Online lender Avant was one company greatly affected by the industry's challenges in 2016; in May it laid off 60 workers with further reductions in July; it also paused its plans to expand into Australia and offer new auto loans and credit cards; a new partnership with Regions Bank has helped revive the company's growth and it also plans to announce another partnership in February; the new business activity has helped it to begin hiring again and it's currently looking for 25 technologists and some additional customer service support; in 2017 Avant's President, Adam Hughes, says the firm will focus on three main initiatives: growing Avant's core lending product, partnering with more brick-and-mortar banks and launching the credit card product; it also has plans to continue its previous initiatives including Australia expansion and auto loans. Source
News Roundup
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"The Hourglass Effect" is a white paper written by Frank Rotman from QED Investors in 2015; it provides a historic look at the evolution of the marketplace lending industry and how its growth has coincided with the slowdown in traditional bank lending following the 2008 financial crisis; it outlines ten years of industry growth and includes in-depth details on the economy, marketplace lending and banks; Frank Rotman also presented the white paper in a recorded presentation at LendIt USA 2015. Source
