Industry News

Marathon Partners Targets OnDeck Capital

April 17, 2017
Article by:

OnDeck NYSE

Marathon Partners, which owns 1.25 million shares of OnDeck Capital, has drawn a line in sand on the shore of the online lender. The private investor is urging OnDeck, whose share price has shed approximately three-quarters of its value since its IPO, to lower its risk profile amid lofty overhead expenses, which Marathon believes are […]

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4th Alleged Co-conspirator in Fake Debt Settlement Company Arrested

April 14, 2017
Article by:

handcuffs and money

A 4th individual has been arrested in connection with the alleged business loan debt settlement fraud perpetrated by Corporate Restructure Inc. Vanessa Cardona a/k/a Emily Goldstein, was arrested right outside of Scardale, NY in February and charged with mail fraud. According to the criminal complaint, she and her main accomplice, Sergiy Bezrukov a/k/a John Butler, […]

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Sneak Peek at the Mar/Apr 2017 Issue of deBanked

April 11, 2017
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Mar/Apr 2017 deBanked Tease

In the March/April 2017 issue of deBanked magazine, we delve into the industry’s latest trend, the push back towards traditional banking. The featured story is titled accordingly as “Re-Banked” and our many sources lay out a compelling narrative. Our cover, a sketch of a young tech CEO shedding the hoodie to reveal the suit-and-tie attire […]

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StreetShares Reports $2.8M Loss on Just $277,000 in Revenue For Last Six-Month Period

March 30, 2017
Article by:

Veterans small business lending

StreetShares, an online small business lender that is self-described as proudly veteran-run, published their most recent financial statements with the SEC earlier this week. For the six-month period ending December 31st, 2016, StreetShares recorded a $2.8 million loss on $277,883 in revenue. Over the same period in the prior year, they recorded a $1.35 million […]

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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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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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Square Capital Made More Loans, Maintained Default Percentage, Continued to Show Why They’re A Tough Competitor in Fintech Loan Market

February 22, 2017
Article by:

Square IPO

Square has continued to set itself apart in the fintech lending space. The company announced Wednesday that Square Capital had facilitated 40,000 business loans for a total of $248 million in the fourth quarter of 2016. And they did that while holding their default rate at 4%. A look at their recent loan volume compared […]

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Prospa, Now Valued at $235 Million, is a Major Online Small Business Lender

February 22, 2017
Article by:

deBanked Down Under

Online small business lending in Australia is taking off, especially for Sydney-based Prospa, who according to the Australian Financial Review, has slightly more than half of the industry’s market share. The company just announced a $25 million (AUD) equity round led by AirTree Ventures that pegged Prospa’s value at $235 million (AUD). Prospa is significant […]

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Layoffs, Big Losses for OnDeck in Q4

February 16, 2017
Article by:

red ink

OnDeck weathered a brutal fourth quarter driven largely by an increase in provision for loan losses which increased to $55.7 million, up from $20.0 million in the comparable prior year period. $18.7 million of this can be attributed to loans with original maturities of 15 months or longer whose performance has deviated or is expected […]

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