A survey of existing customers by online direct lender Dealstruck underscores the importance of education and transparency in the space, a representative said.
Cloud Lending Solutions (CLS), an end-to-end lending platform built natively on Salesforce.com, has raised $8 million Series A funding.
In 2006, I decided to become a personal banker.
LendingClub, Prosper Marketplace and other financial technology companies are spending hundreds of millions of dollars trying to pry customers away from traditional banks and their main marketing channel—old-fashioned snail mail.
Marketplace lending is booming. Just this week, Avant raised $325 million and SoFi raised a staggering $1 billion. All of this money is being used to fund a new generation of digital lenders, who, according to McKinsey, have the potential to threaten up to 60% of consumer lending profits at traditional banks.
In comments to the Treasury Department, traditional financial institutions are calling for more oversight of an industry that is fast becoming a big competitive threat.
Three months ago, the U.S. Treasury Department asked for information about online lending. Now the market’s biggest player has responded.