Small business, marketplace lender, Kabbage, has announced two new executive hires; the executive hires will focus on technology and data as the company seeks to expand and gain greater market share in online small business lending; Amala Duggirala will join Kabbage as the chief technology officer and Rama Rao will be the chief data officer. Source
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Investors are continuously looking for new asset classes, equipment finance is one of the stronger performing areas and the presentation by Patricia Voorhees of The Alta Group at LendIt USA 2017 explains why this segment is ripe for capital; the total market is $1.7 trillion and currently only about $300 million is financed through term leases or loans; most equipment is put on some other form of credit like a credit card; the more technology that is enabled and the more chances to make a loan at the point of sale will allow for the market share to grow; Patricia also pointed out that ABS deals in the equipment space outperformed all other categories because the nature of the equipment is essential use and the integration of the finance providers in the transactions; equipment finance could be the next big opportunity, we will have to wait and see how it shakes out in the next couple of years. Source
Kroll Bond Rating Agency has assigned ratings for Avant's most recent securitization deal; the portfolio includes three tranches of consumer notes valued at $192.6 million; ratings for each of the three tranches are included in the chart above and range from A- to BB. Source