Orchard Platform, which provides services to institutional investors in the marketplace lending industry, has raised $30 million in additional funding.
The Series B funding round was led by the venture capital firm Thrive Capital, Orchard said in a press release Thursday. Other investors included former Morgan Stanley Chief Executive John Mack and former Goldman Sachs Co-President Jon Winkelried.
The $30 million funding round brings the total investment in Orchard to $44.7 million, the company said.
Orchard CEO Matt Burton said that the New York firm plans to use the new funds to continue building out its products.
He noted that Orchard currently provides some level of service in connection with 135 marketplace lending platforms in the U.S. and elsewhere. But certain features are not yet available for investors looking to buy loans on many of those platforms.
Burton said that Orchard is tracking 450 marketplace lending platforms around the globe, many of which the firm’s clients are not yet using. “There’s still hundreds of platforms out there that they’re not buying on,” he said.
[Coming this November: Marketplace Lending + Investing. Hear how participants in this fast-growth niche are using data and technology to propel lending into the 21st century.]