, for a consideration of approximately $260 million. The seller is Stella Point Capital.The deal is expected to close in the second quarter of 2018. JMP Securities is serving as financial adviser to FinTech.
Junxure Founder Named to the InvestmentNews’ 2017 Icons and Innovators List (PR Newswire), Rated: B
InvestmentNews has recognized Greg Friedman, MS, CFP®, as a 2017 Icons and Innovators honoree. Greg was chosen from more than several hundred nominations to make the list of 18 Innovators and two Icons.
Each of the advisers and executives who made the second annual InvestmentNews Icons and Innovators list were chosen from a rigorous selection process designed to identify individuals who contributed profoundly and consistently to the advancement of the financial advice profession and for conceiving new ideas and tools that have propelled the industry forward.
Financing Your Small Business Marketing: 5 Options You May Not Have Thought Of (Business.com), Rated: B
If you have bad credit, or lack a business history to show to bank loan managers, you’ll need to look for alternative sources of funding.
- SBA loans
- Online lenders – These lenders give loan amounts ranging from a few thousand to a few million dollars, so you need to shop around to find the right online lender for your business needs. However, many of these lenders want to see at least a couple years of business history, so this may not be the best option to finance marketing for your startup.
- Business credit cards
- Personal loans
- Funding from investors
Digital transformation and technology in alternative investing (HedgeWeek), Rated: B
Next February will be the fifth instalment of the Cayman Alternative Investment Summit (CAIS), hosted by Dart Enterprises. The impact of technology on the alternatives industry will be the theme of the three-day event, entitled: Wired: The Rise of Alternative Investments in a Digital Age.
Zopa to build Open Banking infrastructure (P2P Finance News), Rated: AAA
ZOPA is planning on building its own Open Banking infrastructure to capitalise on the new “game changing” legislation.
The peer-to-peer consumer lender, which is also planning to launch a digital bank, said the new product could be used in a personal finance management tool or to help it make better lending decisions.
Zopa is currently advertising for a technology-focused product manager who will lead the team building the Open Banking infrastructure.
P2P Lender Assetz Capital Launches Innovative Finance ISA (Crowdfund Insider), Rated: AAA
Assetz Capital, a UK based peer to peer lender, has announced the launch of its Innovative Finance ISA (IFISA). The IFISA is available as a wrapper on all of the automated investment accounts, with the Manual Lending Account also set to be allowed into the ISA in early 2018.
UK Fintech Delio Secures £1 Million Through Latest Funding Round; Appoints New Leadership (Crowdfund Insider), Rated: A
UK-based fintech Delio announced on Monday secured £1 million through its latest funding round led by the Development Bank of Wales. Together with participation from new and existing private investors, the investment supports Delio’s ongoing expansion in Europe, Asia, and the Middle East.
City of London Group to launch challenger bank (Banking Technology), Rated: A
UK-based City of London Group (COLG) is in the process of obtaining a banking licence as it targets commercial, SME, bridging and development finance.
The biggest P2P funding deals of 2017 (P2P Finance News), Rated: A
The latest Cambridge Centre for Alternative Finance (CCAF) report on the industry found the role of institutions is on the up, accounting for 25 per cent of property lending, 28 per cent of business lending and 32 per cent of consumer lending, last year.
In January, the government-backed British Business Bank pledged a further £40m for lending through business P2P platform Funding Circle.
Invoice finance and business loans provider MarketInvoice has also been pretty busy this year, having secured funding deals with Portuguese online bank Banco BNI Europa worth £45m a year, another £45m from German private bank Varengold and £50m from an Investec partnership.
LandlordInvest received financial backing from London property investor Alan Gabbay in July.
MarketInvoice touts double-digit returns for 2017 (AltFi), Rated: A
MarketInvoice is ahead of the fintech lending pack in terms of returns generated for investors. According to AltFi Data, the platform boasts a 3-year net return of 30.2 per cent, top among the marketplace lenders tracked by the company.
The platform has also generated an annualised net return in 2017 (up to Q3 2017) of 10 per cent.
Brokers must decide if buy-to-let’s shift to SME finance is for them (Mortgage Solutions), Rated: A
Brokers should expect the buy-to-let (BTL) market to edge closer to the SME commercial finance space as a result of the continued professionalisation of the landlord sector, LendInvest predicts.
This could take many approaches, but landlords may own different properties for different reasons – potentially for capital growth rather than rental yield.
As portfolio landlords become more common and the size of portfolios begins to grow, this differentiation to provide a balance may become a greater consideration for lenders and next, brokers.
LendInvest’s BTL Index Christmas Special Reports: Manchester & Birmingham Come Out on Top! (Crowdfund Insider), Rated: B
China’s $ 189 Billion Giant of Finance Reveals a Huge Bet on Tech (Bloomberg), Rated: AAA
These days, every big finance company worth its salt is finding ways to boost its bottom line with technology. Few are going quite as far as Ping An Insurance (Group) Co.
Over the past decade, the Chinese behemoth has invested billions in technology to make its insurance, lending and asset management businesses more competitive. In recent years, it started selling that tech — everything from online banking platforms to facial recognition systems — to other financial firms in China and around the world.
But only now is the scope of Ping An’s ambition coming into focus: The company wants to eventually generate half its earnings from technology, up from almost nothing today.
China Default Tied to Asset-Management Product Flags Risks (Bloomberg), Rated: A
Shandong Longlive Bio-technology Co. failed to repay the first 138 million yuan ($20.9 million) installment on a 227 million yuan loan from Zhonghai Trust Co.on Dec. 7, according to a statement to the Shenzhen Stock Exchange. The majority of the missed payment was packaged into an asset-management product issued by Datong Securities Co.
