Catching Up With Marketplace Lending – A Timeline

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5/17 – Funding Circle surpassed Zopa in cumulative lending to become the UK’s biggest marketplace lender

5/18 – Breakout Capital announced appointment of Douglas J. Lanzo as EVP and General Counsel

5/22 – The New York State legislature held a joint hearing on online lending


  • OnDeck had the maturity date of its $100M credit facility extended
  • China Rapid Finance reported Q1 net revenue of $10.5M
  • Prosper Marketplace closed $495 securitization transaction
  • SoFi co-founder Dan Macklin announced his departure from the company

5/31 – IOU Financial reported Q1 results, had $1M loss on $4.3M in revenue and lent (CAD) $22.1M

6/2 – Zopa began allowing investors to sell loans that have previously been in arrears
New York State legislators proposed the formation of an online lending task force

6/6 – deBanked and Bryant Park Capital published their Q1 confidence index in which industry CEOs scored their confidence in the continued success of the MCA and small business lending industry at 73.8%, the lowest level since the survey started in Q4 2015. It peaked at 91.7% in Q1 2016.

6/8 – Amazon surpassed $3 billion in loans made to small businesses since their lending program launched

6/9 – RealtyMogul announced that they had exited the residential fix-and-flip market

6/12 – The US Treasury published a report that called for the repeal of Section 1071 of Dodd Frank


  • SoFi applied for a bank charter, specifically an Industrial Loan Company charter
  • Lendio announced a pilot agreement with Comcast business

6/14 – Patch of Land expanded its debt facility from $10M to $30M

6/19 – Goldman Sachs’ online lender Marcus surpassed $1 billion in loans made since inception

6/20 – Former Lending Club CFO Carrie Dolan joined Metromile, an insurance company, as CFO LendingTree acquired MagnifyMoney

6/21 – Pearl Capital secured $15M in financing from Chatham Capital Management


  • Square Capital announced that it will pilot a consumer loan program
  • Former RapidAdvance CFO Rajesh Rao became the CFO at Beyond Finance, Inc.


  • Funding Circle hired Joanna Karger as US Head of Capital Markets and Richard Stephenson as US Chief Compliance Officer
  • Pave suspended lending operations
  • Ron Suber, president of Prosper Marketplace, announced that he was stepping down from the company
  • The SEC announced that all companies will now be able to submit draft IPO registrations confidentially, a perk previously only reserved for businesses designated as “emerging growth companies” under the JOBS Act.


  • PayPal Holdings Inc announced that it had invested in LendUp
  • Yellowstone Capital announced that they had funded $47 million to small businesses in the month of June

7/3 – Funding Circle announced that Sean Glithero had joined the company as its new global CFO

7/5 – Lending Club appointed Ken Denman to its Board of Directors


  • CAN Capital announced that they had been recapitalized and were resuming funding operations
  • Orchard Platform and Experian announced a strategic collaboration on data


  • CFPB announced that it was extending the deadline of its small business lending RFI from July 14th to September 14th


  • China Rapid Finance announced that they had made 20 million cumulative loans since inception
  • CFPB announced new arbitration rule that effectively bans class action waivers from consumer finance contracts
  • Former OnDeck VP of External Affairs and Associate General Counsel Daniel Gorfine, was appointed by the Consumer Future Trading Commission to be Director of LabCFTC and Chief and Innovation Officer


  • dv01 and Upgrade (Former Lending Club CEO Renaud Laplanche’s new company) announced a strategic reporting partnership
  • PayPal hired former Amazon executive Mark Britto to lead its lending business
  • Fora Financial expanded its credit facility led by AloStar

See previous timelines:
4/6/17 – 5/16/17
2/17/17 – 4/5/17
12/16/16 – 2/16/17
9/27/16 – 12/16/16

Last modified: September 17, 2017

Category: Industry News, Marketplace Lending

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