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Financing deals announced at LendIt
Several platforms used this week’s LendIt conference in New York City to announce significant financing agreements.
Online platform LendKey struck a deal with MidCap Financial where MidCap agreed to purchase up to $1 billion in student consolidation loans originating on LendKey. MidCap’s parent company Apollo Global Management may purchase additional loans via investment funds under its control. Several platforms made significant funding announcements immediately before and during LendIt
“This transaction is a transformational event for the online lending industry,” said LendKey CEO Vince Passione. “This commitment serves as a testament to LendKey’s success in building a valuable student loan portfolio for our current customers and a validation of the ability of online lending platforms to directly originate high quality loans.”