Foreign P2P industry cold student net loan platform Earnest seek sale

Earnest’s rapid growth took place in 2014~2015, when the platform expanded from its first 30 employees to 200 employees, while the size of the loans grew by more than 50 times a year.
Earnest core products are for the majority of students who have read or graduated to provide credit services, the lowest interest rates can reach 1.92% of the year, the maximum will not exceed 7.5%. The borrower can log on to the site and modify the Borrowing Scheme on the basis of the status quo. The website will recalculate the total amount and adjust the repayment cycle and interest rates.
SoFi has so far provided more than $15 billion in loans. In addition to student loans, SoFi offers a wider range of products, such as consumer loans, mortgages, insurance and so on. Sofi currently has a total investment of $1 billion 900 million, which is unique in reducing the default rate through alumni social relationships and avoiding bad debts. In addition, 36 krypton found that in early 16, Earnest also sold its loan products to institutional investors, such as its 150 million U. S. dollars of credit lines to asset securitization way again sold to Goldman sachs.
The last Earnest financing in 2015, received a total of $75 million in equity financing and a $200 million debt financing, equity financing, led Party voted for the BatteryVentures, the debt financing provided by NewYorkLifeInsuranceCompany.
At present the entire P2P industry has encountered a hitherto unknown low, only Earnest financing blocked, P2P industry benchmark enterprise DeckCapital and LendingClub are listed at the end of 2014, the share price has dropped more than 82% and 61%.
Earnest, a P2P company that provides microfinance for students, received 4 rounds of financing totaling $99 million. A new round of investment is being sought, and sources say Earnest is selling for $100 million.
Earnest’s biggest competitors abroad are CommonBand and SoFi. At present, CommonBond has provided more than $1 billion in loans, and the scope of loans has expanded from the initial 20 to 2000 universities. In October of last year, CommonBond opened a total of more than 168 million U. s.dollars loan securitization project also received rating agencies from the A1 rating. In addition to the bond financing of student loan funding pool, CommonBond has to include TribecaVenturePartners, SocialCapital and NeubergerBermanGroup, investors raised more than $78 million in equity financing.

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