ZOPA, Funding Circle, and CHAI: marketplace lending ABS issues

Oct 2016: Hailed as Europe's first marketplace (crowdfunding) securitisation, ABS were issued by UK firm, Zopa (£150m of consumer loans). Details here and here and here.

See also here for an article on the Zopa ABS

It is not however the first securitisation, because Funding Circle closed a marketplace lending (MPL) ABS SBOLT 2016-1 in earlier in 2016 Details here and here and here. See also this report about the SBOLT terms

Aug 2015: Marketplace (crowdfunding) lender Prosper originates its loans via its online platform. They are funded by its partner bank, WebBank. Prosper's loans are sold to a sub of Citigroup (CHAI) that issued the ABS, but

Prosper continues the loan servicing. Moody's PM-1 analysis here

Moody's analyses here for PM-2 and PM-3

Jul 2016: The PM-1 and PM-2 and PM-3 Class C Notes were on negative watch - see Moody's analysis here and here

See this article and this article here and here for a further analysis of the reason for the possible class C downgrades

Interestingly, the CHAI issuance platform is used by another marketplace originator, Marlette. See here for a market review and listing of issuers and platforms as at Q3 2016