Marketplace Lending News Roundup – September 23


During the week I share the latest marketplace lending 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.

Scandal costs Sofi chance to become a bank, says ex-SEC head from Financial Times – Former SEC Chairman and SoFi advisor Arthur Levitt says the scandal has made a banking license very unlikely now.

Weekly Industry Update: SoFi CEO Resigns; Goldman & Mosaic Ink Deal; SoFi & Lending Club Deal Analysis from PeerIQ – PeerIQ looks at the most recent SoFi consumer loan securitization comparing it to their previous deals.

The Next Crisis Will Start in Silicon Valley from Bloomberg – I don’t agree that “the fintech revolution has created an environment ripe for instability and disruption”.

Goldman expects to hold $28bn of online loans on balance sheet by 2020 from AltFi – No one should have any doubt that Goldman Sachs is going to be a very big player in online lending.

Don’t let court squander online lenders’ chance to reach underserved from American Banker – Great op-ed in American Banker by Nathaniel Hoopes on why the Madden decision needs a legislative fix.

Roll Rate Analysis: Estimating the Value of a Pool of Loans from Orchard – More great statistical analysis from Orchard, this one on roll rates.

Younited Credit raises $47.8 million for its crowdlending platform from TechCrunch – The leading marketplace lending platform in France, Younited Credit, just raised €40 million in equity.

RBI to regulate peer-to-peer lending firms from livemint – The Indian government announced today that all p2p lending platforms will be regulated by their Reserve Bank.

Steve Cohen’s Point72 Ventures Backs Real Estate Investing Firm AlphaFlow from Bloomberg – Congrats to Ray Sturm and the AlphaFlow team on their new $4.1M funding round.

Online lender LendingPoint secures $500 million credit facility from Reuters – One of the largest new debt facilities in marketplace lending this year announced today by LendingPoint.

Lendable: the next generation lending platform that can give borrowers a small loan within two hours from Independent – I have long been a fan of Lendable, this profile in The Independent explains why they are different.

Which banks are leading digital (and who are the laggards)? from The Finanser – Yet another reason why banks need fintech. Every day $3 trillion still flows through COBOL systems.

SoFi Condoned ‘Rampant Sexual Activity,’ Lawsuit Alleges from Bloomberg – More bad news for SoFi, another lawsuit has been filed in California state court.

‘In my world, it’s called theft’: How Ajay Banga wants to change inclusion from Tearsheet – The CEO of Mastercard rails against the approach of most traditional firms to financial inclusion.

Why Startup Founders Should Be Required to Sign a ‘No Go, Bro’ Clause from Fortune – Here is one possible solution to curb bad behavior by CEOs, give their boards more power.

Bizfi Survives, Thanks to World Business Lenders Asset Purchase Deal from deBanked – Sean Murray is reporting that BizFi will live on after World Business Lenders purchased much of the remaining assets.

ABN Amro online lending startup New10 opens for business from Finextra – Here is another example of a big bank starting an online lending platform, ABN Amro has launched New10.

ECB may ask fintech banks to hold bigger buffers from Reuters – The ECB is mulling increased capital requirements for fintech banks in draft guidelines released this week.

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.

Anyone selling Florida loans? – Investors discuss whether they are making changes to their portfolio due to the recent hurricanes.

Are We There Yet? – An investor has created a couple of charts to track remaining payments of their loan portfolio.

LC Email: “The Next Generation Credit Model” – Many investors have doubts about Lending Club’s recent credit model changes.

  • 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.