In its statement, Shandong Longlive referred to an online media report which it didn’t identify saying the asset-management product had been sold over the platform run by online lender Lufax Holding.
Chinese securities regulatory official calls for improved legislation for FinTech supervision (Xinhuanet), Rated: A
A senior official of China’s securities watchdog has called for improved laws on capital markets as rapidly developing financial technology, or FinTech, is posing challenges to traditional financial supervision.
“FinTech innovations that feature internet, big data and artificial intelligence are exerting profound influence on capital markets,” said Huang Wei, assistant chairman of the China Securities Regulatory Commission, at a forum.
Monaco Strengthens Management Team with Four Key Hires (Business Insider), Rated: B
Monaco, the pioneering payments and cryptocurrency platform, today announced a series of new appointments to its senior management team, with Erald Ghoos as Chief Operating Officer, Sean Rach as Chief Marketing Officer, Ken Baylor as Chief Cybersecurity Officer, and Weiyi Zhang as Platform Architect.
Finiata Closes €18M Financing Round (FinSMEs), Rated: A
Finiata, a SME lending platform provider, secured €18m in funding.
Out of the total amount, €10m were invested by existing backers Redalpine, DN Capital, Point Nine and Fly Ventures and new shareholders ENERN and Kulczyk Investments. An additional €8 million has been raised in the form of debt financing.
Ant Financial inks a new deal with Standard Chartered (Business Insider), Rated: AAA
Ant Financial, the financial affiliate of Chinese e-commerce giant Alibaba, has signed a memorandum of understanding (MoU) with major incumbent bank Standard Chartered, under which the companies will boost financial inclusion in countries targeted by the Chinese government’s Belt and Road initiative.
Under the deal, Standard Chartered (which separately pledged to commit $20 billion to the initiative) will leverage Ant Financial ‘s tech savvy to offer services in markets with low bank penetration, while Ant Financial will take advantage of the bank’s resources and network to extend its reach.
Pound-to-Dollar Will Weaken Further, Below 1.33, Say Swissquote (PoundSterling Live), Rated: A
The Pound-to-Dollar rate is going to weaken and, eventually, break below the key 1.33 level that has held firmly so far in December.
Online trading firm, Swissquote, stands out as one of the few who are outright bearish in their predictions for the Pound-to-Dollar rate.
A Small Fintech Stock Surged 2,600% in a Week After Announcing It’s a Crypto Company (Bloomberg), Rated: B
Fintech plus cryptocurrency equals about $7 billion.
Watch the video report here.
Watch out for more international tech listings following $ 50 million CRD float, says expert (Stockhead), Rated: AAA
Credible cited a number of reasons to opt for an Australian (rather than US) listing, including lower listing costs, lesser ongoing compliance requirements, and the growing sophistication of local investors in assessing and valuing high growth tech stocks.
I also think that the Credible IPO, along with similar recent successful tech listings, will open the doors for further similar listings of fast growing tech enterprises.
Robo Advice to Cover the Spectrum of NZ Consumers (Scoop), Rated: A
New digital advice (DA) services expected to arrive in NZ next year will benefit a range of consumers from beginner investors through to high net worth individuals, according a new white paper published by Auckland specialist consulting firm, Mosaic Financial Services Infrastructure.
Borrowers turn their backs on the banks (BusinessDay), Rated: A
When saucemaker Tracey Steel needed a loan to fund her fledgling food business, she didn’t turn to a bank.
Instead, the Stabler & Steel founder, who makes Worcestershire sauce better than the Brits, borrowed the money she needed from online lender Harmoney.
Going to a non-bank lender is increasingly common, a report issued by KPMG indicates, partly as a result of risk-averse banks turning away borrowers, and partly because some borrowers are shunning banks’ “tired and lengthy paper-based application process in favour of instant digital interactions”.
Peer-to-peer lending platform Faircent gets $ 4m in Series B (Economic Times), Rated: AAA
Peer-to-peer lending platform Faircent has raised $4 million in a Series-B round led by Belgian impact investment fund Incofin and Muthoot Fincorp.
P2P platform Faircent raises Series B from Muthoot Fincorp, Incofin, others (Economic Times), Rated: A
In a statement Faircent said it will utilise the newly acquired funds towards strengthening the platform’s technology and creating greater awareness about P2P lending’s significance as a new and highly rewarding asset class.
Fintech Startups Seek to Shake Up Money Transfer Industry (WSJ), Rated: AAA
The race is on to become the top global app for international money transfers.
Fintech startups including WorldRemit Ltd., TransferWise Ltd. and Remitly Inc. are pulling ahead of the pack of the dozens of companies trying to disrupt the remittance industry, using the latest technology to send money internationally.
More than $600 billion is remitted world-wide every year, mostly by migrant workers from places like India, Mexico and the Philippines, who have traditionally had to deal with long lines and high fees to send money home.
Finvasia gets licence to operate as NBFC (The Tribune), Rated: A
Chandigarh-based Finvasia, a fintech company offering zero brokerage, has received the Certificate of Registration (CoR) from RBI to operate as a non-banking financial corporation (NBFC). This extension will allow the company to offer loan-based products to retail and corporates alike. The company plans to develop block chain technology based P2P (peer-to-peer) lending platform.
Fintech Select Announces Launch of Physical Bitcoins (GlobeNewswire), Rated: A
Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V:FTEC) is pleased to announce that it will be launching its physical Bitcoin product alongside its Selectcoin closed loop swipe card.