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Weekly Online Lending Snapshot – May 26, 2017

Online Lending Weekly_snapshot

Following reports last week that student lender, Earnest, was having trouble finding funding and was looking for a buyer, they announced this week that DBRS, Inc. finalized its provisional ratings on the EARN 2017-A securitization which closed on May 18, 2017. Class A-1 was rated AA (high) (sf), Class A-2 was rated AA (high) (sf), Class B was rated BBB (sf) and, Class C was rated BB (sf). Also in securitizations, it was announced that Prosper Marketplace Issuance Trust, Series 2017-1 (PMIT 2017-1) closed with approximately $495 million of notes issued, and CommonBond Student Loan Trust (CBSLT) filed form ABS-15G with the SEC this week. According to data tracked by Finsight, the securitization market has gotten off to a strong start this year. Following reports two weeks ago that Zopa had received full authorization from the Financial Conduct Authority (FCA) in the U.K., allowing them to offer Innovative Finance Individual Savings Accounts (IFISAs), FundingCircle announced that they have also received approval. It was also reported this week that private equity manager, Pollen Street Capital, will merge with private credit manager, MW Eaglewood Ltd. The combined firm will be called Pollen Street Capital and will manage the P2P Global Investments PLC investment trust. In funding news, public finance startup, Neighborly, announced that it raised $25 million in funding to help them modernize access to public finance. And in partnership related news, it was reported that Tennessee State Bank launched their online consumer lending service, powered by LendingClub. Lastly, It was reported that the Online Lenders Alliance sent a letter to the California Assembly Apparitions Committee opposing a proposed cap on interest rates.

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.

Full weekly snapshot reports can be downloaded on our research page here

Thanks and have a great weekend!