The new venture called Spring Labs will use blockchain technology in building a network which will allow lenders, banks and data providers to pay each other for access to consumer information; CEO Adam Jiwan gave insight into the problem they are trying to solve stating, “Utility companies or social-media companies or asset managers do not provide data into the existing credit-bureau system. In the existing ecosystem, financial institutions or lenders give up that information to a centralized party — a credit bureau — only for the financial institutions to buy it back in a synthesized form.”; the firm aims to have Avant, the online lender, be its first strategic partner. Source
Avant has joined the Global Debt Registry (GDR) network; through the network partnership Avant's investors will have enhanced access to loan due diligence services; in comments regarding the partnership, Kevin Friedrich, senior director of treasury at Avant said, "We are delighted to partner with GDR to provide our investors with this independent loan data integrity service and help drive new transparency for the lending industry." Source
According to a report by Bloomberg, four bonds comprised of online consumer lending loans have reached or are approaching trigger levels; the four bonds include three securitizations by Avant and one by CircleBack Lending; according to one source, two of Avant's securities breached triggers this month for the first time; the four offerings total over $500 million in size. Source
ReadyForZero has notified users that the site will shutdown on November 12; the platform was acquired in 2015 by Avant to provide debt management and credit monitoring services for consumers; Avant is a marketplace lender focused on personal loans; users were notified of the consumer finance website's closing by an email from ReadyForZero and Avant has not provided any further details on the closing. Source
This week’s PeerIQ Industry Update covers the upwards revision of U.S. GDP growth to 2.9 percent from 2.5 percent; they provide a sneak peek into the PeerIQ Credit Facility Management Suite; Prosper announced 2017 results, former Avant founder John Sun raised $15mn for a new startup and the Arizona AG helped start the first fintech sandbox in a U.S. state in Arizona; Citi is building out their mobile app as the push by incumbent banks into digital becomes bigger. Source.
In their weekly industry update PeerIQ covered the most recent securitization deals and the acquisitions by student loan servicers Nelnet and Navient; Avant filed AVNT 2017-B worth $232.648mn, a consumer loan ABS transaction; PeerIQ took a close look at Mosaic whose most recent ABS transaction was heavily oversubscribed, with over $1.7 Bn in orders for a $307.5mn deal. Source.