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CircleBack Lending Secures $500 Million Investment Commitment

CircleBack Lending, an unsecured consumer lender has secured another $500 Million of investment capital on its platform to aid in scaling the business.

September 15, 2015 By Ryan Lichtenwald Leave a Comment

Views: 6

 

CircleBack Lending Logo

CircleBack Lending announced today that it has secured up to $500 million in loan purchases with Pine River Capital, who also led the financing round. The series A equity financing round totaled $17 million. Wicklow Capital, who has invested in SoFi as well participated in this round with a follow-on investment.

Their last round was completed in early 2014, which was a $1.9 million round. Then, last September we covered Jeffries $500 million investment commitment and their plans to securitize their loans. With up to $1 billion in commitments, it seems that CircleBack has sufficient capital for its loans. They currently have originated over $200 million in loans since it first launched in 2013.

Michael Solomon, CircleBack’s CEO stated:

This is another great milestone for CircleBack, particularly with Pine River’s expertise in consumer and commercial credit assets. The proceeds will be used to continue scaling in a thoughtful and responsible manner. Our objective is to continue building a sustainable business in the high-growth marketplace lending arena, which PriceWaterhouseCoopers estimates could be as big as $150 billion within the next 10 years.

If you’re interested in learning more about CircleBack Lending, we had Michael Solomon on the Lend Academy Podcast back in April.

Read the full press release

Filed Under: Peer to Peer Lending Tagged With: CircleBack Lending, Series A

Views: 6

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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