Marketplace lending platform, CircleBack Lending, raised a $17.4m Series A round of equity financing led by Pine River Capital Management, a global alternative asset manager. Pine River will also purchase up to $500m of high-quality consumer loans originated by CircelBack.
“This is another great milestone for CircleBack, particularly with Pine River’s expertise in consumer and commercial credit assets,” stated Michael Solomon, CircleBack’s CEO. “The proceeds will be used to continue scaling in a thoughtful and responsible manner,” said Solomon. “Our objective is to build a sustainable business in the high-growth marketplace lending arena, which PriceWaterhouseCoopers estimates could be as big as $150 billion within the next 10 years.”