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So far, Washington has generally smiled on tech-driven lenders such as Lending Club and OnDeck. But many in the fast-growing industry are now bracing for closer scrutiny.
May 15 -
Once known as peer-to-peer, online marketplace lending grew phenomenally and evolved rapidly in 2014, as capital flooded in from institutional investors and traditional bankers sat up and took notice.
December 17 -
Lending analytics firm Orchard Platform has cut a deal with alternative small-business lender Kabbage to allow institutions to invest in the latter's relatively new line of consumer loans.
March 26
Orchard Platform in New York has added two nonbank lenders to its marketplace lending service that matches institutional investors with loan originators.
Orchard on Thursday said it reached agreements with Auto One Acceptance, an automobile lender in Dallas that focuses on Hispanic borrowers, and Interface Financial Group, an accounts receivable funding service in Bethesda, Md. Terms of the agreements were not disclosed.
Orchard provides services to institutional investors who want to buy loans made by online platforms. Changes to securities law ushered in by the 2012 JOBS Act allowed for the packaging and resale of loan notes.