Weekly Online Lending Snapshot – March 30, 2018
Prosper reported their full year results; posting positive operating cash flow and 31% increase in loan originations year-over-year. Kabbage reported growth in SME mobile lending with 17% of loans being originated via mobile. The fintech startup Petal announced a partnership Wednesday with WebBank to officially launch a credit card for the estimated 65 million people who have insufficient credit history to qualify for a traditional credit card.
In other news, Economist Lawrence Summers resigned from LendingClub Board and was replaced by Economist Susan Athey. Virgin Money is starting a digital bank to compete with the likes of Monzo and Revolut. CreditEase announced that its venture fund, CreditEase FinTech Investment Fund (“CEFIF”), participated in the Series B investment round of $70 million in Branch International. Arizona has become the first state in the U.S. to adopt a “regulatory sandbox” to shepherd the development of new emerging industries like fintech, blockchain and cryptocurrencies. Ron Suber, President Emeritus of Prosper and a prominent Fintech advocate, has joined the advisory board of MoneyLion.
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.