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Survey of Online Financing Companies

Survey of Online Consumer & Small Business Financing Companies – 01/01/2010 through 06/30/2015: Summary Report of Aggregate Transaction Data

California Department of Business Oversight

First published January 2016

The DBO on Dec. 11, 2015, launched an inquiry into the so-called online, or alternative, lending sector. The inquiry’s objective is to determine whether market participants are fully complying with state lending and securities laws. It also aims to assess how the state’s regulatory regime is working, and should work, with respect to the industry.

As part of the inquiry, the DBO sent a data and information survey to 14 firms. The firms that responded include: Affirm, Avant, Bond Street, CAN Capital, Fundbox, Funding Circle, Kabbage, LendingClub, OnDeck, PayPal, Prosper, SoFi and Square. The only company that did not respond was CircleBack.

As requested by the DBO, the 13 firms also submitted information about their business models and platforms. The DBO will analyze that information and may send companies follow-up requests for documents and information.

To obtain a complete picture of the firms’ consumer and small business financing activities, the DBO requested data not just for term loans, but also lines of credit, merchant cash advances, factoring transactions, and other products.

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