Marketplace Lending News Roundup – May 19


During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

LendingClub and OnDeck Earnings, KABB 2017-1 Deep Dive from PeerIQ – The PeerIQ newsletter has LendingClub and OnDeck earnings commentary and a deep dive on the additions to the 2017 Kabbage securitization.

Santander UK to launch digital financing platform for SMEs from BankingTech – Yet another large bank working on a new online lending platform. This time it is Santander with a new small business lending platform in the works.

Banks struggle to combat the cyber crime bad guys from Financial Times – While the financial services industry makes great strides in technology, so too do the cyber criminals. We need to do better in fighting this battle.

Goldman Sachs eyes Germany for expansion of Marcus from Financial Times – The expansion plan for Marcus continues as Goldman Sachs look to launch in the UK shortly and Germany next year.

I’ve Paid $18,000 To A $24,000 Student Loan, & I Still Owe $24,000 from Bustle – Fascinating piece putting a human face on the $1.4 trillion student loan crisis. Many of today’s graduates will be in debt for a very long time.

Former Citigroup CEO Vikram Pandit Makes $100 Million Investment in Credit-Card Startup from The Wall Street Journal – There are more credit cards available today for underserved borrowers than ever before. Fair Square Financial has entered the fray with a $100M investment from Vikram Pandit.

Consumers Skip More High-Rate Auto Payments Than During Crisis from Bloomberg – Delinquencies from subprime auto have been on an upward trend for years. Now we learn that defaults are higher today than during the worst of the financial crisis.

Citizens to launch online-only bank in bid to boost deposits from American Banker – Another large bank, Citizens Bank, is launching an online initiative. The new online-only bank, called Citizens Access, will focus on gathering deposits.

Is it wrong for banks to launch ‘flanker’ brands? from AltFi – Interesting piece about banks launching new digital brands with thoughts from Samir Desai of Funding Circle UK.

Marketplace Lending Association Announces Nine New Members from PR Newswire – Congrats to Nathaniel Hoopes on all the new members of the Marketplace Lending Association. Great to see so many industry leaders joining the fray.

Anthony Noto’s first shareholder letter as SoFi CEO outlines company values, growth areas from CNBC – The new CEO of SoFi, Anthony Noto, has penned his first letter to shareholders and Ari Levy gives us the lowdown on what is on his mind.

Why the Credit-Card Boom May Have Just Peaked from The Wall Street Journal – A combination of increasing loan losses and credit card rewards expenses are having an impact on the card lending business.

Fundation grabs $120 mln from SunTrust from PE HUB – Congrats to the Fundation team who just closed a $120 million credit facility with SunTrust bank. Yet another bank/fintech collaboration.

FinTech in Focus from Milken Institute – The latest Fintech in Focus newsletter from Jackson Mueller of the Milken Institute covers their recent conference and the latest fintech news from around the globe.

SeedInvest Publishes Report on Investor Returns, Delivers IRR of 17.4% from Crowdfund Insider – Some pretty impressive return numbers on SeedInvest one of the largest equity crowdfunding platforms in the US.

PayPal confirms that it is buying payments startup iZettle for $2.2B in an all-cash deal from TechCrunch – Looks like there will be no iZettle IPO after all as PayPal swoops in and buys the European fintech platform for $2.2B.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p lending. Below are some topics that were being discussed this week.

Investing with Bondora – One investor shares a lengthy review of Bondora, an Estonian p2p lending platform.

LC Securities Litigation Class Action Settlement – LendingClub shareholders received information via mail regarding a class action lawsuit against the company.

LC interest rates updated 5/8/2018 – Investors discuss interest rates, loan grade mix and competition from banks.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.