Orchard platform, an investment and analytics platform for the marketplace lending industry, has partnered with Kabbage, a leading online provider of small business and consumer loans.
This partnership allows institutional investors using Orchard Platform to access Karrot, Kabbage’s new consumer loan product. Kabbage will use Orchard’s marketplace technology to grow its consumer lending business through access to a diverse pool of sophisticated investors.
Kevin Phillips, Chief Financial Officer at Kabbage, commented:
"We see Orchard disrupting the institutional sales space in much the same way that Kabbage has disrupted the lending space. The Orchard Platform is a highly scalable, technology driven complement to our direct sales program."
Matt Burton, CEO and Co-Founder of Orchard, added:
"Kabbage is a pioneer in the use of novel data and advanced analytics for issuing credit. We're thrilled to be bringing them onto the Platform and to be supporting them as they seek to expand investment in their Karrot lending business. This partnership reflects the changes taking place in the world of credit, where data and transparency are paving the way for skilled lenders to create products that fit the needs of today's borrowers while allowing these loans to be funded through a scalable and data-driven marketplace of sophisticated investors."
David Snitkof, Chief Product Officer and Co-Founder of Orchard, explained:
"Orchard has completed a seamless technical and operational integration with Kabbage. Investors on Orchard can now analyze data, invest in Karrot loans in a data-driven way, and manage their portfolio through a unified product that provides visibility into all their marketplace investments. As two highly analytical organizations, we're incredibly excited to work together."
"We continue to see demand from a diverse group of investors for loans that are being originated at scale," "Technology has increased the operational efficiency and access to loan level data and that enables investors to use their own scorecard, which leads to better insights and performance."
Orchard provides the technology infrastructure to connect emerging and traditional lenders with a broad range of institutional investors to more efficiently fund and distribute loans. Orchard aims to keep its expansion at the same pace as the market, providing the technology, insights and access needed to fuel its growth.
Kabbage is a financial services data and technology platform to provide fully automated funding to small businesses in minutes. Kabbage uses data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to understand the performance
In February Orchard partnered with MainSpring Funding, a leading provider of aggregation and sales of small business loans. Last year the company partnered with Duff & Phelps, one of the leading global valuation and corporate finance advisors. This allows Orchard’s users to accurately view their online lending portfolios and obtain independent fair values and return performance metrics on their investments. It is estimated that marketplace lending will grow into a $3 trillion industry and Orchard is cementing itself as a critical part of the growing ecosystem for investors.