Knights of the roundtable - start lending!? Last year online lender On Deck and financial services software firm Intuit, announced that they were partnering on a $100m small business lending fund. Recently, both companies published that the fund is a separate LLC called "Lancelot QBFOD", and is backed by both companies through an on-balance sheet fund. As online lending is evolving due to heightened scrutiny from regulators and the recent news related to Lending Club, its not a big surprise that large fintech companies would want to be able to generate loans for their own clients. We will most likley be seeing more diversification opportunities for debt capital moving forward.
On Deck and Intuit announced last year a partnership to launch a $100 million small business lending fund. At the time it was not publicized where the $100 million was coming from; On Deck's reports do not specify the size of the Lancelot LLC and a representative for On Deck declined to say how large the Lancelot fund is.