Lending Club will hold its annual shareholder meeting on June 6, 2017; three board directors are up for approval including CEO Scott Sanborn; stockholders owning shares as of April 10 can participate in the virtual event; the shareholder meeting will take place one month after the firm announces its first quarter earnings results on May 4. Source
eOriginal has appointed Brian Madocks as the firm's new CEO; co-founder Stephen Bisbee will become president of the firm working directly with Madocks on eOriginal's digital documentation offerings and the company's growth; Madocks brings 25 years of business technology and application software experience with work in executive roles at Rivitas Inc., Vitalyst Inc. and SunGard Higher Education. Source
This week's industry update from PeerIQ focuses on some good fundraising news for the market; OnDeck extended their credit facility with Deutsche Bank to 2019 and increased the borrowing capacity to $214 million; SoFi is looking to launch a risk retention fund soon and their most recent securitization deal worth $461 million deal was rated by S&P, Moody's and DBRS; Marlette closed on their third securitization deal, MFT-2017 1, which was their largest transaction; the deal was originally set for $257 million but was oversubscribed and priced at $333 million on Friday; PeerIQ listed a few other interesting items of note on the deal; the deal pricing of this transaction is tighter than past Marlette securitizations and they are using a step function for cumulative net loss triggers. Source
With fall approaching there are many conferences to attend for fintech professionals; Lend Academy shares a description of each conference as well as discount codes for attending some of the conferences; list includes FinovateFall, ABS East, OLPI Policy Summit, LendIt Europe 2017, Lend360, Money2020, American Banker's Digital Lending & Investing, AltFi Global Summit, IMN Investors Conference on Marketplace Lending, and Marketplace Lending & Alternative Financing Summit 2017. Source
PeerIQ analyzes SoFi's new securitization, SCLP 2017-1; SoFi's unsecured consumer loans securitization portfolio was priced on January 20; the securitization was oversubscribed resulting in final collateralized loans of $655 million; the securitization is now the industry's largest securitization portfolio issuance; it included two rated tranches from DBRS and Kroll; tranche A included loans valued at $504 million with an A rating from both DBRS and Kroll; tranche B included loans valued at $60 million with a BBB rating from both DBRS and Kroll. Source
GreenSky is the third most valuable fintech company in America; managed by David Zalik it provides a unique lending service with a business model scalable to diverse industries; currently focused on home remodeling contractors it offers fast approvals for borrowers with support by phone, website or mobile app; Forbes provides more details on David Zalik, the evolution of the business and its future aspirations. Source
YieldStreet has reached $100 million in lending in less than eight quarters; the firm markets returns of 8% to 20% with a peer-to-peer lending model that offers secured loans; investment minimums begin at $5,000 and the platform has a range of investors including accredited, high net worth, family offices, registered investment advisors and institutional investors. Source
Sallie Krawcheck previously worked as a Wall Street executive but has since founded Ellevest; the company offers a digital investing platform helping female investors access low-cost ETFs based on goals; Venus Williams, a professional tennis player, is among investors in the company; according to Krawcheck, women are less concerned with beating the market and focus rather on ensuring their money won't disappear completely; the platform also considers the longer lifespans of women and the possibility of extended time off from work; Business Insider provides screenshots of setting up an account; the app is not yet in the app store. Source
Lawmakers have long been arguing that the regulations enacted after the financial crisis have hurt the bank's lending business; Greg Lyons, a partner at Debevoise & Plimpton law firm, tells American Banker: "It's not the kind of issue that lends itself to crisp, absolute answers, unfortunately, it's a more amorphous and an ideological view as much as anything else. There's not necessarily a right or wrong answer. It depends on what your objectives are."; in a recent survey of small businesses by the New York Fed only 8% said credit was too expensive/hard to find and 47% said there is sufficient credit in the market; the area most affected by regulations is that of borrowers with less than perfect credit, this market has been hampered by the capital ratio requirements; while certain areas of the market have felt the regulatory burden, overall businesses are able to find the credit they need; the argument will surely continue as policymakers look to ease the most stringent rules. Source
Sources have reported to Crowdfund Insider that the platform has shut down; the online lender was providing lines of credit for up to $1,000; it last raised $3 million in February 2017. Source