New York based online lending marketplace, Orchard Platform, raised $30m in Series B funding led by Thrive Capital. Another huge step in the direction of non-bank lending, and a continued sign that VCs are not too quick to cancel checks after the recent market crash.
"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.