Zopa has made updates to its loan pricing valuations after recently reporting technical issues; affected investors will be receiving refunds based on the updated calculations; the firm says that it has resolved any issues and is reporting monthly loan volumes of GBP80 million ($104 million). Source
Latest
Online Lending
Fintech Global provides the top ten deals for the quarter; financing from the top ten deals was $658 million and accounted for 84% of the sector's total financing; Chinese P2P lender Tuandaiwang was the quarter's financing leader obtaining $262.6 million and was the only Asian fintech company in the top ten; Europe reported the majority of top ten financings with five funding deals. Source
Invesco Perpetual has sold GBP9.6 million ($12.45 million) worth of shares in the Ranger Direct Lending Fund, reducing its stake to 27.9%; the GBP243 million ($315 million) Fund has been struggling in 2017; it primarily invests across the private debt landscape with a focus on private direct lenders; however its losses have been related to its exposure to troubled lending platform Argon Credit which it had invested in indirectly through the Princeton Alternative Fund; in February 2017 it reported a significant impairment charge for the investment and its value has been decreasing. Source
In 2016 the online consumer lenders had an unexpected downturn; platforms experienced a capital markets crunch as well as concerns over credit quality; this panel with some of the largest consumer online lenders explores their expected growth going forward; despite the pullback, the major lenders continued to underwrite a significant amount of loans and believe growth for their businesses will return albeit in a more measured way; panelists discuss changing platform strategies and the focus on profitability. Source