Catching Up With Marketplace Lending – A Timeline

April 20, 2017 | By: deBanked Staff

This story appeared in deBanked’s Mar/Apr 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE

2/17

Prospa, an online small business lender based in Australia, was valued at $235M (AUD) in a $25M capital raise
Square announced funding $248 million worth of business loans in Q4 2016

2/21 A Massachusetts state court vacated a merchant cash advance COJ

2/24 SoFi raised $500M in a financing round led by Silver Lake Partners that reportedly gave SoFi a $4.3B valuation

2/27 Prosper Marketplace closed a loan purchase agreement with a consortium of lenders for up to $5 billion of loans that has a provision that also enables the lenders to buy up to 35% of the company

2/28 BlueVine secured a warehouse line of up to $75M from Fortress

3/1 Lendio launched a new franchise program, allowing local offices around the country to become Lendio franchisees

3/3 Citing Madden v Midland, Colorado regulator brought a federal lawsuit against Marlette Funding for violating the state’s usury cap

3/5 Two trade associations, the Innovative Lending Platform Association (ILPA) and the Coalition for Responsible Business Finance (CRBF), joined forces. The merged company will continue to be known as ILPA

3/6 Upstart raised $32.5M

3/7

It’s reported that former CAN Capital CFO Aman Verjee is now the COO of 500 Startups
Kabbage priced a $525M securitization. It was oversubscribed

3/9 Citing Madden v Midland, Colorado regulator brought a federal lawsuit against Avant for violating the state’s usury cap

3/13

Melvin Chasen, the founder of Rewards Network (originally Transmedia Network, Inc.) passed away. He was 88.
The New York State Assembly rejected the Governor’s proposal to grant the Department of Financial Services (DFS) regulatory authority over any online lender doing business in the state

3/15

The New York State Senate also rejected the proposal to further regulate lending
The OCC published a manual on how it will evaluate charter applications from fintech companies
The New York DFS published a statement rejecting the OCC’s plans
The WSJ reported that Marlette Funding was cutting nearly 1/5th of its workforce

3/16 WebBank announced that it had a net income of $29.2M for 2016 and that it had a market valuation of $319.4M

3/20 Prosper Marketplace announced that it had originated $2.2B in loans in 2016, down from $3.7B in 2015, and had a net loss of $119M.

3/21 It’s reported that Kabbage will set up its European headquarters in Ireland

3/22 OnDeck expanded its credit facility with Deutsche Bank by $52M to a total of up to $214M

3/27 IOU Financial wins Gold Stevie Award for Best Use of Technology in Customer Service

3/30 In Advance Capital announced that they had secured access to an additional $50M

4/5