Personal financial management tools have long relied on financial data aggregation. Now, aggregators are hoping traditional lenders will take a cue from alternative lenders and use the technology to quicken their underwriting decisions.
Much like how Amazon went from selling books to selling cloud services, the online lenders that succeed well into the future will change how they do business, Scott Sanborn said.
The San Carlos, Calif., firm is following a similar blueprint as other online lenders — launching with a particular loan product, refining its algorithms, and then seeking to expand into other corners of consumer finance.
The longtime bank analyst is one of many who lost their jobs when CLSA shut its U.S. equity research unit; marketplace lender forms group to buy $5 billion of loans
Prosper Marketplace will receive as much as $5 billion in loan funding under a deal that will provide investors an equity stake in the San Francisco company
