Catching Up With Marketplace Lending – A Timeline

June 13, 2017 | By: deBanked Staff

This story appeared in 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 to make changes
Fifth Third Bank partnered with Accion to support lending to underserved small businesses

4/17 Affirm surpassed the mark of making more than 1 million loans since inception

4/20 YieldStreet surpassed $100M in loans funded since inception

4/21 Glenn Goldman stepped down as Credibly’s CEO

4/25

4/26 State regulators sued OCC over fintech charter proposal

4/28

5/2

5/3

Prosper Marketplace disclosed that it miscalculated returns shown to retail investors
Square announced that they loaned $251M to small businesses in Q1
Nav raised $13M from investors that include Goldman Sachs and Steve Cohen’s Point72 Ventures

5/4

Vermont governor signed into law new licensing requirements for anyone soliciting loans to Vermont borrowers.
Lending Club announced that they loaned $1.96B in Q1

5/5 Thomas Curry steps down as OCC head, replaced by Acting Head Keith Noreika

5/8

OnDeck announced it was substantially reducing its workforce as part of its plan to achieve profitability. The stock price proceeded to hit record lows.
Dv01 announced reporting partnership with SoFi
With no IPO on the horizon, SoFi revealed that they began letting their employees sell some of their stock

5/9

In the United States District Court, The Southern District of New York ruled that a purchase of future receivables was not a loan largely because it was not absolutely payable. Colonial Funding Network, Inc. as servicing provider for TVT Capital, LLC v. Epazz, Inc. CynergyCorporation, and Shaun Passley a/k/a Shaun A. Passley
The value of 1 Bitcoin surpassed $1,700.

5/10

CFPB announces that it will begin work on small business loan data collection pursuant to Section 1071 of Dodd-Frank.
CFPB publishes a white paper on small business lending
SoFi revealed that they will apply for an industrial bank charter

5/12 NY’s banking regulator sued the OCC over its proposed fintech charters

5/15
Prosper announced that they lent $585M in Q1 and had a net loss of $23.9M

5/16

Media outlets reported that SoFi is expanding into wealth management
Lending Club named PayPal’s former head of Global Credit Steve Allocca as President
OnDeck’s share price hit a new all-time low

Last modified: August 13, 2018