August 28, 2017 – Amid typically sluggish late-summer trading, the S&P 500 gained 0.7% for the week while the 10-year Treasury yield closed at 2.17%, little changed from the previous week. Market participants were anticipating some policy clues from Fed Chair Janet Yellen at the Fed’s annual symposium in Jackson Hole, Wyoming but she steered clear of providing any color for further Fed action this year speaking only about the Financial System broadly.
The Alternative Lending space remains active with more fundings and partnerships announced. Multiple sources report that Wal-Mart is working out the details of a pilot program to offer customers installment loans provided by Affirm, a point-of-sale specialty finance company. Prodigy, a U.K.-based lender focused on student lending, raised $240m in equity ($40m) and debt ($200m) to speed up its U.S. expansion. CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group, announced its latest investment in Portland, Oregon-based fintech company Mirador, a provider of white-label, digital small business lending platforms, to help credit unions provide AutoFi, an online lender focused on automobile financing, just announced a Series A equity round of $10 million; lead investors included CrossLink Capital and Ford Motor Credit.
Opinions expressed within the commentary are general opinions of Chris Lalli and Jae Lim and are not opinions of CapAccel or SF Sentry Securities, Inc. Nothing in this commentary should be viewed as solicitation to buy or sell specific securities or a recommendation to participate in any transactions. Securities offered through SF Sentry Securities, Inc., member FINRA/SIPC.
Sources: Wells Fargo, Orchard Platform