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Peer to Peer Lending News Roundup – April 19, 2014

by Peter Renton on April 19, 2014

During the week I share the latest p2p lending news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

The big news of the week was Lending Club’s acquisition of Springstone Financial and there was a lot of coverage on that story. I lead this edition of my weekly roundup with some of the major articling covering this big story.

LendingClub Value Jumps to $3.8 Billion as It Buys Springstone from Businessweek.

Lending Club Raises $115M In Debt And Equity, Buys Financing Company Springstone Financial For $140M from Techcrunch.

Lending Club buys traditional lender to finance private school tuition and medical procedures from San Francisco Business Times.

Direct Lending in Europe – Progress & Opportunity from Orchard - A look at the European p2p lending models and how they differ from the US.

Overview of Red Rock Assets – Social Lending for Mining Projects from Peer & Social Lending – Interesting new entrant in the p2p lending space – who would have thought mining projects could be funded by individual investors?

Peer-to-Peer Lending Club Moves Closer to IPO from Nasdaq (video) – I was interviewed yesterday by Paul Vigne of the Wall Street Journal for their Moneybeat program.

Peer Lending Lures Yield-Hungry Investors from The Street – Lend Academy readers know very well the yields that p2p lending provides and more and more people are seeing it as well.

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Funding Circle logo

Alex Tonelli is the Founder and Managing Director of Funding Circle USA. He started Endurance Lending Network with Sam Hodges back in 2012, which I profiled here last summer, and this company merged with Funding Circle UK in October last year.

This discussion is all about small business lending. In the online space, small business lending is several years behind consumer lending and there are no players with long track records like Lending Club and Prosper. But the longest track record belongs to Funding Circle, who have been in business since 2010. With the merger last year, the small business lending space in this country gets to benefit from the knowledge and history of this leading player.

In this podcast you will learn:

  • How the merger with Funding Circle UK has been going.
  • How close the underwriting model and metrics are between the UK and US markets.
  • An explanation of their business model.
  • The biggest difference between Funding Circle USA and their UK counterpart.
  • The interest from investors in both markets.
  • The type of small businesses applying for a loan at Funding Circle.
  • Why banks are not doing their job when it comes to small business lending.
  • The loans terms and interest rates that are available at Funding Circle.
  • Why the loan sharks are so bad for small business lending.
  • The two main ways that Funding Circle attracts borrowers.
  • How banks and Funding Circle are going to start working together.
  • The tiny fraction of loans that have gone delinquent at Funding Circle.
  • What their investor marketplace will look like when it launches for accredited investors.
  • The importance of growing predictably and responsibly.
  • Their loan volume projections for 2014.
  • How they feel about Lending Club entering the small business lending space.
  • The differences between the Funding Circle and Lending Club offerings.
  • Who the real Goliath is in the lending industry today.

You can subscribe to the Lend Academy Podcast via iTunes or Stitcher. There is an audio player directly below or you can download the MP3 file here.

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Lending Club Makes Their First Acquisition: It’s a Traditional Lender

April 17, 2014

First, let me say this is not an April Fools joke. This announcement from Lending Club today is very big news and it is real. Lending Club has just closed on their first acquisition and it is not an online lender – they are buying a traditional lender called Springstone Financial for $140 million in [...]

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Funding Community Co-Founder Teaches Us the Right Way to Fail

April 16, 2014

Last year at LendIt 2013 we featured a number of P2P lending start-ups in our exhibit area in order to learn about the next new thing.  There was one company in particular that had a great mission and a great story that we were excited to feature.  This company was called Funding Community (we wrote [...]

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New White Paper on the Regulation of Peer to Peer Lending

April 14, 2014

Samuel Hu, an attorney at Chapman & Cutler LLP in New York, has been an occasional contributor here at Lend Academy. He wrote this post on p2p lending regulation a year ago and now he is back to share his updated white paper with us. I chatted with Hu last week when he reached out [...]

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Peer to Peer Lending News Roundup – April 12, 2014

April 12, 2014

During the week I share the latest p2p lending news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here. New Age Lending and the Evolution of Credit from Huffington Post – From the founder of LendingTree a look at the different [...]

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LAP11: Interview with Ron Suber of Prosper

April 10, 2014

I was in San Francisco last month and I sat down with Prosper president, Ron Suber to record this conversation for the next edition of the Lend Academy Podcast. Ron Suber was part of the executive team that took control of Prosper early last year and they have been on a roll since then. As [...]

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Lending Club and Prosper Tax Information for 2014

April 9, 2014

[Disclaimer: I am not an accountant nor am I qualified to provide tax advice. This post merely shares how Lending Club and Prosper are presenting their tax information this year. You should seek professional advice before taking action on any of the ideas presented here.] I know I am late with the tax post this [...]

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SoFi Raises a Huge Series C to Expand Beyond Student Loans

April 7, 2014

[This post is by Jason Jones, one of my new partners at Lend Academy. He has been following SoFi since they launched and believes they are a very important player in this space. - Peter] The name SoFi is interesting, it is short for Social Finance.  When Mike Cagney chose the name, we think it [...]

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Peer to Peer Lending News Roundup – April 5, 2014

April 5, 2014

During the week I share the latest p2p lending news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here. What’s Next for the Peer-to-Peer Lending Industry? from DepositAccounts.com – A wide cross section of thoughts on the future from many leaders [...]

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