New p2p lender focusing on institutional investors

CircleBack Lending Secures $500 Million Investment Commitment

 

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CircleBack Lending announced today that it has secured up to $500 million in loan purchases with Pine River Capital, who also led the financing round. The series A equity financing round totaled $17 million. Wicklow Capital, who has invested in SoFi as well participated in this round with a follow-on investment.

Their last round was completed in early 2014, which was a $1.9 million round. Then, last September we covered Jeffries $500 million investment commitment and their plans to securitize their loans. With up to $1 billion in commitments, it seems that CircleBack has sufficient capital for its loans. They currently have originated over $200 million in loans since it first launched in 2013.

Michael Solomon, CircleBack’s CEO stated:

This is another great milestone for CircleBack, particularly with Pine River’s expertise in consumer and commercial credit assets. The proceeds will be used to continue scaling in a thoughtful and responsible manner. Our objective is to continue building a sustainable business in the high-growth marketplace lending arena, which PriceWaterhouseCoopers estimates could be as big as $150 billion within the next 10 years.

If you’re interested in learning more about CircleBack Lending, we had Michael Solomon on the Lend Academy Podcast back in April.

Read the full press release

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