Cryptocurrency platform Omega One was this year's PitchIt @ Lang Di winner; the company operates an automated trade execution platform with trading services for traders, investors and institutions seeking to trade globally across the world's crypto exchanges; in comments on Omega One, LendIt Co-Founder Jason Jones said, "Omega One opens the market to the next wave of capital from institutional investors by providing much needed transparency and liquidity."; among the prize winnings for the firm include a RMB1 million ($150,148) investment from JadeValue, co-working space for six months and two tickets to LendIt USA 2018. Source
News Roundup
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Small business lender Kabbage is planning for a new equity fundraising, targeting a few hundred million dollars; sources say the lender is considering potential acquisitions including a buyout of OnDeck; Kabbage has reported a number of recent successes including a partnership with Banco Santander, expansion to Ireland and the industry's largest asset-backed securitization of small business loans. Source
OnDeck is combining their Canadian business with Evolocity Financial Group which is...
Jim Rosenthal will join the board of directors at OnDeck; he was previously the chief operating officer at Morgan Stanley and also served as chairman and CEO; according to OnDeck's CEO Noah Breslow: "Jim is a supremely talented executive whose vision contributed greatly to the success of Morgan Stanley and other organizations. His experience as an innovator at the intersection of technology and financial services, combined with his comprehensive knowledge of financial institutions, will add great value to OnDeck as we build on our leadership as the nation's largest online lender to small businesses." Source
Since launching in 2007, OnDeck has provided over $7 billion in capital to more than 70,000 customers in 700 different industries across the United States, Canada and Australia; creating a new type of commercial loan product for small businesses has been the company's focus since the beginning; its loans support small business activity in the regions it lends and its partnership with JPMorgan is an industry leading example of collaboration between fintechs and banks. Source
OnDeck released its fourth quarter and full year earnings before the market's open on Thursday; the firm reported a net loss of $67.0 million for 2016 compared to a net profit of $10.3 million in 2015; originations were $2.4 billion in 2016 compared to $1.9 billion in 2015; revenue for the year increased to $264.8 million from $195.1 million; loan loss provisions were a factor contributing to the net loss with provisions increasing to $149.96 million in 2016 from $74.86 million in 2015. Sources