Marketplace Lending News Roundup – June 11, 2016

News

During the week I share the latest marketplace 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.

PeerIQ Monthly Update: May 2016 from PeerIQ – The weekly newsletter from PeerIQ is a must read. Demand for marketplace lending bonds remains strong.

Here’s where fintech is heading next from CNBC – Here is a relatively upbeat assessment of where fintech is going by Bob Pisani of CNBC.

On Deck and Intuit run joint fund to back loans from CNBC – More details on the OnDeck and Intuit partnership announced last year and their Lancelot fund.

Online Lender Vouch Financial Shutting Down from The Wall Street Journal – The first casualty of the marketplace lending slowdown is Vouch according to The WSJ.

UK Origination Volumes – The Slowdown Continues from AltFi – The slowdown in marketplace lending loan growth is not just happening in the US but also in the UK.

Online Lending Means the Bank’s ‘No’ is Not the Last Word Any More from Entrepreneur – A good rundown of small business lending options by Jared Hecht.

Lending Club drastically reduces direct mailing from Financial Times – Not surprising given the investor pullback that direct mail volume would be way down at Lending Club.

Exclusive: Ousted CEO Laplanche studies LendingClub takeover – sources from Reuters – It is quite possible that we haven’t seen the last of Lending Club CEO Renaud Laplanche.

LendingClub Postpones Annual Shareholder Meeting, Loses Investor from The Wall Street Journal – It wasn’t a good day for Lending Club yesterday as it lost a big investors and postponed its AGM.

Prosper Shuts Off Borrowers From Two Loan-Marketing Sites from The Wall Street Journal – Prosper doesn’t need as many borrowers as it did six months ago so it has shut off some acquisition channels.

The Future of Lending Club (webinar) – Our sister company NSR Invest is hosting a webinar about Lending Club in 2 weeks.

Prosper Performance Update: May 2016 from the Prosper Blog – Check out the May performance report from Prosper and be sure to download the full update.

Lending Club, securitisations and proper loan due diligence from Financial Times – Kadhim Shubber explains why third party reviews of loan data is important for marketplace lending platforms.

The New CFPB Payday Lending Rules: An Early Analysis from JD Supra – Good summary of the 1,300+ page tome that is the proposed CFPB rules for payday lending.

LendingClub Held Talks on Funding Deals With Och-Ziff, Soros, Third Point from The Wall Street Journal – There are many potential new investors, some of them quite large, interested in buying loans on Lending Club.

The Secondary Market on Lending Club: How It Works from the LendingRobot Blog – An explanation of how the Folio note trading platform works for Lending Club.

With Lending Club Disgraced, An Industry Looks For Lessons from NPR – While some of my quotes were taken out of context here is NPR’s piece on the marketplace lending industry woes.

This Is the Latest Threat to Online Lenders from Fortune – Stacking is definitely an issue that online lenders need to tackle as times from application to approval keep getting shorter.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p lending. Below are some topics that were being discussed this week.

Time for LC to Raise Interest Rates? – Investors digest the most recent interest rate increases at Lending Club.

LendingClub and Hedge Funds Have Discussed Major Funding Deals [WSJ] – Although no large deals have been penned yet, there is still a lot of buzz around Lending Club bringing in investors.

You have to love Wall Street – Investors comment on the news articles that came out this week stating that former CEO Renaud Laplanche was looking to take Lending Club private.

Is LendingClub Broken? – Investors chime in on Lending Club’s business and state of the market.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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