Weekly Online Lending Snapshot – February 03, 2016
Interest in the space has been accelerating since the first of the year. Late last week it was reported that the American Banker’s Association is looking for an online lending platform to help its members expand their digital lending offerings, and it was reported that Citigroup Inc., has launched its own online lending offering which will make loans of up to $1 million available to small businesses. Also, in small business lending news, Credibility Capital announced this week that it successfully sold a pool of whole loans using Orchard’s software to share and affirm the data of a seasoned loan portfolio with its regional bank client. And, while banks continue to explore online lending, interest is also ramping up from the opposite direction. SoFi announced this week that it acquired Zenbanx (a fintech firm that provides mobile banking services) in pursuit of its plan to introduce more traditional banking activities, like bank accounts and debit cards, in 2017. Lastly, on Thursday, it was reported that the Superintendent of the New York State Department of Financial Services (NY DFS) sent a letter to the Office of the Comptroller Currency (OCC), on January 17, expressing her opposition to the OCC’s proposed special purpose charter for fintech companies.
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