Online Lending

Credit Karma Moves Towards Home Mortgages with Acquisition

August 20, 2018
Article by:

home equity

Credit Karma acquired Approved last week, according to a blog post written by Approved CEO and founder Andy Taylor. Approved is a platform that simplifies and facilitates the process of obtaining home mortgage loans. “When we left Redfin three years ago to tackle the often painful and tedious process of getting a home loan, nearly […]

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SoFi Has Massive Loss in Second Quarter

August 7, 2018
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SoFi sign

SoFi had a second quarter adjusted loss of about $200 million, according to a Bloomberg story from yesterday, citing people familiar with the company’s situation. “Our Q2 financial results were negatively impacted by significantly lowered valuation of legacy loans and assets as well as the slow start to increasing prices in the face of a […]

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CommonBond Issues Securitization

August 3, 2018
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CommonBond  Student Loan Refinancing   Consolidation

CommonBond, which helps people finance student loans, announced today its second AAA-rated securitization from Moody’s and DBRS. At $292 million of total collateral, the transaction is the company’s largest to date. It is CommonBond’s second securitization of 2018 and its seventh altogether. The company, which competes with SoFi, now has a total securitized loan amount […]

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Square Capital is Funding $130 Million a MONTH

August 1, 2018
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Outside the Square Headquarters in San Francisco

Today Square released its Q2 2018 earnings, revealing that in the second quarter Square Capital facilitated over 60,000 business loans totaling $390 million. This is an increase of 22% year over year, and a 13% increase compared to last quarter’s loan volume of $339 million. Square’s growth was also driven by its Instant Deposit, Caviar […]

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PayPal’s Actions Convey Continued Expansion of Lending Business

July 27, 2018
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paypal

PayPal announced its Q2 2018 earnings yesterday. Notably, total payment volume grew 27%, which is 1% higher than Q2 of last year. And the popular payment app Venmo, which is owned by PayPal, grew 78%, only slightly less than its growth of 80% from the last quarter. As expected by Wall Street analysts, revenue growth […]

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Elevate Offers Prime-like Credit Card to Non-prime Consumers

July 23, 2018
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Credit Cards

Last week, Elevate (NYSE: ELVT) launched the Today Card, a credit card for non-prime consumers with features typically included only on cards for prime users. Some of the features for the new card include credit lines up to $3,500, a mobile app where consumers can check their balance, pay their bills, zero liability fraud protection, […]

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Australia Brimming with Alternative Lending Activity

July 18, 2018
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Australia Lending

OnDeck announced today that it has closed on a $75 million (AUD) asset-backed revolving credit facility with Credit Suisse for its business in Australia. This will be used to refinance OnDeck Australia’s current loan book at a significantly lower cost, as well as to fund future originations there.   This comes shortly after Lending Express […]

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DFS Releases Recommendations for Online Lending

July 12, 2018
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One Commerce Plaza, Albany, NY

At left, One Commerce Plaza where DFS’ Albany office is based The New York State Department of Financial Services (DFS) released a report on Wednesday on the subject of online lending in the state. The report was mandated by a bill signed by New York Governor Andrew Cuomo on June 1 of last year. According […]

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Australian Lenders Commit to Best Practices Code

July 10, 2018
Article by:

deBanked Australia

Six small business fintech lenders operating in Australia, including OnDeck, have signed a self-imposed “code of best practice lending principles,” according to a recent statement from Prospa, one of Australia’s largest online small business lenders. This comes shortly after Prospa paused its June IPO, having received a letter from the Australian Securities and Investments Commission […]

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LendingPoint Gets Increase in Financing

June 28, 2018
Article by:

Tom Burnside, LendingPoint

Tom Burnside, CEO, LendingPoint LendingPoint announced today that it closed an increase of its mezzanine financing, bringing the total of the facility from Paragon Outcomes Management to $52.5 million. Mezzanine financing is a hybrid of debt and equity financing. Paragon and LendingPoint initiated a relationship with its first credit facility in January 2017 for $20 […]

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