Marketplace lending

Klarna, the Swedish fintech that recently received a banking license, has already inspired a generation of similar fintech competitors.

The subprime business lender halted new business and laid off scores of employees after recording higher-than-expected losses.

The addition of Sean Glithero as CFO is one of several new hires by the online small-business lender.

The promise of fintech is that it might offer underbanked consumers access to financial products. But some are worried that relying on algorithms to make credit decisions could open up problems of its own.

Readers criticized a credit union securitization proposal, weighed in on scaling back the CFPB’s complaint database, debated the need for banks to examine gender-based salary comparisons, and more.

The move comes at a time when both Prosper and the broader industry it helped to pioneer are struggling.

The online small-business lender has also announced the hiring of a new U.S. head of capital markets.

The New York-based company saw its fortunes fade after riding an earlier wave of investor enthusiasm about marketplace lending.

LendUp is seeking to differentiate itself from competitors by making fast loan decisions and designing its customer experience around the mobile phone.

Sponsoring securitizations of the loans funded on its platform will give LendingClub more control over its reputation in the market and make it less beholden to direct loan buyers.

Operational changes may be enticing to investors, but they threaten the very foundation of marketplace lending, potentially shutting out those the burgeoning sector was meant to serve.

The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.

Two of the biggest online consumer lenders don't always check whether borrowers are lying to them, and if they find errors in an application, they may still approve the loan.

The New York firm, which offers high-cost credit to small businesses, has attributed its recent struggles to certain loans performing worse than had been expected.

JPMorgan Chase’s partnership with OnDeck Capital was expected to augur a wave of similar agreements between banks and online business lenders. But so far, most banks have avoided joining forces with companies they also view as competitors.

The Utah company has similar arrangements with Staples, GoDaddy and LegalZoom.

Customers were previously required to provide access to their accounting software, but now they can connect a business bank account instead.

House financial services committee head agrees to drop swipe-fee repeal in order to save Financial Choice Act; Federal appeals court appears skeptical about declaring agency's makeup unconstitutional.

Online lenders are evading New York regulations by claiming their loans are “made” by federally chartered or out-of-state partner banks, Department of Financial Services Superintendent Maria Vullo told lawmakers Monday.

Steve Allocca is expected to play a key role in the online lender’s efforts to restart loan growth.