Orchard Platform and Mainspring Funding Announce Partnership
Today the Financial Times covered our partnership announcement with Mainspring Funding, a leading provider of aggregation and sales of small business loans by stating, “for speciality finance companies such as Mainspring, which provides equipment financing through its associate Blue Bridge Financial, using Orchard’s platform and technology allows the company to tap into a growing number of institutional investors.” Orchard is the first partner to help Mainspring Funding leverage technology to further access the reach and benefits of Marketplace Lending.
The equipment finance industry—marked by traditional lending practices—is an $827 billion a year industry. Mainspring Funding makes an unprecedented move by embracing Orchard as a technology partner and online lending for new types of loan distribution to investors.
“Our objective is to make the origination and purchase of small business loans more efficient,” said Rob Snow, Chief Credit Officer and Co-Founder of Mainspring Funding. “The marketplace model is advantageous to us from a scale, diversification and speed perspective and Orchard helps us bridge the technology gap. Mainspring Funding currently has millions in loans that Orchard can instantly expose to investors, which used to take days.”
“We believe Orchard’s partnership with Mainspring Funding is a milestone for marketplace lending,” said David Snitkof, Chief Product Officer and Co-Founder of Orchard. “The technology that powers Orchard’s marketplace is expected to allow Mainspring Funding to distribute its loans to a large and diverse group of institutional investors in a scalable and data-driven way.”
Marketplace lending continues to grow and Orchard is at the center of the movement. The marriage of data and technology, and its impact on the allocation of credit has made a positive impression on small businesses and individuals on a global scale. Orchard is helping provide reach for investors and expand product offerings for originators, and we believe there will only be more upside as the industry moves ahead.
If you want to learn more about this opportunity, you can request an introduction to the appropriate contact.
Click here to read the full announcement on Orchard’s partnership with Mainspring Funding.