A Q4 To Remember – A Timeline

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This story appeared in deBanked’s Nov/Dec 2016 magazine issue. To receive copies in print, SUBSCRIBE FREE

In case you haven’t noticed, it’s been an interesting few months for alternative finance. The below timeline is an expanded version of what appears in the print version of our Nov/Dec magazine issue.

9/27 Able Lending secured $100 million in debt financing

9/30 The FTC won a judgement of $1.3 billion against payday loan kingpin Scott Tucker, its largest ever award through litigation

10/11 The United States Court of Appeals for The District of Columbia ruled the CFPB’s organizational structure unconstitutional. To remedy, the agency will either have to convert its one-person directorship to a multi-member commission or the director will have to report to the President of the United States. The CFPB is appealing the decision.

10/13 Affirm secured $100 million in debt financing


  • CircleBack Lending was reported to have ceased lending operations
  • Goldman Sachs unveiled its new online consumer lending division, Marcus

10/20 CommonBond secured a $168 million securitization deal

10/24 Bizfi announced that John Donovan had joined the company as CEO. Donovan was the COO of Lending Club from 2007 to 2012.


  • Expansion Capital Group announced new management team. Vincent Ney, the company’s majority shareholder became the CEO
  • Lendio raised $20 million through a new equity round led by Comcast Ventures and Stereo Capital
  • Lending Club announced its foray into the $1 trillion auto refinancing market


  • Cross River Bank raised $28 million in equity led by Boston-based investment firm Battery Ventures along with Silicon Valley venture capital firms Andreessen Horowitz and Ribbit Capital
  • Square beat earnings estimates and extended $208 million through 35,000 loans in Q3


  • OnDeck announced earnings, continued use of balance sheet to fund loans and extended $613 million in Q3
  • Independent merchant cash advance training course goes live, allowing brokers and underwriters to earn a certificate

11/4 SEC concluded its investigation into Lending Club

11/7 Lending Club announced earnings and a deal to sell $1.3 billion worth of loans to a National Bank of Canada subsidiary

11/8 CFG Merchant Solutions secured a $4 million revolving line of credit

11/9 Donald Trump became the President-Elect


  • Fintech leader Peter Thiel joins the executive committee of Trump’s transition team
  • Kabbage appointed Amala Duggirala as Chief Technology Officer and Rama Rao as Chief Data Officer

11/14 Prosper’s CEO Aaron Vermut, stepped down


  • UK-based p2p lender Zopa applied for a banking license
  • Small business lender Dealstruck reportedly ceases lending operations
  • Former Lending Club CEO revealed to be launching a new rival, Credify


  • LiftForward secured a $100 million credit facility
  • Prosper filed their Q3 10-Q, revealing that they only originated $311.8 million in loans for the quarter compared to $445 million in Q2
  • The IRS sent a broad request to Coinbase, the nation’s largest bitcoin exchange, as part of a hunt for tax evaders
  • PeerStreet raised a $15 million Series A funding round led by Andreessen Horowitz

11/18 P2Bi raised $7.7 million in venture financing

11/22 LendIt announced the first ever industry awards event

11/29 Three C-level executives at CAN Capital are placed on a leave of absence after the company identified assets that were not performing as expected


  • Total Merchant Resources secures $20 million in private equity, launches wholesale funding division
  • Bitcoin-based P2P lending platform BitLendingClub shuts down
  • OCC announces they are moving forward with a special purpose national charter for fintech companies

12/8 Former CEO and co-founder of World Wrestling Entertainment tapped to run Small Business Administration

12/9 OnDeck announced new $200 million revolving credit facility with Credit Suisse

12/12 Knight Capital Funding announced new Chief Data Scientist

12/13 Fifth Third Bank is reported to buy a stake in franchise marketplace lender ApplePie Capital

12/14 BlueVine raised $49 million in Series D funding


  • Swift Capital named Tim Naughton as Chief Legal Officer
  • John MacIlwaine, Lending Club’s Chief Technology officer, submitted his resignation to the company to pursue another opportunity

12/16 CAN Capital is reported to have laid off more than 100 employees

This article is from deBanked’s Nov/Dec 2016 magazine issue. To receive copies in print, SUBSCRIBE FREE

Last modified: August 13, 2018

Category: Marketplace Lending

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