Catching Up With Marketplace Lending – A Timeline

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

• 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

4/28

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

5/2

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

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

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