Digital Lending & Alt-Credit Platforms

Chayo Group Public Company Limited, or CHAYO, is pressing ahead with expanding its personal loan base, focusing on Advance or emergency loans through the Chayo Capital application, targeting an increase of around 5,000 to 10,000 app-based customers this year, up from the current base of around 2,000 to 3,000 such customers. Chief Executive Officer Suksan Yosain opened up that hitting that target will help support revenue from the lending business to expand, from its current share of around 2% of revenue. The main revenue structure still comes from the debt management and debt purchase business at around 90%, followed by debt collection services at around 4-5% and the business of supplying workers to factories at around 3%. As for the earnings outlook for 2026, the company is maintaining its profit target at the parent company level of approximately 300 million baht, after turning a profit of around 201.73 million baht in the first half of 2026. Meanwhile, on the partial repayment of principal on all five series of debentures, namely CHAYO25NA, CHAYO263A, CHAYO26OA, CHAYO273A and CHAYO279A, with a combined value of approximately 3.9329 billion baht, the company plans to repay around 10% of the principal across all five series within 2026. It has already repaid four series, leaving the fifth, which falls due in November 2026, and it has prepared liquidity to cover it. The company has an interest-bearing debt-to-equity ratio of 0.97 times, and stands ready to acquire additional new non-performing debt portfolios at appropriate price levels, while continuing to develop its competitiveness by bringing in technology and artificial intelligence systems to help manage costs more efficiently.

Synchrony Financial is deepening CareCredit's veterinary reach by integrating its financing options directly into Vetspire's AI-enabled practice management platform, bringing payment into the clinical workflow and reducing reliance on separate payment terminals. Vetspire is used by more than 1,000 veterinary hospitals and clinics nationwide, and about 85% of its clinics are already enrolled with CareCredit, leaving the remaining 15% as an opportunity for incremental provider adoption. The companies plan to collect clinic-level performance data to quantify whether the integration improves workflow efficiency and treatment acceptance, and participating practices gain access to CareCredit's marketing resources and business intelligence support. For Synchrony, the deal extends CareCredit into the digital infrastructure surrounding healthcare payments; in the second quarter of 2026, Health & Wellness purchase volume increased 2.1% year over year, primarily on higher Pet spending, while health and wellness loan receivables rose 0.5%.

Asia Plus Securities Company Limited, or ASP, is opening subscriptions for institutional investors and high-net-worth investors to subscribe to the bonds of Money Turbo Public Company Limited, or TURBO, in its 1/2026 issuance, comprising 2 tranches, between 5 and 7 October 2026. The first tranche has a maturity of 2 years, 1 month and 2 days, maturing in 2028, with an interest rate of 5.20% per annum, and the second tranche has a maturity of 3 years, 1 month and 1 day, maturing in 2029, with an interest rate of 5.60% per annum. Interest is paid every 3 months. ASP is one of the underwriters of the bonds, and TURBO will use the proceeds to expand the loan portfolio of the TURBO group. TURBO received a corporate credit rating of BBB- with a Positive outlook from TRIS Rating Company Limited on 28 May 2026. It operates a non-bank financial business covering auto title loans, land title deed loans, nano finance loans, and an insurance brokerage business. For its operating results in the first 6 months of 2026, TURBO had total revenue of 1,676.31 million baht, up from 1,517.55 million baht in the same period last year, and net profit of 329.12 million baht, up from 235.92 million baht, or growth of approximately 39.5% from the same period last year.

