Catching Up With Marketplace Lending – A Timeline

| By:

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


  • 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


  • SmartBiz Loans announced partnership with Sacramento-based Five Star Bank
  • CommonBond begins offering loans to undergrads directly

4/26 State regulators sued OCC over fintech charter proposal


  • IOU Financial announced that they loaned $107.6M to small businesses in Q1
  • China Rapid Finance announced their IPO


  • Funding Circle closed their online forum
  • Elevate’s Debt facility with Victory Park Capital increased from $150M to $250M


  • 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


  • 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


  • 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


  • 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.


  • 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

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


  • 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

See previous timelines:
2/17/17 – 4/5/17
12/16/16 – 2/16/17
9/27/16 – 12/16/16

Last modified: August 13, 2018

Category: Marketplace Lending

Home Marketplace Lending › Catching Up With Marketplace Lending – A Timeline