In a stunning vote, British citizens decided to leave the European Union, and the so-called Brexit has not just profound implications for fintech, but creates massive uncertainty for global financial services. “How can we be so stupid?” tweeted Eileen Burbidge, a partner at Passion Capital and FinTech Envoy of HMRead More
Post Tagged with: "Funding Circle"
Tremors are running through the alternative lending space. Prosper raised rates, cut staff, and saw a chilly reception from investors for its latest securitization. OnDeck saw shares slide to 30% of their IPO value. Avant called off several new product launches and also cut staff. Perhaps most ominously, Lending Club CEO Renaud Laplanche suddenly stepped down whenRead More
You could have bought Priceline stock below $10 in 2001. For many years you had little to show for it. From then until 2008, you had some appreciation, but not much. Then the stock shot up above $1,000 (as of writing it is $1,261). Yes that is 100x return fromRead More
That’s what the industry needs: competing marketplace lending associations. Today, the three big names in marketplace lending (for now — more on that below) that were not in the just-launched Marketplace Lending Association have formed the Innovative Lending Platform Association. This is Funding Circle, Lending Club and Prosper Marketplace of the Marketplace LendingRead More
Marketplace lenders are getting together — well, three of them, anyway. Marketplace lenders Funding Circle, Lending Club and Prosper announced Wednesday the formation of the Marketplace Lending Association, a nonprofit organization that will “promote responsible business practices and sound public policy to benefit borrowers and investors.” It’s a move likely influenced by theRead More
Atlanta-based small business lender Kabbage is snapping up bank deals in Europe. Yesterday, the company announced it had reached an agreement with Santander UK to serve the bank’s SME customers. This follows a similar deal with ING in Spain last October. “Kabbage’s business growth throughout Europe, the Middle East and Africa has been exponentialRead More
Funding Circle and Kabbage, both alternative lenders for small businesses, are heading across the pond. Marketplace lender Funding Circle, which began in the U.K. in 2010 before moving to the U.S. in 2013, is expanding to continental Europe with the acquisition of Berlin-based Zencap, announced Oct. 20. This fits Funding Circle’s growth strategyRead More
Affirm Inc., the POS lender, closed a $275 million round today, which coincides with climbing traffic. The site is now hosting around 80,000 unique visitors a month. SimilarWeb.com estimates that Affirm.com is getting around 250,000 visitors per month now. By comparison, PayPal.com, the site Affirm’s founder, Max Levchin, helped launch,Read More
Lending Club and Funding Circle do not want to replace banks — they want to work with them. Marketplace lenders such as Lending Club and Funding Circle are often cited as threats to the very existence of banks, but to hear them tell it, they’re more interested in partnering with banksRead More
It is not often that a company aims to turn auto finance into something else entirely, but that is exactly what Sierra Auto Finance intends to do with its launch of DriverUp today.