Happen Bank, a subsidiary of Happen, Inc. (Nasdaq: HAPN), said it has crossed $10 billion in personal loans sold through its proprietary structured loan certificates programs, HAPS and LENDR. The two programs, launched in April 2023 and June 2025 respectively, together account for the $10 billion total, with HAPS serving as a two-tranche private securitization in which Happen Bank retains the senior note and sells the residual certificate on a pool of loans to a marketplace investor at a predetermined price. LENDR, built on the success of HAPS, offers multiple note tranches, each carrying a credit rating from Fitch, to meet demand from investors seeking an investment grade rating. Clarke Roberts, Senior Vice President and General Manager of Marketplace at Happen Bank, said crossing $10 billion through these programs in just over three years speaks to the value of these structures for investors, adding that Happen Bank was the first in the industry to offer both high-quality personal loans and streamlined financing at scale. Happen Bank, formerly LendingClub Bank, has operated for 20 years and serves more than five million members.

Affirm Holdings has struck a new partnership with Crate & Barrel Holdings, bringing its pay-over-time financing to Crate & Barrel, Crate & Barrel Kids and CB2 customers in the United States and Canada, with biweekly or monthly payment options starting at 0% APR and no late fees or hidden charges. The deal adds Crate & Barrel Holdings, which operates more than 100 stores and websites across the United States and Canada and draws more than 200 million customer visits a year, to Affirm's network of more than 570,000 active merchant partners, broadening its reach in the home-furnishing category. Affirm said the near-term financial impact is difficult to quantify because the companies did not disclose transaction volumes or revenue contribution, and that the partnership's contribution will depend on customer engagement and the volume of purchases financed through Affirm. Stronger usage across Crate & Barrel's brands could gradually increase the partnership's contribution to Gross Merchandise Volume and revenues. Affirm faces competition from Block, which is deepening Afterpay's integration with Cash App, and from PayPal, whose Pay in 4 and Pay Monthly offerings cover purchases up to $10,000. Affirm shares have risen 51.3% over the past six months compared with the industry's 30.2% growth, and the Zacks Consensus Estimate for its 2026 earnings stands at $1.87 per share, followed by 53.3% growth next year.

MercadoLibre's credit portfolio reached $16.4 billion in the second quarter of 2026, marking 75% year-over-year growth, while assets under management rose 68% year over year to $23.2 billion. The company said ecosystemic users, defined as customers using both Marketplace and Mercado Pago, grew 37% year over year in the quarter, and users with a Mercado Pago credit card were two to three times more likely to remain ecosystemic than users without the card. Credit card issuance accelerated to 2.6 million new cards in the second quarter of 2026, up from 1.6 million in the year-ago period. MercadoLibre reported that 15-90-day non-performing loans stood at 7% for the total portfolio and 4.6% for credit cards, both near historical lows. The Zacks Consensus Estimate implies 44.6% year-over-year sales growth for the current fiscal year and a 0.7% decline in earnings per share, with next fiscal year estimates pointing to a 28.9% rise in sales and 43.3% growth in earnings.

Upstart has expanded its partnership with Commonwealth Credit Union to add home equity lines of credit and indirect auto lending, extending a relationship that began in 2022 with personal lending. The Kentucky-headquartered credit union serves more than 140,000 members, and Commonwealth said the move will help it serve members across more borrowing needs, diversify its consumer lending portfolio and deepen relationships with prime borrowers. The expansion comes as Upstart's secured business scales quickly: in the second quarter of 2026, secured originations reached $589 million, rising 218% year over year and 45% sequentially, with auto originations growing about fourfold year over year and home originations roughly doubling. Upstart's broader business also showed stronger momentum in the second quarter of 2026, with total originations of $4.2 billion, up 50% year over year, revenues up 42% to $365 million, net income of $16.5 million and adjusted EBITDA of $76.9 million. More than 100 banks and credit unions already use Upstart's marketplace, and broader adoption of HELOC and auto lending across partners could help diversify its originations mix and underpin continued growth in secured lending.

