Prosper filed its annual earnings report with the Securities and Exchange Commission showing an annual loss in 2016 of $118.7 million from revenue of $132.9 million; the loss compares to an annual loss of $26 million for 2015; 2016 was a challenging year for the industry overall; Prosper attributes the losses to lower loan volumes and higher restructuring and legal costs; in February, Prosper reported a $5 billion deal with a consortium of investors committing to invest in Prosper's loans over the next two years, which has helped to give the firm a much more positive outlook for 2017. Source
SMB payments solutions startup SpotOn has raised a $50mn series B growth round from 01 Advisors, Dragoneer Investment Group, Franklin...
Harrison Hochman and Devin Cintron recently launched a pilot of an online loan marketplace that is called Sparrow Lending; Sparrow...
Bernardo Martinez is stepping down from his role as US Managing Director of Funding Circle; he started leading Funding Circle...
Many of the new offerings in fintech today are targeted at the younger generations; these younger generations who are embracing...
Harit Talwar discussed the new Goldman Sachs online lending platform, Marcus, and six ways the company is striving for a competitive edge in the market at LendIt USA; one of the platform's top marketing initiatives is direct mail marketing which Talwar say consumers are highly responsive to; the firm is also not charging any fees, allowing for one deferred payment and staffing its call center with human agents. Source
Albert is a personal financial management app that allows users to text in questions that are answered by human advisors;...
The Eight Virtual Banks of Hong Kong The State of Securitizations in Alternative Lending Lydia expands credit offering in partnership...
Online small business lender Kabbage as furloughed a significant number of the 500 employees in the U.S.; the company hopes...
PIMCO’s CTO Dirk Manelski told Business Insider that the asset manager is building a data science platform for all their...