A Bloomberg report suggests that the acquisition is happening, but both sides have declined to comment.
One of the world’s leading fintech lending and licencing platforms, Kabbage, looks set to acquire Orchard Platform. According to an article in Bloomberg, published yesterday, Kabbage plans to use Orchard’s technology and will bring over a number of its employees.
Neither side has commented, it is unclear how much will be paid and the article notes that the deal could still fall through.
Orchard is a data analytics firm and capital introducer in the marketplace lending space. The company has been through a number of strategic pivots over the years, most recently unveiling an SEC-approved broker dealer network in an attempt to match institutional investors with originators. It has raised $40m to date from a number of big-name backers, including Wall Street heavyweights Vikram Pandit and John Mack, as well as leading venture capital firms Spark Capital and Canaan Partners.
Orchard has history with Kabbage. In 2015, the two firms partnered to allow Kabbage to use Orchard’s marketplace technology to grow its consumer lending business, Karrot, via access to a diverse pool of sophisticated investors.
We'll be following this story as it develops. In the meantime, you can read Bloomberg's article about the Orchard acquisition here.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.