Fort Smart Service Public Company Limited, or FSMART, expects to benefit from the Cabinet's extension of the Thai Chai Thai Plus program by another 2 months, from October 1 to November 30, 2026, with a total limit of no more than 1,000 baht, which will help boost the purchasing power of the grassroots customer group that forms the core customer base of its Boonterm top-up machine business. Managing Director Narongsak Lertsapthawee disclosed that the operating performance trend in the third quarter of 2026 remains steady compared with the previous quarter and the same period last year, and is considered the lowest point of the year, due to the impact of the rainy season, flooding in many areas, and rising oil prices, which pressured purchasing power. The fourth quarter of 2026 is expected to improve in line with seasonal factors as the Boonterm machines enter their high season. The company is also preparing to launch new services, namely the sale of National Savings Fund lottery tickets, which is awaiting an official launch date from the government, and cross-border money transfers to serve the migrant worker group, expected to begin service in early November, while still awaiting license approval from the Bank of Thailand. The company is maintaining its full-year total revenue growth target of 8-10% from last year, with the Boonterm machine business accounting for approximately 70-75% of revenue, while the lending business is expected to grow the most prominently this year, from a current accumulated loan portfolio of approximately 1.7 to 1.8 billion baht, with a target to expand the portfolio to 2 billion baht by year-end. As for the Gingka EV business, or electric vehicle chargers, the number of charging heads has expanded from approximately 500-600 at the start of the year to approximately 700-800 currently, with a target of 1,000 charging heads by the end of this year. As for the Taobin automated coffee machine business, in which FSMART holds a 26% stake and recognizes its share of profits, there are currently more than 8,000 machines in service, with a target to expand to 10,000 machines.

Upfront, a financial operations platform serving SMEs across MENA, has partnered with Mastercard to expand digital payment options for smaller businesses. Under the plan, Upfront will add Mastercard commercial card capabilities to its platform, sitting alongside its existing accounts receivable, accounts payable and cash flow management services, and letting eligible SME customers access approved financing through a commercial card for business payments including supplier bills and operating expenses. Upfront will continue to manage the financing relationship with its SME customers, while the Mastercard commercial card programme acts as an additional digital payment channel for approved funds. The initial rollout is expected to centre on Upfront's SME customers in the UAE, with any broader expansion depending on the final programme structure, regulatory requirements and market readiness. Mastercard said its wider SME support includes Built Small, Moving Strong, a platform developed in response to pressures faced by small businesses during recent disruption. Upfront CEO and founder Anas Qudah called the partnership an important step towards making business finance more responsive, and Mastercard EVP for EEMEA commercial and new payment flows Onur Kursun said the collaboration combines fintech innovation with secure commercial payment capabilities.

Avalanche's AVAX token surged nearly 50% over the past week to an eight-month high of $10.82 on Sunday, lifted by a wave of institutional tokenization headlines. The biggest catalyst came from Intercontinental Exchange, the NYSE parent, which has spent roughly a year testing Avalanche for a potential 24/7 platform for tokenized US stocks and ETFs, though ICE has not selected Avalanche or announced a commercial deal, and Ava Labs President Charley Cooper said the firm remains actively engaged with the network. New York Life Investment Management announced plans to launch its first tokenized fund on Avalanche through Centrifuge, giving eligible investors exposure to US high-yield corporate bonds, while Aave is developing an institutional RWA lending market on Avalanche, Paxos expanded support for AVAX and USDC, and Janus Henderson joined the network as a validator. Avalanche's Helicon upgrade is scheduled for Sept. 22, cutting the minimum staking lockup from 14 days to 48 hours and adjusting validator requirements and rewards. On the charts, AVAX rebounded from the lower boundary of a giant falling wedge that has developed since the 2021 peak, bouncing near the $5.80 to $6.50 support zone and recovering above its 20-week EMA near $7.97; a continued rebound could target $19 to $20, where the wedge's descending upper trendline converges with the 0.236 Fibonacci retracement level near $19.86, an approximately 85 to 90% rally from current levels around $10.50. The setup would weaken if AVAX loses the wedge's lower trendline and falls decisively below the $5.80 support area, while the 50-week exponential moving average is serving as solid resistance.

