Post Tagged with: "marketplace lending"

Elevate Launches Research Body for ‘New Middle Class’

Elevate Launches Research Body for ‘New Middle Class’

by October 25, 2016 at 9:16 am 0 comments

Alternative lending is an area ripe for development and innovation, which is probably why it’s one of the core topics of discussion at this year’s Money20/20 conference currently taking place in Vegas, baby. From the turbulent story of Lending Club to the constant regulatory pressure–as well as fundamental shifts likeRead More

Is the CFPB Ruling Important for the Future of Fintechs?

Is the CFPB Ruling Important for the Future of Fintechs?

by October 17, 2016 at 4:37 pm 1 comment

Recently a federal appeals court decided that the Consumer Finance Protection Bureau—a federal organization designed to safeguard against some of the pitfalls that led to the 2008 crisis—had been operating unconstitutionally, something which is certainly a blow to the agency itself and will no doubt have ramifications for how itRead More

Goldman Sachs Takes on Marketplace Lending with Marcus

Goldman Sachs Takes on Marketplace Lending with Marcus

by August 19, 2016 at 1:27 pm 3 comments

Today it was revealed that banking giant Goldman Sachs will be launching an online retail lending operation called Marcus, after founder Marcus Goldman, as reported by the New York Times, The operation will likely roll out this October, and will start by offering small consumer loans from $15,000 to $20,000. This follows the launch of GSRead More

Lending Club Mulls Committing Capital to Venture Fund After Brutal 2Q

Lending Club Mulls Committing Capital to Venture Fund After Brutal 2Q

by August 9, 2016 at 11:29 am 2 comments

Lending Club survived a brutal second quarter (barely) and is considering some fundamental changes to thrive going forward. Specifically, the beleaguered marketplace lender will consider committing investor capital to a venture fund. The company’s president and acting CEO, Scott Sanborn, began yesterday’s earnings call by noting that the good news aboutRead More

Regions to ‘Refresh’ Digital Offerings as Avant Comes Online

Regions to ‘Refresh’ Digital Offerings as Avant Comes Online

by July 20, 2016 at 11:24 am 1 comment

Regions Financial Corp. is using its upcoming Avant deployment as an opportunity to “refresh” its digital offerings. The bank’s CEO, Grayson Hall, said yesterday during the company’s earnings call that the Avant loan application service will go live next month. The Regions-Avant partnership was announced last April. “[W]e’re in the process evenRead More

Russian Startup Blackmoon Offers ‘Marketplace Lending as a Service’ in U.S.

Russian Startup Blackmoon Offers ‘Marketplace Lending as a Service’ in U.S.

by July 6, 2016 at 11:17 am 2 comments

Marketplace lending in the U.S. has endured difficult times recently, with both Lending Club and Avant announcing drastic cuts in the same week. A startup has arrived from Russia arrived in the U.S. yesterday with a new take on how to approach the marketplace lending puzzle. Moscow-based Blackmoon offers a MPLaaS (marketplaceRead More

Rebuilding Lending Club ‘Brick By Brick’

Rebuilding Lending Club ‘Brick By Brick’

by June 28, 2016 at 3:58 pm 3 comments

Lending Club has had a busy seven weeks, following the scandalous exit of its CEO. After the announcement of its new CEO Scott Sanborn – and the layoff of 179 employees – this morning, Lending Club held an annual Shareholders Meeting, where executives detailed the roadmap to rebuilding volume to its previousRead More

OnDeck Maintains ‘Hybrid’ Funding Approach

OnDeck Maintains ‘Hybrid’ Funding Approach

by June 10, 2016 at 12:48 pm 0 comments

OnDeck Capital Inc. is keeping up with its “hybrid” funding model to withstand the rockiness of marketplace lending, COO James Hobson said. In its latest earnings report, the lender said that only 15% of its originations were funded through marketplace lending, compared with 35% to 45% in the fourth quarter ofRead More

Despite Subpoena, OCC Taps Lending Club for ‘Responsible Innovation’ Guidance

Despite Subpoena, OCC Taps Lending Club for ‘Responsible Innovation’ Guidance

by May 17, 2016 at 11:29 am 0 comments

The Office of the Comptroller of the Currency announced yesterday that it was turning to — brace yourself — Lending Club for guidance on “responsible innovation.” Lending Club disclosed yesterday that it was subpoenaed by the Department of Justice. On June 23, the OCC will hold a forum entitled, “Supporting ResponsibleRead More

Scandal Rocks Lending Club, Laplanche Ousted

Scandal Rocks Lending Club, Laplanche Ousted

by May 9, 2016 at 9:07 am 7 comments

Investors were looking to today’s Lending Club Corp. earnings as a sign of validation for the troubled marketplace lending sector. Instead, they got scandal. The company said Renaud Laplanche has resigned as chief executive and chairman after an internal review found sales of $22 million in near-prime loans to aRead More