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
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Social Finance CEO Mike Cagney always does things a bit differently. The alternative lender, commonly known as SoFi, began in student loan refinancing but quickly expanded to other arenas, such as mortgages and personal loans, It announced yesterday it was launching a hedge fund to invest in its own loans. SoFi typically does notRead More
The white-hot fintech space saw its largest capital raise ever yesterday, with a whopping $1 billion handed to marketplace lender Social Finance, or SoFi, in a Series E round led by SoftBank. SoFi is now valued at over $4 billion. The money hasn’t (completely) gone to founder and CEO MikeRead More
Marketplace lending is booming — but where are the borrowers? The LendItUSA event, taking place in New York this week, has trumpeted the victories of marketplace lending, and they are considerable: $9 billion in consumer loans written by marketplace lenders in the US alone in 2014, not to mention $5 billion in smallRead 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
The Seattle, U.S.-based startup has just raised approximately $3 million in a Series A round led by European VC Runa Capital, money it’ll use to further develop its product and to ‘accelerate’ growth.