Galaxy Digital, a crypto financial services firm, published survey findings on September 16 covering investment trends in the crypto and blockchain sectors. In the April-to-June 2026 quarter, venture capital firms invested about $5.683 billion in private crypto and blockchain-related companies, up 31% from the previous quarter, while the number of deals rose 10% quarter-on-quarter to 384. The biggest driver of the increase was the concentration of investment capital in later-stage companies, which accounted for about 78% of total investment, and the median funding per deal also reached a record high of about $4.9 million. By sector, companies engaged in exchanges, investment and lending raised about $3.523 billion, equivalent to roughly 60% of total investment, and more than 90% of the money put into this sector went to later-stage companies. Meanwhile, investment in the decentralized finance sector came to about $478 million. By region, companies headquartered in the United States accounted for 73.5% of investment value, but US companies made up only 39.1% of deal count. About $3.9 billion was allocated to new crypto-focused funds in the April-to-June quarter, but the number of funds came to just five, the lowest level since 2019. VC investment in the first half of 2026 reached about $10.018 billion, and if that pace continues, full-year investment would come to about $20.037 billion, approaching the roughly $20.3 billion seen in 2025 while exceeding the levels of the downturn in 2023 and 2024, according to the projections.

Goldman Sachs raised its price target on Affirm Holdings to $115 from $106 on September 12, citing improving underlying fundamentals. The hike followed Affirm's fourth-quarter fiscal 2026 results, in which revenues surged 33% to $1.2 billion and operating income rose $89 million to $147 million. Interest income climbed 35% in the quarter, in line with a 33% increase in average net loans held for investment partners, and 80% of Affirm's direct-to-consumer product loans carried interest at quarter-end. Affirm Card active cardholders more than doubled to 5.2 million, driving a 124% increase in Card GMV to $2.8 billion, while management estimated GMV would reach $64 billion in fiscal 2027 with an adjusted operating margin of 30.5%. Wolfe Research analyst Darrin Peller upgraded the stock to Outperform with a $90 price target, though the company continues to face credit-quality and competitive risks as banks, fintechs, retailers and payment networks expand installment-payment offerings.

Affirm Holdings is launching a new transformer-based machine learning model for real-time credit underwriting at U.S. checkouts, drawing on 14 years of its own transaction and repayment data to analyze the order and timing of events across a consumer's credit history. In initial testing, the model approved applications the previous system would have declined, including consumers with limited credit histories and no FICO scores, and those incremental approvals produced 3.4% more completed purchases than the control group, with the loans performing better than a comparable expansion under the previous model. Affirm says the model is built to deliver fast and explainable decisions, and the release does not provide a dollar estimate of the financial impact. The company frames the launch as expanding approvals without simply lowering credit standards, with the financial benefit depending on how the early results scale. Affirm shares have risen 58.2% over the past six months compared with the industry's 20.2% growth, and the stock trades at a forward price-to-sales ratio of 4.1X versus the industry average of 4.2X.

Pagaya Technologies announced a new forward flow agreement with Neuberger Specialty Finance, the Asset Based Finance arm of Neuberger, for the purchase of up to $700 million of auto loans sourced through Pagaya's network of auto lending partners. The deal marks Pagaya's first forward flow agreement with Neuberger and its second auto forward flow agreement overall, extending a partnership that currently spans multiple capital markets and financing transactions. NBSF manages over $5 billion across more than 50 portfolio companies and various investment vehicles since the strategy's inception in 2018, and is led by Peter Sterling, with cumulative investments of more than $16 billion through 80 global origination partners. Pagaya Chief Financial Officer Jon Dobres said the committed capital reinforces the company's diversified range of funding solutions and provides predictable, long-term capacity. Last quarter, Pagaya's auto network volume grew to an annualized run-rate of $4.8 billion, contributing more than 75% of Pagaya's year-over-year network volume growth. Pagaya's AI-driven technology connects more than 35 lending partners with institutional investors across personal loans, auto loans and point-of-sale, leveraging a data network built on over $4 trillion in processed applications since inception.