Small Business in the News: February 25-March 3, 2017

We know there is too much to keep up with when you’re a busy entrepreneur, so we compile small business news highlights each week for you to read only what matters most. Here is a summary of the top stories for February 25-March 3, 2017.

Fraud Rises for Online Lending

Cybercriminals are increasingly targeting online lenders and emerging financial services according to the ThreatMetrix Cybercrime Report: Q4 2016. The data shows 1 million cyberattacks targeted online lending transactions throughout 2016, estimating the total value of the transactions to roughly $10 billion. Read more…

New Partnership Speeds Up Loan Applications

PeerIQ, a data and analytics provider for online lending, announced a partnership with 1010Data, a data and analytics self-service platform, to create the only integrated cloud platform that combines self-service data management and analytics with ready-to-use data. The partnership will increase research productivity and reduce costs. Read more…

Online Lender Raises $32.5 Million

Online lender, UpStart, announced they raised $32.5 million, largely led by Rakuten. UpStart also announced a new CFO, Sanjay Datta, who was previously VP of Global Advertising Finance at Google. UpStart aims to originate more than $1 billion in loans this year. Read more…

Online Lender Purchases $5 Billion in Loans

Prosper Marketplace, an online consumer lending marketplace, announced the purchase of up to $5 billion worth of loans from a consortium of institutional investors. The consortium will earn an equity stake in Prosper Marketplace based on the amount of loans purchased. Read more…

Man Steals $3.2 Million in Business Loan Scheme

A Las Vegas man pleads guilty for participating in a fraudulent scheme to steal money from victims seeking business loans. Victims were lured in through false communications and documents and the scheme was operated under Argent Asset Management and Argent Securities. Read more…

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