Marlette Funding
| File:Marlette Funding logo.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Financial services |
| Founded 📆 | 2013 |
| Founder 👔 | |
| Headquarters 🏙️ | , , USA |
Area served 🗺️ | |
Key people | Jeffrey Meiler (CEO) Josh Tonderys (President) |
| Products 📟 | Best Egg lending platform |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Marlette Funding is a U.S. financial services company. It is best known as the creator of the Best Egg lending platform.
History[edit]
Marlette Funding was founded in 2013[1] and based in Wilmington, Delaware,[2] by a team of ex-Barclays employees that had worked in that company’s credit card division.[3] The CEO of the company is Jeffrey Meiler[2] and the president is Josh Tonderys.[4][5][6]
Best Egg[edit]
The Best Egg lending platform was launched in 2014,[7] with $1 billion in loans being issued in a little more than the platform’s first year,[1] and $3 billion in loans within the first three years.[8] At that point about two hundred thousand loans had been issued.[9] The Best Egg Loan, originated by Cross River Bank provides unsecured[3] installment loans online, with 36 to 60 month maturities.[4] Capital for the loans is arranged through banks, hedge funds, investment managers, and other institutions,[10] with some capital coming from Marlette itself as well.[11]
Financing[edit]
In 2015 Marlette closed $100 million in securitization as a part of a lending partnership with Cross River Bank,[1] which is the issuing bank for the Best Egg platform.[12] The securitization was the first ever joint transaction by a FDIC-insured bank and an online platform provider.[13] That year the company also received $75 million in equity financing,[14] and the lead investor on the financing was Invus.[15] In 2016, Marlette closed a $205 MFT securitization,[16] and in 2017 Marlette closed a $333 Million MFT Securitization Transaction.[7]
References[edit]
- ↑ 1.0 1.1 1.2 "Cross River Bank, Marlette Funding Partner on $100 Million Securitization in Marketplace Lending Push". Crowdfund Insider. 2 October 2015.
- ↑ 2.0 2.1 "Marlette hires general counsel". Delaware Online.
- ↑ 3.0 3.1 "Bankers Take 10 Months to Do What LendingClub Did in 5 Years". Bloomberg. 27 January 2015.
- ↑ 4.0 4.1 "Marlette Funding Appoints New President - AltFi News". ALTfi News.
- ↑ "Marketplace Lending and the Three Bears: A FinTech Tale". Medium Magazine. 20 February 2017.
- ↑ "On 202, online lender hiring to speed growth". Philadelphia Inquirer.
- ↑ 7.0 7.1 "Marlette Funding Closes $333 Million Securitization Transaction". news.morningstar.com.
- ↑ Rudegeair, Peter (15 March 2017). "Online Lender Marlette Cuts Staff in Push for Profitability". Wall Street Journal.
- ↑ "Wilmington-based loan volume hits $3 billion mark - Delaware Business Now". Delaware Business Now. 9 March 2017.
- ↑ "Bankers Create MyBestEgg.com In Order To Compete In Booming Alternate Lending Market". The Lending Magazine. 29 January 2015.
- ↑ "Marlette Funding: the Fastest Growing Marketplace Lender in the US - Lend Academy". Lending Academy. 22 June 2015.
- ↑ Intelligence, S&P Global Market. "N.J. bank keeps turning out new approaches". Banking Exchange.
- ↑ "Cross River Bank Securitizes $100 Million in Marketplace Loans". Bank Innovation. 5 October 2015.
- ↑ "Marketplace industry turmoil brushed off by Marlette as it pulls off big securitisation". ALTfi News.
- ↑ Levy, Ari (25 February 2016). "Tech-fueled cheap loan model faces a big test". CNBC.
- ↑ Kalyanaraman, Srividya. "Marlette Closes Proprietary Securitization Deal Worth $205 Million". Debanked.
External links[edit]
This article "Marlette Funding" is from Wikipedia. The list of its authors can be seen in its historical. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
