Articles by deBanked Staff

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IOU Financial Posts $2.1 Million Loss in Q2

August 30, 2017
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red ink

IOU Financial’s Q2 loss was double that of Q1, according to their recently filed financial statements. The company lost $2.08 million (CAD) on $4.36 million in revenue. IOU had lost only $1 million in Q1 on nearly the same revenue. $393,814 of Q2’s expenses was a one-time cost related to contract cancellations, however. The company […]

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As Summer Winds Down, Square, Bitcoin, Yirendai Big Winners of the Year So Far

August 30, 2017
Article by:

summer is over

Yirendai, an online lender in China listed on the NYSE, is up 92% this year, according to the deBanked Tracker. China is reported to be the largest marketplace lending market in the world. Yirendai went public in December 2015 at the peak of the online lending bubble and the stock price has tripled since then. […]

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deBanked Golf Outing 2017 Photos

August 29, 2017
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deBanked Golf Outing in Carts

Thanks to Marine Park Golf Course in Brooklyn, NY for having us! And thanks to all who came and sponsored!

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Was Section 1071 of Dodd-Frank a Massive Mistake?

August 23, 2017
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CFPB Questions

Did Congress make a huge mistake by thinking small business loans were easily commoditized? Pursuant to Section 1071 of Dodd-Frank, the CFPB is planning to collect data from companies engaged in small business finance in order to potentially screen for discrimination against women and minorities. Before deciding how exactly they’re going to do that, they’ve […]

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Former CFO of Credibly Moves On to Western Funding

August 19, 2017
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Credibly’s former chief financial officer and product officer, Jim Murray, has moved on to become President of Western Funding, according to LinkedIn. Murray was with Credibly for 5 years, originally starting as the company’s chief operating officer.

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SoFi Hit With Class Action Lawsuit Over Wage Issues

August 19, 2017
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Five SoFi employees have joined together to file a class action lawsuit against SoFi in the Superior Court of California. According to the docket, Sean Pullen, Christina Cane, Michael Carrera, Matthew Taylor and Yulia Zamaora are claiming employment improprieties with regards to how wages were paid. The suit is separate from a similar suit that […]

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The Employee Suing SoFi Only Worked There for Three Months

August 15, 2017
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Courtroom

On Monday, several news outlets reported that a former employee of SoFi was suing for wrongful termination after he not only reported sexual harassment in the workplace, but also exposed an internal loan cancellation scheme designed to pad the bonuses of certain employees. According to the complaint, which you can read for yourself here, plaintiff […]

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Catching Up With Marketplace Lending – A Timeline

August 13, 2017
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5/17 – Funding Circle surpassed Zopa in cumulative lending to become the UK’s biggest marketplace lender 5/18 – Breakout Capital announced appointment of Douglas J. Lanzo as EVP and General Counsel 5/22 – The New York State legislature held a joint hearing on online lending 5/25 OnDeck had the maturity date of its $100M credit […]

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Damage From the Nulook Capital Bankruptcy Shows Up In GWGH Earnings

August 10, 2017
Article by:

broken window

In April, we reported that Nulook Capital, a boutique merchant cash advance funder on Long Island had declared Chapter 11. The move was seemingly a response to a lawsuit filed against them by a secured creditor, GWG MCA, a subsidiary of publicly traded financial services company GWG Holdings Inc. (NASDAQ: GWGH). In that bankruptcy, a […]

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Funding Circle Rebrands

August 10, 2017
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Funding Circle new vs old

Funding Circle is ditching their old circular logo with arrows in favor of a more modern purple logo. The website has also undergone a redesign as well. On the new website, the company states that they are “revolutionising a broken system” and emphasize that “we believe in those made to do more.” In a recent […]

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