Marketplace Lending

Fintech Remains Loyal to Prosper & Suber

July 10, 2017
Article by:

Prosper Marketplace

When deBanked reached out to fintech market participants for comment on Ron Suber’s sudden departure as Prosper’s president, the responses were the same — ‘anything for Ron.’ Dubbed the Godfather of fintech, Suber might deserve superhero status given the recapitalization that he and the Vermuts led half a decade ago to save Prosper Marketplace. That […]

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Catching Up With Marketplace Lending – A Timeline

June 13, 2017
Article by:

A timeline of alternative finance

This article is from deBanked’s May/June 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE 4/11 Regions Bank recruited Kabbage’s chief technology officer, Amala Duggirala, to become its chief information officer 4/12 Federal Reserve Published their 2016 Small Business Credit Survey 4/13 Marathon Partners, a minority shareholder of OnDeck, publicly called on the company […]

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Upstart’s Average Borrower

June 12, 2017
Article by:

upstart logo

Online lender Upstart considers more than 10,000 variables such as an applicant’s education, academic performance, and employment background, according to their website, a proprietary system they say is used to detect “future prime” borrowers. But according to a recent Kroll Rating Agency report, their borrower base looks prime even by traditional standards in that their […]

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Marketplace Lending: The Next 10 Years

June 7, 2017
Article by:

Looking out at the future

The marketplace for consumer and small-business loans has come a long way over the last 10 years. Since the early days of peer-to-peer lending, there has been a great proliferation of new types of intermediaries creating new layers of distribution for the risk involved with the lending process. Now marketplace lending has reached an inflection […]

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Sneak Peek of Our May/June 2017 Magazine Issue

June 5, 2017
Article by:

deBanked May/June 2017

Move over New York, California and Florida because Texas has become a strong incubator for alternative small business finance. In this newest deBanked magazine issue, we went to Dallas-Fort Worth, Austin and Corpus Christi to find out how and why non-bank financing products are flourishing. We were impressed by what we found and inspired just […]

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Old Woes Continue to Hang Over Lending Club

May 26, 2017
Article by:

Renaud Laplanche at LendIt

Former Lending Club CEO Renaud Laplanche at LendIt in 2016 A class action lawsuit filed against Lending Club last year isn’t going away. On Thursday, United States District Judge William Alsup denied parts of Lending Club’s motion to dismiss, meaning that the securities fraud case will continue to move forward. The complaint touched on several […]

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Lending Club Raises Minimum Deposit Amount for New Investors

May 18, 2017
Article by:

Scott Sanborn - Lending Club

The micro retail investor can no longer experiment with peer-to-peer lending through just a handful of loans, according to a recent announcement made by Lending Club. Going forward, new users must deposit at least $1,000 to get started. Those investors can still allocate $25 per loan, however. The reason for the deposit increase? Forced diversification. […]

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Prosper Loaned $585M in Q1, Losses Continued

May 16, 2017
Article by:

Prosper Marketplace

Prosper had a net loss of $23.9 million in Q1 on only $30.8 million in revenue, according to the 10-Q they filed Monday. They originated $585.6 million in loans, 90% of which were funded through their Whole Loan Channel, the segment made up of accredited and institutional investors who buy entire loans. Prosper had 371 […]

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System Error: Prosper Showed Incorrect Returns to Investors

May 3, 2017
Article by:

Prosper Marketplace

Investor returns weren’t what they claimed for at least seven quarters, according to a notice Prosper issued on Wednesday. It recently came to our attention that the annualized net return numbers displayed on your account overview page were inaccurate due to a system error. This error affected the Annualized Net Return and Seasoned Net Annualized […]

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Re-Banked

April 23, 2017
Article by:

reBanked

This article is from deBanked’s Mar/Apr 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE Just a few years ago, the financial services community was fixing for a battle of David and Goliath proportions—with scrappy, upstart online lenders threatening to rise up and vanquish the fearful and mighty brick and mortar banks. Instead, the […]

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