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.
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