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JPMorgan Plans to Partner With Peer to Peer Lender

The largest bank in the United States has stated that they plan to form a partnership with a p2p lender.

December 1, 2015 By Ryan Lichtenwald 3 Comments

Views: 178

JPMorgan Partners with Peer to Peer Lender

“Jamie Dimon, CEO of JPMorgan Chase” by Steve Jurvetson – Flickr: Jamie Dimon, CEO of JPMorgan Chase. Licensed under CC BY 2.0 via Commons.

 

[Update 12/1/2015 5:38 PM ET: We learned that JPMorgan is partnering with small business lender OnDeck. You can read more about the partnership in the article from Bloomberg.]

[Update 12/4/2015: We have written an in depth analysis now about this deal.]

Jamie Dimon, the CEO of JPMorgan Chase made a statement today that they plan to enter the online lending market by partnering with a p2p lender. This is significant news as JPMorgan is the largest bank in the United States and until now they have not revealed any plans. They are joining one other national bank who has committed to getting involved in the online lending industry. We reported earlier this year that Goldman Sachs plans to launch their own platform next year and that new entrants in this industry may increasingly be big banks.

Jamie Dimon was quoted in this Bloomberg article from a panel discussion in Washington DC earlier today:

We haven’t announced it yet, we’re going to be doing a thing with one of these peer-to-peer, small-business lenders. The kind of stuff we don’t want to do or can’t do, but there’s somebody else who can do it and do it probably well. So this is going to be collaborative.

This isn’t the first time we have heard Jamie Dimon speak out about fintech. Back in April in a letter to shareholders Jamie Dimon warned that Silicon Valley is coming. While we still have yet to see many other national banks participate it seems that JPMorgan has been very aware of what is going on in the market, not just from a p2p lending perspective, but also fintech in general.

While we have no idea which lender they plan to partner with our best guesses are Lending Club, OnDeck, Kabbage or possibly Funding Circle. Of those, we think that Lending Club is the likely partner particular given the fact that Dimon specifically said a “peer to peer” small business lender and they are the largest company in the space. We have no inside information here, but we did reach out to Lending Club for a comment this morning and as expected Renaud Laplanche declined to comment on any potential partnership. 

It is interesting that JPMorgan has decided to take a different approach than Goldman Sachs. As the largest bank, they very well could create their own online lending platform, but it looks like they are taking the partnership approach. A partnership like this proves that the marketplace lending industry can work in conjunction with big banks and that banks are happy to work with companies who have proven the online lending model. 

Filed Under: Peer to Peer Lending Tagged With: Banks, JPMorgan, p2p lending

Views: 178

Comments

  1. P2P fan says

    December 1, 2015 at 1:35 pm

    I will be stunned if this isn’t LC. They are the best in the whole world!

    Reply
  2. Peter Somerville says

    December 1, 2015 at 5:08 pm

    It sounds like OnDeck is the winner: https://www.prnewswire.com/news-releases/ondeck-to-present-at-the-2015-jp-morgan-fintech–specialty-finance-forum-300184044.html

    Reply
  3. JoeF says

    December 1, 2015 at 6:08 pm

    ” we’re going to be doing a thing with one of these peer-to-peer, small-business lenders.”

    Partners with OnDeck

    I guess it’s safe to safe the King of Wall Street doesn’t fully understand p2p lending.

    Reply

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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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