Lending-Club

  • How startups are trying to fix consumer debt Crunch Network

    How startups are trying to fix consumer debt

    Consumer debt remains one of the biggest challenges with the American economy. The average household has $130,922 in debt, and debt interest payments represent 9 percent of the average household income. The silver lining is that with tough problems comes the opportunity for tech companies and investors to build solutions to address them. Here are some of the startups helping us get out of debt. Read More

  • Troubled P2P lender LendingClub names Scott Sanborn CEO, cuts 179 jobs amid lower loan volume

    Troubled P2P lender LendingClub names Scott Sanborn CEO, cuts 179 jobs amid lower loan volume

    Yet more changes afoot for LendingClub — a peer-to-peer loans marketplace whose stock tanked May after its founder, CEO and chairman Renauld Laplanche resigned amid an accounting scandal. Ahead of an annual meeting being held later today, the company announced Scott Sanborn as its permanent CEO and Hans Morris as independent chairman of the board as it seeks to repair its image… Read More

  • Lending Club’s site goes down

    Lending Club’s site goes down

    [Update: As of 6:40 p.m. PST last night, the site was back up and running, but it appears to be down again this Thursday morning, as of at least 6:10 a.m. PST.] Lending Club’s site has gone down tonight, prompting at least one nervous investor to tweet out his concern that “[a]s a long time investor there, I am worried that they have closed down.” @cheddartv… Read More

  • Lending Robot makes Lending Club investing easy as setting screen brightness

    Lending Robot makes Lending Club investing easy as setting screen brightness

    Thanks to Lending Robot, even those who took their finance lessons from Margot Robbie and Anthony Bourdain in “The Big Short” can invest in loans via primary and secondary markets. Users will be able to authorize the platform to trade on their behalf simply by sliding a bar to indicate risk preferences. Lending Robot integrates with peer-to-peer lending platform Lending Club to… Read More

  • In defense of online lending Crunch Network

    In defense of online lending

    The marketplace industry will be just fine. It is uncertainty – rather than a fundamental flaw in the business model – that is the root cause of the sector’s present turmoil. There’s uncertainty over the platforms’ internal monitoring processes, over the veracity of loan data, over shifts in loan rates, over shifts in the economy – and indeed over the… Read More

  • The mercurial nature of P2P lending Crunch Network

    The mercurial nature of P2P lending

    The meteoric rise of e-lending platforms attracted a lot of interest among investors and entrepreneurs. Lending Club and OnDeck have already become public companies, and their competitors, such as Funding Circle, SoFi, Prosper, RateSetter, Zopa, Avant, Kabbage and others continue to develop and increase their loan portfolios. Read More

  • For online lenders, it’s suddenly touch-and-go

    For online lenders, it’s suddenly touch-and-go

    A year ago, privately held online lenders like Prosper, SoFi and Avant looked all but certain to go public at the same unicorn valuations their venture investors had assigned them — if not higher. They were seemingly reshaping the student, consumer and small business lending business. The market they’re chasing is enormous: The U.S. consumer lending market is a $3.5… Read More

  • Lending Club shares are crashing after its CEO resigns

    Lending Club shares are crashing after its CEO resigns

    Lending Club shares are down more than 25% — shaving off hundreds of millions of dollars off the company’s roughly $2.5 billion market cap — after it announced its CEO would resign following an internal review of $22 million in near-prime loan sales to a single investor. Renaud Laplanche will leave the company after a review of a loan sale that didn’t meet the… Read More

  • Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years

    Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years

    Norwest Venture Partners, the 55-year-old, Palo Alto, Calif.-based venture firm, has closed its third consecutive $1.2 billion fund. The group, which employs 20 investors altogether, raised the same amount in 2014, as well as in 2010. If Norwest’s single limited partner – the banking giant Wells Fargo – likes what it sees, it’s easy to see why. Read More

  • J.P. Morgan, OnDeck And The Future of Alternative Lending Crunch Network

    J.P. Morgan, OnDeck And The Future of Alternative Lending

    Earlier this month, J.P. Morgan announced a strategic partnership with OnDeck Capital to originate, underwrite, and distribute loans targeted specifically at small businesses. As evidenced by a 28% single-day spike in OnDeck’s share price, this announcement clearly is a big deal to one of the leading FinTech companies today, and has major implications for the future of alternative lending. Read More

