The largest online small business lender in the US is now PayPal having done $4 billion in loans in 2018; OnDeck, Kabbage, Square and Amazon round out the top five largest small businesses lenders with each company doing more than $1 billion in loans to small businesses in 2018 all originated online; bank and credit unions have lost an historic advantage in this space and if they want to reverse this trend they need to build more digital processes from the ground up. Partnering with these new digital lenders will be the best option for many of the traditional players. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.