Our FinDEVr New York developer showcase last week was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.
- Envestnet | Yodlee Unveils its Risk Insight API.
- Google’s Guide: New Book Explains How Google Manages its Cloud Infrastructure.
The latest from FinDEVr New York 2015 presenters:
- OutsideIQ joins fintech accelerator, Bank Innovation INV, as an API partner. See OutsideIQ at FinovateSpring in San Jose next month.
- Vix Verify opens new offices in Atlanta, Georgia’s Transaction Alley as part of American expansion.
- Chase launches OnDeck-powered SMB Loan platform.
- Praesidio ranks Top 10 Most Promising Cloud Banking Solution Providers of 2015.
- API report covers Streamdata.io.
- CryptoCoinNews takes a look at the recent funding for blockchain development platform, Stratumn.
- CardFlight and Miura Systems Partner to Offer EMV and NFC Mobile POS Solution to the U.S Market.
- PayNearMe facilitates users to pay for their taxes in cash.
- BehavioSec, Nationwide, Unisys Team Up on Biometrics.
- Crowdfund Insider interviews Cloud Lending CEO Snehal Fulzele.
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When you combine Lending Club’s entry into small business lending last March with its investment from Google in May of 2013, add in a successful IPO last December, what do you get?
A partnership with Google Partners.
Lending Club announced yesterday it is piloting a program that will enable Google to invest its own capital in its network of 10,000 partners by purchasing their loans. This differs from Google’s other investment arms, Google Capital and Google Ventures, as the partner investment program will offer capital without taking equity.
The partner network consists of resellers, consultants, and system integrators that help Google distribute its applications and services. To be eligible for funding, Google partners must be based in the U.S. and meet certain requirements. Qualifying partners can get loans of up to $600,000 for a two-year term.
This six figure amount is double the $300,000 cap that Lending Club typically places on qualified small business borrowers. Also, while the interest rate for SMBs borrowing through Lending Club starts at a fixed 5.9%, those who take out loans through Google Partners will pay only interest the first year, and pay back the loan on an amortized schedule in year two.
This isn’t Lending Club’s first time working with third parties. For a little over a year now, Lending Club has extended two-fold partnerships to banks and credit unions to 1) purchase loans from Lending Club to diversify their asset portfolios and 2) offer personal loans to their banking customers. It is also working with private equity companies.
Lending Club demonstrated at the first Finovate in 2007.