Marketplace lending

Cross River poaches execs from student refinancing firm Laurel Road


The execs were hired for their focus on loan origination, portfolio management and securitization.


Spring Labs raises $23M, plans to expand customer ID blockchain


The Los Angeles company has established a network that is designed to help verify the identities of consumer and small-business borrowers. It says 20 lenders are participating and that it is trying to recruit more.


Will home equity lending ever recover?


It’s the one consumer loan category where balances continue to fall, and disruption from nimbler fintechs is a big reason why. To win back market share, banks will need to beat the upstarts at their own game.


What Biz2Credit plans to do with $52 million


The online lending marketplace will use the equity financing from WestBridge Capital to diversify the digital products its offers banks trying to compete for small-business borrowers, its CEO says.


Once dismissive of fintechs, traditional lenders now feeling their bite


Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.


LendingClub turns to outsourcing in latest effort to cut costs


The San Francisco-based online lender, which has recorded nearly $450 million in losses since 2016, is taking aggressive steps to achieve adjusted profitability later this year.


OnDeck lowers revenue target after charge-offs climb


The online small-business lender said it tightened its underwriting standards during the first quarter as credit quality worsened.


LendingClub to close its small-business lending unit


Instead the online lender will refer commercial prospects to two partner companies as it seeks to focus on its core personal lending business.


Banks turn to a former rival to jump-start digital platforms


TD and several other banks are licensing credit underwriting and fraud prevention technology from the fintech Avant to get their digital-lending products to market faster.


Small businesses turning far more often to online lenders: Fed


The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.