The Marketplace Lending Association (MLA) has announced the addition of 11 new members. Joining founding members Lending Club, Prosper and Funding Circle are the following lending platforms:
- Affirm
- Upstart
- CommonBond
- Avant
- PeerStreet
- Marlette Funding
- Sharestates
- Able
- StreetShares
- New Associate Members include dv01 and LendIt
The MLA described the expansion as a “new chapter” for industry growth and maturity. Online lending has been expanding into student loans and real estate platforms. Their membership is now reflecting this phenomenon. The MLA is also including balance sheet lenders as more platforms lessen their reliance on the P2P lending model.
Nathaniel Hoopes, Executive Director of the MLA, welcomed the new members saying he looked forward to advancing their shared objectives on both the federal and state level;
“As MLA member companies continue to innovate and create new opportunities for borrowers and investors, the MLA will play an important role in sharing data and insights that help educate policy makers on the benefits that these companies bring to consumers, businesses, and our financial system,” said Hoopes.
The MLA also said it had forwarded letters to Congress and the incoming Trump administration explaining the benefits and needs of online lending.
The MLA was formed in 2016 to promote a transparent, efficient, and customer-friendly financial system by supporting the responsible growth of marketplace lending. In 2016, over $30 billion was originated in online lending.
