Tagged: marketplace

June 2, 2016 @ 8:12 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has proposed rules targeting the Payday lending industry requiring lenders to assure consumers have the ability to repay the loans.  The CFPB described the proposal as “ending payday debt traps.”  The rules would impact not just Payday lenders but… Read More

June 2, 2016 @ 7:54 am By JD Alois  |  

RateSetter is reporting it has surpassed £250 million in lending to UK businesses.  The benchmark event comes after a series of recent business developments for the marketplace lender. According to RateSetter, participation by the British Business Bank, updated lending limits and a growing executive bench… Read More

May 31, 2016 @ 10:33 am By JD Alois  |  

It was reported earlier this month that billionaire Tianqiao Chen, founder of Shanda Interactive Entertainment, had taken a significant stake in Lending Club (NYSE:LC).  Shares of Lending Club have cratered since the resignation of former CEO Renaud Laplanche. The move by Chen appeared to be an… Read More

May 29, 2016 @ 7:44 pm By JD Alois  |  

Shares in Lending Club (NYSE:LC) jumped last week as chatter popped up in a report in WSJ.com that Citigroup may be purchasing, or perhaps providing financing, for their loans.  This is the second round of positive news as it was recently revealed that Chinese billionaire Tianqiao… Read More

May 27, 2016 @ 8:59 am By JD Alois  |  

The Federal Trade Commission (FTC) is launching a series of forums to discuss the evolving Fintech sector, pretty much everything to do with finance moving online. The first in the series will begin next month, on June 9th, at the FTC’s Constitution Center in Washington,… Read More

May 26, 2016 @ 12:30 pm By Amy Wan  |  

After being invited to file a brief to the Supreme Court, the Solicitor General’s Office filed a brief this past Tuesday, May 24, 2016 and weighed in on the Madden v. Midland Funding, LLC case. Or rather, by weighing in I mean they blatantly shot… Read More

May 26, 2016 @ 8:39 am By JD Alois  |  

Latvia-based Twino is celebrating its one year anniversary.  After 12 months of operation, the peer to peer lending platform states it has originated over €22 million in loans.  Twino says their rapid growth makes them the “fastest growing platform in Europe.  Investors have earned approximately €325,000 in… Read More

May 26, 2016 @ 8:12 am By JD Alois  |  

Commercial property lender Proplend has reduced their required minimum investment from £5000 to £1000.  The move is expected to broaden their investor base while making it easier for existing investors to create a more diversified portfolio of loans.  Going forward, all new loans will be… Read More

May 24, 2016 @ 7:35 am By JD Alois  |  

ArchOver and GapCap have formed a strategic agreement where the two platforms will share future business opportunities. While not a merger, the Service Level Agreement (SLA) appears to be a step in that direction.  Both ArchOver and GapCap provide financing secured by receivables. ArchOver is a… Read More

May 23, 2016 @ 4:59 pm By JD Alois  |  

Lending Club (NYSE:LC) has been pounded by bad news this month. Following the announcement that founder and CEO Renaud Laplanche had resigned for alleged improprieties at the online lender, the bad news avalanche began.  One day it was a subpoena, the next it was a… Read More

May 23, 2016 @ 9:48 am By JD Alois  |  

Global consulting firm Deloitte has thrown some serious shade at the online lending industry. In a report entitled; “Marketplace Lending – A Temporary Phenomena?”, the firm makes the statement that traditional finance need not worry about the fast growing marketplace lending industry; “Our findings suggest… Read More

May 22, 2016 @ 11:20 pm By JD Alois  |  

While the marketplace or online lending industry has been hammered recently with negative news, WSJ.com is reporting that Moody’s has delivered the highest rating possible for a new bond deal coming out of SoFi. According to the report, the most recent bond securitization deal merited a… Read More

May 22, 2016 @ 11:38 am By JD Alois  |  

  Co-founded by CEO Emmanuel Marot, LendingRobot is a Fintech company that provides powerful tools for the smaller investor interested in investing in Lending Club, Prosper and Funding Circle loans. Peer to peer lending has morphed into marketplace lending as institutional money poured in. Meanwhile LendingRobot… Read More

May 19, 2016 @ 8:30 am By JD Alois  |  

UK peer to peer lender Zopa is moving into auto loan refinancing targeting a £12 billion used car loan market.  The new product is as significant expansion for the UKs largest P2P lender by loan volume as it seeks to diversify its offerings. Zopa is… Read More

May 18, 2016 @ 5:53 pm By JD Alois  |  

Lending Club (NYSE:LC) will remember May as the month from Hell as the hits just keep on coming. Following the forced resignation of founder and CEO Renaud Laplanche on May 9th due to loan irregularities, Lending Club has received a series of bad news. From… Read More

May 14, 2016 @ 10:38 am By JD Alois  |  

David Graff, Director of Google Global Product Policy, posted last week that Google has decided to terminate PayDay loan ads.  More specifically any loan ads when repayment is due within 60 days of the issue date. Google has periodically purged unwanted advertisements from their Adwords… Read More

May 10, 2016 @ 8:14 am By JD Alois  |  

The shock waves are still being felt around the global marketplace lending industry following the removal of Lending Club CEO and co-founder Renaud Laplanche. Lending Club has been the marquee sponsor of industry gathering Lendit in past years. The most recent gathering in San Francisco… Read More

May 9, 2016 @ 7:56 am By JD Alois  |  

Assetz Capital has launched a “30-day access account” or 30DAA to their list of options for investors. According to the online lender, the 30-day account follows on the heels of success of their Quick Access Account (QAA).  Assetz Capital has pushed forward with providing more… Read More

May 9, 2016 @ 7:21 am By JD Alois  |  

Lending Club (NYSE:LC) founder and CEO Renaud Laplanche has submitted his resignation to the board of directors following an internal review of a sale of loans to a single investor. According to the company, $22 million in loans were sold to a single investor against “express… Read More

May 8, 2016 @ 6:39 pm By JD Alois  |  

Australian peer to peer lending platform SocietyOne has completed another funding round that was revealed last month. This time SocietyOne raised $25 million in equity capital from traditional financial firms G&C Mutual Bank and the Maritime, Mining and Power Credit Union. The transaction was reported… Read More