United Capital Source is Now Licensed in California
United Capital Source, the company featured in deBanked’s September/October magazine issue, announced that they’ve become licensed by the State of California Department of Business Oversight as a finance lender and broker. “With its new license, UCS will be writing high quality loans for California small business owners,” Weitz wrote. California attorney Paul Rianda wrote a
Read on deBanked | By: Sean Murray
Are Retail Investors Really The Secret to Marketplace Lending Stability?
One anecdotal lesson that marketplace lenders seem to be circulating in 2016 is that outside institutional capital alone isn’t enough to succeed long term, at least on the consumer lending side where the yield spreads are typically narrower. Retail investors are crucial, some of them say, to achieve balance. In late March for example, a
Read on deBanked | By: Sean Murray
The Fed’s Analysis of Online Lender Satisfaction is Bogus
A strange statistic about borrowers and their supposed overwhelming dissatisfaction with online lenders is circulating where it shouldn’t be. Only 15% of small business borrowers were satisfied with the loan they were approved for by an online lender, according to a Federal Reserve study published back in March. That’s actually not even what the study
Read on deBanked | By: Sean Murray
OnDeck Sets Q2 Earnings Date And…
OnDeck has one thing going for it when it releases its Q2 earnings on August 8th, the fact that the market seems to be anticipating bad news at every turn for the marketplace lending industry right now. A large drop in Q2 origination volume, if that is in fact what they report, would probably just
Read on deBanked | By: Sean Murray
Fintech Hearing Summary (7/12/16)
A hearing about marketplace lending put on by the House Subcommittee on Financial Institutions and Consumer Credit covered a wide array of topics on Tuesday. From merchant cash advance to business loans to consumer loans, the witnesses tried to help members of Congress understand the circumstances in their respective industries. Parris Sanz, the Chief Legal
Read on deBanked | By: Sean Murray
Farewell, and Thank You, to Vouch
It has been a little over a month since Vouch went under. There are no words to describe what that felt like - "how could it all be just... over?" Just like that. We announced to the Vouch team after
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Should Marketplaces Have Skin In The Game?
This article is from deBanked’s May/June 2016 magazine issue. To receive copies in print, SUBSCRIBE FREE These answers were offered by the following execs to the question over whether or not lending marketplaces should have skin in the game, during a panel at LendIt in April. Gilles Gade, Cross River Bank YES Jeffrey Meiler, Marlette
Read on deBanked | By: deBanked Staff
Marketplace Lending Hearing To Be Held By House Subcommittee
On July 12th, the Subcommittee on Financial Institutions and Consumer Credit is scheduled to hold a hearing to examine the opportunities and challenges specifically in online marketplace lending. Among the witnesses offering testimony will be Parris Sanz, Chief Legal Officer of CAN Capital and Sachin Adarkar, General Counsel of Prosper Funding. Rob Nichols, the CEO
Read on deBanked | By: Sean Murray
Fundry Secures $75 Million Credit Line, Confirming That This Niche Is Still Hot
Fundry has secured a new $75 million credit line, according to the company’s CEO Isaac Stern. The transaction was facilitated by Brean Capital and Pi Capital. Fundry is commonly known by one of their subsidiary companies, Yellowstone Capital. According to a document obtained by deBanked, the company did more than $40 million in deals last
Read on deBanked | By: Sean Murray
American Express Expands Business Loan Options
American Express is expanding beyond their merchant financing program. The new Working Capital Terms program makes small business owners who are simply Amex cardholders, eligible for funding as well. There’s a catch however. The funds must be used to pay vendors, according to Bloomberg, a process which Amex controls by paying the vendors on the
Read on deBanked | By: Sean Murray