  • Lessons From An Advertising Past Crunch Network

    Lessons From An Advertising Past

    The Lending Club IPO was a watershed moment for marketplace lending. One of the largest U.S. public Internet offerings ever, its success makes crystal clear that peer-to-peer lending is not only here to stay, but is poised to grow enormously. With this stamp of validation behind it, the next question is: What lies ahead for the future of marketplace lending? Read More

  • A Super Angel’s View On Venture Capital In 2015 Crunch Network

    A Super Angel’s View On Venture Capital In 2015

    As the first quarter of 2015 draws to a close, it’s clear that the venture capital industry is evolving. Since 2005, thousands of new millionaires have been minted by the IPOs of Alibaba Group, Lending Club, Go Pro, Box, Zendesk, Facebook, Pandora, Zynga, Linkedin, Homeaway, Zipcar and countless others. Read More

  • No Traditional Financial Institutions? No Problem Crunch Network

    No Traditional Financial Institutions? No Problem

    On Lending Club’s February 2015 quarterly earnings call, an analyst asked CEO Renaud Laplanche a simple question: have you considered getting the loans you’re issuing rated? Renaud had a simple answer: We have, but we won’t. As Renaud said, the marketplace lending platform’s loan grading system, which it illustrates on its website, is in many ways more transparent and… Read More

  • Fundbox Raises $40 Million To Pay Invoices On Demand

    Fundbox Raises $40 Million To Pay Invoices On Demand

    Fundbox, a company that loans businesses money for outstanding invoice payments, has raised $40 million to grow its own business in the trillion-dollar alternative lending market. The Series B round was led by General Catalyst with participation from NyCa Investment Partners and help from existing backers Khosla Ventures, Shlomo Kramer and Blumberg Capital. If a small business owner… Read More

  • Alibaba And Lending Club Launch Financing Program For U.S. Businesses

    Alibaba And Lending Club Launch Financing Program For U.S. Businesses

    Alibaba.com and peer-to-peer financing site Lending Club have inked a strategic partnership designed to get more U.S. businesses to buy inventory from the e-commerce giant’s wholesale marketplace. The two will offer a new financial service called the Alibaba.com e-Credit Line that will let American companies apply for credit lines of $5,000 to $300,000 through the site, which they can… Read More

  • New Relic And Hortonworks See Strong Public Debuts

    New Relic And Hortonworks See Strong Public Debuts

    In early trading, New Relic’s shares are up 31 percent in its first day as a public company. Another technology company, Hortonworks, will begin trading this morning as well. Update: Hortonworks has opened to a massive gain of more than 40 percent as well. For tech IPOs, today is a huge day. The two companies are trading on different exchanges, with New Relic selecting the NYSE, and… Read More

  • SoFi Closes On $80 Million To Expand Its Lending Business

    SoFi Closes On $80 Million To Expand Its Lending Business

    Confirming our earlier reporting, the peer-to-peer lender Social Finance said it closed on $80 million in fresh funding, as it looks to expand its lending operations to mortgages and personal loans. Read More

  • Opening Consumer Products To Crowdsourced Investment, CircleUp Raises $14 Million

    Opening Consumer Products To Crowdsourced Investment, CircleUp Raises $14 Million

    Technology’s ability to harness the wisdom of crowds has created massive new businesses that support entrepreneurship around arts, craftsmanship, and technology while simultaneously re-shaping the market for personal lending. With its new $14 million financing, CircleUp wants to change the development of consumer products with equity crowdfunding. Read More

  • Startup Financial Services Companies Come Of Age

    Startup Financial Services Companies Come Of Age

    With one eye on businesses abandoned in the wake of the financial crisis and the other on a new generation of investors, startup companies are now raising significant sums to challenge the hegemony of big banks and investment firms. Read More

  • Google-Backed Lending Club Brings Peer-To-Peer Lending To Business Loans

    Google-Backed Lending Club Brings Peer-To-Peer Lending To Business Loans

    Peer-to-peer lending platform Lending Club, a peer-to-peer lending marketplace, is announcing a major expansion today into business loans. Read More