Weekly Online Lending Snapshot – March 10, 2017
Since many of us began the week at the LendIt conference in New York, it seems a fair place to begin this week’s snapshot. The annual conference began with the launch of LendIt News, which will provide curated content and analysis of fintech news from around the globe. Small business lender Kabbage, announced it priced a $525 million securitization of fixed-rate, asset-backed notes in a private securitization transaction on March, 7th. Experian announced that it joined the Marketplace Lending Association. It was also reported this week that the Office of the Comptroller of the Currency plans to continue pursuing the creation of a special banking charter for online lenders. At the beginning of the month, it was announced that Upstart, an online lending company focused on Millennial borrowers, raised an additional $32.5 million in funding. The round was led by Rakuten, an internet services company based in Japan. Finally, Alt Credit Intelligence, reported earlier this month, that Cypress Point Capital Management is launching a new charitable lead annuity trusts (Clat) hedge fund using a mixture of two of its existing strategies, online lending and a Fund of Hedge Fund equity strategy.
The Polsky Center and the University of Chicago Booth School of Business, with the Cambridge Centre for Alternative Finance at Cambridge Judge Business School are conducting their annual originator survey of online lenders. The deadline to participate is March 15th. For more information, see our recent blog post.
Note that this report is updated as of Thursday’s market close to ensure we can get it to you before the weekend. Please contact us with any feedback or suggestions you may have for future snapshots.