After a long, and at times painful, journey back from the wilderness that began in May 2016, it looks like things are getting back on track for marketplace lenders in the U.S. Both LendingClub and OnDeck logged better than expected results in Q2, even as interest rates continue to climb. And the story for a lot of financial services players and providers has been one of bouncing back and getting to growth in the second half of 2018. Some of that is powered by better core technology andtesting mechanisms. And some of it, according to WePay Co-founder Rich Aberman, is a growing knowledge across commerce and financial services that the time has come to evolve – or die.
Data:
$587 million: OnDeck’s Q2 loan originations, up from $464 million a year ago.
$2.82 million: LendingClub’s record-breaking loan originations in Q2, up 31 percent from a year ago.
91 percent: Share of FIs that use sandbox technology and rate their latest innovations as “very” or “extremely” successful.
53 percent: Share of top-performing AIs that have a multifunctional payments core.
3: The number of components all POS systems have: software, hardware and a core payments system.
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