Investing.com - Financial Markets Worldwide
⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Online lending tech firm Orchard Platform raises $30 million

Published 2015-09-10, 07:00 a/m
© Reuters. Online lending tech firm Orchard Platform raises $30 million
GS
-
TRI
-

By Olivia Oran
Sept 10 (Reuters) - Orchard Platform, which provides
technology and infrastructure to online lenders, said on
Thursday it raised $30 million in a recent round of funding,
becoming the latest marketplace lending company to attract
investment.
The New York-based company said venture capital firm Thrive
Capital led the round and new invesors also included former
Goldman Sachs Group Inc (NYSE:GS) GS.N president Jon Winkelried, Victory
Park Capital and Thomvest Ventures.
Orchard's existing investors include former Thomson Reuters
Corp TRI.TO CEO Tom Glocer and ex-Morgan Stanley MS.N CEO
John Mack as well as venture firms Spark Capital, Canaan
Partners, QED Investors, NYCA and Conversion Capital, who all
also participated in the round.
The latest raise brings Orchard's total investment to $44.7
million.
"Marketplace lending has been validated as kind of the
future of how credit is going to be extended," Orchard CEO Matt
Burton said in an interview. "Investors have been embracing
companies in the space."
The number of online lenders to consumers and small
businesses has expanded rapidly in the last several years as an
alternative to traditional banks. New regulations following the
financial crisis have reduced the ability of banks to lend in
certain areas.
Investment in the space has also taken off rapidly following
the IPOs of LendingClub Corp LC.N and On Deck Capital Inc.
Earlier this week, student lending platform CommonBond said
it had raised $35 million.
Small business lender Bond Street said in June it had raised
$110 million in a mix of debt and equity funding.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.