Articles by deBanked Staff

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If Kabbage Wanted to Buy, Would OnDeck Sell?

March 24, 2017
Article by:

OnDeck Capital

A single line in a Reuters story was enough to cause OnDeck’s stock to jump by as much as 11% on Thursday. Industry blogs and news outlets had reacted pretty quickly to word of an unnamed source claiming that OnDeck is a potential acquisition target if Kabbage raises a new equity round. OnDeck closed for […]

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OnDeck CEO Noah Breslow Talked Tech Worker Shortage in Canada on BloombergTV

March 22, 2017
Article by:

Canada

On BloobergTV Canada, OnDeck CEO Noah Breslow explained what he thought the country could do to boost innovation. The discussion stemmed from Canada’s decision to set aside C$800 million over the next four years to carry out that objective. Breslow said that since Canada has excellent schools, those graduates can be nurtured into forming businesses […]

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Prosper Lost A Whopping $119 Million in 2016

March 20, 2017
Article by:

Prosper Marketplace

Prosper might be the online lender for the who’s who of Wall Street these days, but the company still lost $119 million in 2016. To add perspective, Prosper only had $136 million in revenue for the year, meaning that for every dollar it earned it spent almost two. The loss was also more than 4x […]

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WebBank Releases Earnings, Market Valuation

March 20, 2017
Article by:

Utah flag on money

WebBank, a Salt Lake City-based bank commonly used by online lenders such as Avant, CAN Capital and Prosper to make loans nationwide, reported year-end figures last week through an SEC filing. The company is 91.2% owned by Steel Partners Holdings L.P (NYSE:SPLP). The bank reported net income of $29.2 million for 2016. “Despite significant declines […]

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Dear Fintech, The OCC Wants to Welcome You to The Family

March 16, 2017
Article by:

banks

Congratulations fintech, you did it. The OCC wants fintech companies who are interested and meet the criteria, to apply for a Special Purpose National Bank (SPNB) charter if they so choose, according to a licensing manual published by the agency. “Providing a path for fintech companies to become national banks can make the financial system […]

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How Whitepages Turned Their Data into an Identity Verification Tool for Online Lenders

March 15, 2017
Article by:

Whitepages Pro

Whitepages might be a 20-year old company but the data they’ve amassed over time can add significant value to online lenders, the company claims. Whitepages Pro, which offers identify verification, allows lenders to gauge if an individual is real. “It examines fraud risk, not credit risk,” company CEO Rob Eleveld said in a brief interview […]

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Kabbage CEO Rob Frohwein Pokes Fun at “Alternative Lending”

March 14, 2017
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Alternative Lending is just lending

At LendIt, Kabbage CEO Rob Frohwein poked fun at alternative lending, suggesting that it should just be called lending. His presentation, titled “Alternative Lending is Dead Long Live Data,” put the last few years of irrational exuberance into perspective. Below are some of his one-liners: “You don’t disrupt banks by focusing on the advantages that […]

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Brief: Former CAN Capital CFO Moves On

March 9, 2017
Article by:

news

According to the WSJ, Aman Verjee, who was CAN Capital’s CFO up until late last year, has taken the COO position at 500 Startups. The company has invested in more than 1,800 startups across more than 60 countries. According to the website, “500 Startups was founded in 2010 by former PayPal and Google alumni Dave […]

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In The UK, Regulators Advise Where The Line Between Banks and Non-banks Lies

March 1, 2017
Article by:

UK Flag

Online lenders shouldn’t be borrowing money from other online lenders and using that money to lend, the Financial Conduct Authority in the UK warned on Tuesday. Doing so without regulatory permission, they explained, would constitute accepting deposits and be a criminal offense. A copy of the official letter signed by Jonathan Davidson, Director of Supervision […]

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For Lending Club Borrowers, Interest Now Accrues During Grace Periods

February 26, 2017
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Lending Club CEO Scott Sanborn Presents at Money2020

On February 24th, Lending Club eliminated a courtesy that had long been afforded to borrowers, interest waivers during grace periods. Specifically, borrowers who missed a monthly payment were given 15 extra days to make the payment with no extra interest assessed or late fees. Going forward, interest will indeed accrue during grace periods. “we are […]

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