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Weekly Online Lending Snapshot – September 22, 2017

Online Lending Weekly_snapshot

News from the global banking sector this week continues to demonstrate that online lending is no longer just for ‘online lenders’. Dutch bank, ABN Amro, announced the launch of New10, a small business lending platform. New10 is being run as a completely separate entity with a culture and IT infrastructure of its own to provide small business loans ranging between €20,000 and €1 million. While not strictly focused on lending, TechCrunch reported that 10x Future Technologies, a startup focused on building an entirely new banking platform from the ground up, raised a $46 million Series A financing round from Ping An and Oliver Wyman. It was also reported this week that Varengold Bank AG, a Hamburg-based private banking firm, will provide $61 million in annual funding to, U.K.-based invoice financing company MarketInvoice. Lastly, it was reported that the European Central Bank (ECB) is considering requiring new fintech banks to hold greater liquidity levels and reserve capital in initial drafts of new licensing guidelines. In the U.S., online consumer lender, LendingPoint, announced that it secured a $500 million credit facility arranged by Guggenheim Securities to accelerate growth and support expansion plans. Cross River, announced the appointment of a VP of Government Affairs. Phil Goldfeder will lead a team working with regulatory agencies and policy-makers in Washington, D.C., as well as state governments across the U.S., to implement appropriate regulatory frameworks to encourage innovation while ensuring consumer protection.

Visit the Orchard blog to download the latest research, Roll Rate Analysis: Estimating the Value of a Pool of Loans

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