At the end of every year I like to look back at the biggest stories that made news in the previous 12 months. As the sun sets on 2015, it will be remembered as a banner year for marketplace lending with all the major players experiencing a great deal of success. The rapid growth continued unabated, many new partnerships were forged, new innovations developed and many new entrants launched.
It was a year with countless big stories. Below are my top 10 news stories that we published on Lend Academy in 2015.
This was the biggest story of the year in my opinion. We have this country’s largest bank, Chase, partnering with our industry’s largest small business platform, OnDeck. Chase decided they did not have the expertise or the inclination to build an operation themselves, so they have partnered with OnDeck to provide the underwriting engine and servicing for small business loans that Chase might not otherwise make. More coverage of this story is in The Wall Street Journal.
This article is near the top of my list, not because I think it is a significant story in itself, but because it was so widely reported. The mainstream press covered the story of the San Bernardino shooters taking out a Prosper loan more than any other story in our industry’s history. There were literally thousands of articles written about this, many with glaring inaccuracies unfortunately, so I felt the need to set the record straight. More coverage of this story is in Bloomberg.
I don’t think many people, myself included, expected the first major bank to build their own online lending platform to be Goldman Sachs. Even though this story is from June there has still been no official announcement from the firm but they appear to be building out their platform and readying for a launch some time in 2016. More coverage of this story is in The New York Times.